Econ 231 - Microeconomics and Social Issues
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Business
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University
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Gabby Mendoza
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is the study of
how to make money
how to allocate resources to satisfy wants and needs
capitalism
how to make workers more productive and firms more profitable
markets
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When consumers discard their gasoline-powered automobiles for electric-powered ones, this partially reflects the ____ of gasoline.
scarcity
luxury
necessity
specialization
incentive
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Microeconomics is the study of
how government activities affect the economy
individual decision-making units
collective decision making
the operation of the economy as a whole
the interaction between the government and businesses
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economic professors are well aware of the importance of incentives. Which of the following situation shows the use of a positive incentive?
students who show up late to class will not be allowed in the classroom
students who do not have a doctor's not will not be allowed to take an exam at a different time
students can choose whether they want to attend class --- there is no attendance policy
students can choose to get a higher grade by doing extra credit work
the professor decided to teach the class by reading out of the textbook to the entire class
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In growing number of cities, stores are required either not to make available plastic or paper bags or to do so only for an additional fee. What kind of incentive is this fee?
direct
indirect
neutral
complementary
unintended
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Some public transit systems use an "honor system" whereby patrons have to show that they have paid their fare only when asked for it by an enforcement officer. With what population would such a system be successful?
a population that is willing to take risks and whose people believe that they will not be caught if they don't pay their fare
a population that places a high opportunity cost on taking time to purchase a ticket
a population whose people are willing to take risks, believe that they will not be caught if they don't pay their fare, and treat fines for not paying a fare as a nuisance
a population that is unwilling to take risks and whose people believe there is a high chance that they will be caught if they don't pay their fare
a population whose people are unwilling to take risks, believe there is a high chance that they will not be caught if they don't pay their fare, and place a low value on doing the right thing
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Kelly is an architect, and she is trying to decide whether to hire Lawrence, a draftsman, to assist with her work. Kelly could hire Lawrence at $20 per hour, but it would take him three times as long to complete a task as it takes Kelly. Kelly is able to earn $90 per hour and has more architectural jobs than she is able to handle. Which of the following is true?
Kelly should not hire Lawrence because it would be faster for her to do the work herself
Kelly should do the drafting work herself because she has the lower opportunity cost
Lawrence should be hired at the $20 per hour wage rate
Lawrence should be hired, but only if he is paid more than $30 per hour
Kelly should hire someone who earns minimum wage instead of Lawrence
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