Eco 365 Final Exam With Answers

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ECO 365 FINAL EXAM

Due Week 5 Day 7

This exam consists of 40 multiple choice questions, each worth 0.25 of a point. Please indicate your answer by entering an "x" into the box next to the correct answer.

Save the file with your answers using the filename "ECO 365 Final - your name" and submit to your individual forum.

1

Rational decision making means that:

a.

marginal benefits and marginal costs of a decision are always easy to measure

X

b.

if the marginal benefit of the last unit of an activity exceeds its marginal cost, then more of that activity should be undertaken

c.

one should keep doing an activity until the total benefits are maximized

d.

one should keep doing an activity until the marginal costs are minimized

2

Which of the following is a macroeconomic concern?

a.

The wage rates of electricians in Kansas City

b.

The effects of agricultural price supports on the income of farmers

c.

How profits are maximized by a firm

X

d.

The causes of unemployment in the United States

3

Which of the following is a microeconomic concern?

X

a.

Whether Microsoft is a monopoly or not

b.

Whether a new governmental policy is inflationary or not

c.

The effect that a new "police action" such as in Afganistan will have on national income

d.

Whether government can implement a policy that will eliminate unemployment

4

Positive economics:

a.

deals with subjective value judgments about "what ought to be."

b.

will make the economy positively better off

c.

is the exact opposite of negative economics

X

d.

deals with how the economy does in fact work

5

The opportunity cost of changing your decision on what to major in college is highest

a.

before you have earned any of the credits needed to obtain the major you initially chose

b.

after you have officially declared a major

c.

after you have earned of the credits to obtain the major you initially chose

X

d.

after you have completed your major and received your diploma

6

Which of the following statements correctly distinguishes capitalism from socialism?

a.

In capitalism, "what to produce" is determined by consumer demand; in socialism, by free market forces

X

b.

In capitalism, "how to produce" is determined by businesspeople's desire to minimize cost and maximize profits; in socialism, it is determined to a much greater degree by government

c.

There is more freedom of enterprise...

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