Which of the following is not a factor of production?

Production possibilities frontier

Scarcity requires that people must

make choices and accept tradeoffs

One of the fathers of socialist thought

the study of economic decisions at an individual level

Economists use graphs to...

represent data and draw conclusions

Which is the best example of thinking at the margin?

deciding whether to eat that 8th taco...

A production possibilities frontier shows us...

The maximum possible output of two goods within one economy

Economists use economic models to...

simplify reality so that they can make predictions, simplify reality to fit their pre-existing views

the study of the large-scale economy and its functioning

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Thinking Like an Economist

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Introductory Economics Unit

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Questions 16

Answers

1
Which of the following is not a factor of production?
Production possibilities frontier
labor
land
Capital
2
Scarcity requires that people must
make choices and accept tradeoffs
pay more for low-quality goods
accept inferior goods
always get everything that they want
3
Karl Marx was...
The author of The Wealth of Nations
One of the fathers of socialist thought
a believer in laissez-faire economics
a belieber in laissez-faire economics
4
Normative Economics tells us about
where a society gets its resources
what an economy should be like
what an economy is like
what goods consumers normally choose to buy
5
Economists assume people choose something when its costs are
very high
equal to its benefits
more than its benefits
less than its benefits
6
Land, Labor, Capital and Entrepreneurship are referred to as...
Factors of production
Producing friction
Products of fractions
Fractions of production
7
Microeconomcs is...
no one knows
the study of economic decisions at an individual level
the study of economic decisions at a national level
the study of economic production for a large economy
8
Economists use graphs to...
represent factors of production and choices
show their skills as mathematicians
make their best guesses seem more evidence-based
represent data and draw conclusions
9
The cost of not going out with your friends so that you can study is called...
economic cost
opportunity cost
total cost
overall price
10
Which is the best example of thinking at the margin?
deciding whether to eat a taco when you are hungry
deciding whether to go to the football game on Friday night
deciding whether to buy a car to drive to school
deciding whether to eat that 8th taco...
11
A production possibilities frontier shows us...
The number of products that can be produced by one worker
The maximum possible output of two goods within one economy
The minimum possible output of two goods within one economy
The average output of goods in an economic system
12
Which of these terms is most closely related to the idea of tradeoffs?
Margin
Incentives
Markets
Scarcity
13
Adam Smith was an English economist who believed in...
Laissez-faire economics
A command economy
Multiple gods
Austrian economics
14
Positive Economics is the study of...
The economy as a whole.
The price of positively charged Ions in scientific research
The economy as it should be.
The economy as it is.
15
Economists use economic models to...
simplify reality so that they can make predictions
simplify the process of choosing goods
complicate reality and make it harder to make predictions
simplify reality to fit their pre-existing views
16
Macroeconomics is...
nothing to do with this course
the study of economic decisions at an individual level
the study of economic decisions made by families
the study of the large-scale economy and its functioning

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