This work includes all pre post chapter questions with the answer key and all the correct answers for the clicker questions EXAM 1 PRE AND POST CHAPTER QUESTIONS WITH ANSWER KEY The highest valued alternative that must be given up in order to choose an option is called 2 out of 2 points Question 2 The unintended consequences of an economic change that are not immediately identifiable but are felt only with time are known in economics as 2 out of 2 points PRE CHAP 1 Question 1 Answers a opportunity cost b disutility c scarcity d utility Answers a marginal effects b secondary effects c scarcity constraints d opportunity costs Question 3 2 out of 2 points Modern economics as a field of study is usually thought to have begun with Answers a Moses and the Ten Commandments b Aristotle and the writing of Politics and Ethics c Adam Smith and the writing of The Wealth of Nations d David Ricardo and the writing of The Principles of Political Economy and Taxation Question 4 As defined by economists what is capital Answers a Resources that are available in nature such as mineral deposits 2 out of 2 points b The value of the best alternative to an action c Man made resources used to produce other goods and services d Money that is used to consume goods and services to distinguish it from money that is saved Question 5 What is the fallacy of composition 2 out of 2 points Answers a The incorrect assumption that everything else is always held constant when a change occurs b The error that if something is true for an individual then it must also be true for the group c The situation when two events are associated the one observed first must have caused the second d The incorrect view a small change in an economic variable will have unrecognizable but significant consequences on the economy Question 6 The benefit or satisfaction that an individual expects to derive from an activity is called 2 out of 2 points Answers a opportunity cost b utility c scarcity d marginal cost Question 7 2 out of 2 points Which of the following is the best definition of economics Answers a An investigation of the quantities and prices of the various goods produced by the nations of the world b An analysis of how individuals and societies deal with the problem of scarcity c A study of why inflation and unemployment periodically plague the U S economy d A study of how goods and services are distributed throughout the world e An examination of the role that money plays in the economy Question 8 A fact based on observable phenomenon that is not influenced by differences in personal opinion is called 2 out of 2 points Answers a ceteris paribus b a subjective concept c an unintended consequence d an objective concept Question 9 What are the three major categories of resources Answers a Human resources physical resources and natural resources b Scarce resources capital resources and abundant resources 2 out of 2 points c Financial resources global resources and local resources d Common resources private resources and capital resources Question 10 What does the term ceteris paribus mean 2 out of 2 points Answers a No one knows which variables will change and which will remain constant b The basic postulate of economics does not apply for the case being considered c All variables except those specified are constant d Everything is changing Question 11 When and how can you find out which quiz or midterm questions you missed Answers a When you finish the quiz you should receive your score immediately After the quiz due date I will change the Blackboard settings so that you can see the questions your answers and the correct answers Go to my grades and click on the name of the quiz Then click on your score under Calculated Grade to see the quiz again b Never That information is secret c The answers are on file in Strozier d The answers are posted in the course library the day before the quiz or midterm is due What are Dr Calhoun s normal office hours this semester 2 out of 2 points Question 12 Answers a b MWF 6 to 8 a m c Mondays Wednesdays 3 30 4 30 pm Thursdays 1 30 4 00 pm d No office hours are available What is the minimum dollar amount to earn a C 2 out of 2 points Question 13 Answers Question 14 a 3 650 b 2 100 c 1 500 d 1 100 2 out of 2 points What should you do if you find yourself falling behind Answers a Wait until the next exam to see how poorly you perform b Drop the class c Wait until the final to ask any questions d Email call or see Calhoun as soon as possible to discuss your situation Question 15 2 out of 2 points What will happen if you become a distraction during class Answers a Your classmates will love you more b You will be asked to quietly and quickly leave the room and you will lose all in class credit for the day c You ll be poked on Facebook d Nothing Calhoun isn t really serious about a good learning environment Post Chap 1 Quiz Question 1 What does the expression There s no such thing as a free lunch mean Answers a The use of resources to produce a good has an opportunity cost because of scarcity 4 out of 4 points b Each person must pay for exactly what he or she receives c If one person gains someone else must lose d You cannot have a free lunch at the expense of someone else Question 2 Which of the following best describes the economic way of thinking Answers a A set of basic concepts that helps one understand human choices 4 out of 4 points b A set of complex highly abstract theories that provides persons skilled in statistics with the information necessary to tell others what choices they should make c A set of historical generalizations that indicates what goods should be produced d A body of statistical data that indicates how an economy should be organized Question 3 A rational decision maker takes an action if and only if Answers a the opportunity cost of the action is zero 4 out of 4 points b the marginal cost of the action exceeds the marginal benefit of the action c the marginal benefit of the action exceeds the marginal cost of the action d the marginal cost of the action is zero Question 4 The fallacy of composition is the incorrect view that Answers a when two events are associated the one observed first must have caused the second 4 out of 4 points b a small change in an economic variable will have unrecognizable but significant consequences on the economy c if something is true for an individual then it must also be true for the group d everything else is always held constant when a
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