Bus599 Intro to Quantitative Principles Multiple Choice Quiz. (if you're not sure of the answer, say "you think it's this one" and you'll still be rewarded)

 

1. It can be said that the price of a product or service, the consumers' tastes, substitute products, and expectations affect equilibrium price. What if any other factor is missing from this list?

      

A: Scarcity

 

    B: Surplus

 

    C: Consumer confidence

 

    D: Consumers' income

 

 

2. What fundamental difference can you identify between the philosophies of Adam Smith and Karl

Marx?

 

  A: Marx believed the market would best answer the what, how and for whom questions; Smith believed in a

central planning system to answer these questions.

 

       B: Smith believed the market would best answer the what, how and for whom questions; Marx believed in a

central planning system to answer these questions.

 

       C: Marx believed the consumer should set prices; Smith did not.

 

       D: Smith believed the government should control the factors of production; Marx did not.

 

 

3. Bill has plenty of money to buy a new car, although he is reluctant to do so because he also wants

to pay cash for his vacation this year. What element of a market economy prevents Bill from buying

a new car in this scenario?

 

      A: Equilibrium price

 

      B: Ceteris paribus

 

      C: Initial demand

 

      D: Demand, because he is not also willing to purchase the car

 

 

4. Which countries would you predict have the highest and lowest opportunity cost associated with

a strong military?

 

      A: Highest-Mexico; Lowest-North Korea

 

      B: Highest-North Korea; Lowest-Mexico

 

      C: Countries with large armies will have the greatest opportunity cost

 

     D: Countries with the small armies will have the greatest opportunity cost

 

 

5. Which of the following expressions captures the meaning of opportunity cost?

 

      A: A penny saved is a penny earned.

 

     B: A fool and his money are soon parted.

 

      C: A stitch in time saves nine.

 

      D: There's no such thing as a free lunch.

 

 

6. How would you paraphrase the definition of equilibrium price?

 

      A: Equilibrium price occurs when supply and demand quantities meet.

 

      B: Equilibrium price occurs when price and demand are consistent.

 

      C: Equilibrium price is established when buyers' and sellers' price and quantity are the same.

 

      D: Equilibrium price is established when buyers' and sellers' demand and production are the same.

 

 

7. If someone told you that a demand curve is good, long-term evidence of the consumers' buying

activity, would you agree or disagree?

 

      A: I would agree because of the correlation between demand and buying activity.

 

     B: I would agree; consumers tend to buy according to their demand for extended periods of time.

 

     C: I would disagree; the demand curve reflects only a willingness to buy only as long as the determinants of

demand remain unchanged.

 

      D: I would disagree because there is no correlation between demand and buying activity.

 

 

8. What example can you cite of the government's attempt to correct a market failure?

 

      A: Automobile emissions standards

 

      B: Union representation of workers

 

      C: Trade associations

 

      D: Gasoline price wars

 

 

9. Which of the following statements best describes microeconomics versus macroeconomics?

 

      A: Macroeconomics is to details as microeconomics is to the total.

 

      B: Microeconomics is to inflation as macroeconomics is to product prices.

 

     C: Macroeconomics is to the big picture as microeconomics is to details.

 

      D: Macroeconomics is to the pieces as microeconomics is to the puzzle.

 

 

10. If everyone were able to produce all the goods and services they wanted or needed with

unlimited resources, what impact would such a phenomenon have on economics?

 

      A: There would be no product markets

 

      B: There would be no money system

 

      C: There would be more factors of production

 

      D: There would be more goods and services

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