Macroeconomics homework

I need it as soon as possible. I would say at the end of the day.

HW Set #1 Fall 2013

Econ 202

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1)
We study economics because of
1)
_______ A)
money. B)
scarcity. C)
resources. D)
economists have convinced universities it is a necessary field of study.
2)
Scarcity
2)
_______ A)
occurs because there are too many people. B)
is not a problem for the wealthy. C)
occurs because of unlimited wants and limited resources available to fulfill these wants. D)
is found only in developing nations.
3)
Because we live in a world of scarcity
3)
_______ A)
we are forced to constantly be frustrated and unsatisfied. B)
the cost of living is so high that no one lives comfortably. C)
we are at the mercy of sellers who can charge any price they want. D)
we have to make choices about how to spend our limited incomes on goods available.
4)
Economics is the study of
4)
_______ A)
supply and demand. B)
the choices everybody makes to attain their goals, given their scarce resources. C)
how to make money in a market economy. D)
how to make money in the stock market.
5)
What assumptions about humans do economists make?
5)
_______ A)
None, because economics takes humans as given. B)
People are rational and respond to incentives. C)
Humans prefer to live in a society that values fairness above all else. D)
People are greedy and selfish.
6)
What are the three fundamental questions that any economy must answer?
6)
_______ A)
What will be produced, how will these goods be produced, and who gets them? B)
What will be the prices of goods, how will these goods be produced, and who gets them? C)
What will be the prices of goods, what will be produced, and who gets them? D)
How much will be saved, what will be produced, and how can these goods be fairly distributed?
7)
What is an economic model?
7)
_______ A)
A very detailed version of some aspect of economic life used to analyze an economic issue. B)
A simplified version of some aspect of economic life used to analyze an economic issue. C)
A description of an economic issue that includes as little information as possible. D)
A description of an economic issue that includes all possible related information.
8)
If a grocery store sells a bag of potatoes for $2.30, what is the money received in payment called in economics?
8)
_______ A)
gross receipts
B)
pure profit C)
total revenue
D)
marginal revenue
9)
Which of the following does economics promote as the way to make the best decision?
9)
_______ A)
Continue an enjoyable activity until you get tired of it. B)
Continue an enjoyable activity to where marginal benefit equals marginal cost. C)
Continue an enjoyable activity until you cannot afford anymore of it. D)
Do an enjoyable activity at least once.
10)
What does marginal analysis involve?
10)
______ A)
Comparing total costs to total benefits. B)
Comparing average costs to average benefits. C)
Subtracting total costs from total benefits. D)
Comparing marginal costs to marginal benefits.
11)
Every society faces economic tradeoffs, which means
11)
______ A)
if one political party controls the government, the other party can’t. B)
producing less of one good means more of another good can be produced. C)
some people live better than others do. D)
none of these.
12)
When does society face a tradeoff?
12)
______ A)
How will the goods and services be produced. B)
What goods and services will be produced. C)
In answering all these fundamental economic questions. D)
When deciding who will receive the goods and services produced.
13)
Who in an economy decides what goods and services will be produced with the scarce resources available?
13)
______ A)
consumers
B)
the government
C)
producers
D)
all of these
14)
Which of the following types of economic systems is the best label for Canada?
14)
______ A)
mixed economy.
B)
market economy. C)
centrally planned economy.
D)
none of these.
15)
How are the fundamental economic questions answered in a market economy?
15)
______ A)
Individuals, firms, and the government interact in a market to decide. B)
Households and firms interact in a market to decide. C)
The government alone decides the answers. D)
None of these.
16)
Which of the following is a problem inherent in centrally planned economies?
16)
______ A)
There are no problems, everyone including consumers are satisfied. B)
Production managers do not satisfy consumer wants but the government’s orders. C)
Too much production of low-cost, high-quality goods and services. D)
None of these describe the problem inherent in a centrally planned economy.
17)
What caused the downfall of the Soviet Union in 1991?
17)
______ A)
Public dissatisfaction with low living standards and political repression. B)
All of these reasons caused the downfall of the Soviet Union. C)
Lack of high-quality goods and services. D)
Inability to produce low-cost consumer goods that households wanted.
18)
Who ultimately decides what goods and services will be produced in a market economy?
18)
______ A)
the ruling political party
B)
consumers C)
producing firms
D)
none of these
19)
Which of the following is production at the lowest possible cost?
19)
______ A)
equity
B)
productive efficiency C)
allocative efficiency
D)
none of these
20)
Which of the following is when production reflects consumer preferences?
20)
______ A)
equity
B)
productive efficiency C)
allocative efficiency
D)
none of these

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