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Chapter 2 Thinking Like an Economist
1. A simplifying assumption
( d )
a.
affects the important conclusions of an
economic model.
b.
increases the level of detail in an
economic model.
c.
limits the validity of an economic
model’s conclusion.
d.
eliminates
unnecessary details from an economic model.
2. The ultimate purpose of
an economic model is to ( c )
a.
explain
reality as completely as possible.
b.
establish
assumptions that closely resemble reality.
c.
help us to
understand economic behavior.
d.
guide
government policy decisions.
3. An economic model ( c )
a.
uses equations
to understand normative economic phenomena.
b.
often omits
crucial elements.
c.
simplifies reality in order to focus on
crucial elements.
d.
cannot be proven wrong.
4. Which of the following activities
would occur in a market for factors of production?
( d )
a.
Reesa buys a new computer to help
balance her personal checkbook.
b.
Randy pays a
speeding ticket.
c.
Ian mows his grass.
d.
General Motors
hires additional workers to run a third-shift at a
factory.
5. Which of the
following activities would occur in a market for
goods and services? ( d )
a.
Harry mows his
grass.
b.
General
Motors hires additional workers to run a third
shift at a factory.
c.
Jane bakes pies for Thanksgiving
dinner.
d.
Dolly
buys a ticket to a ball game.
6. The three sources of income for the
household are ( b )
a.
taxes, subsidies from the government,
and rent.
b.
wages, rent, and profit.
c.
wages, rent,
and subsidies from the government.
d.
wages,
rebates, and rent.
Chapter
2 (5
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7.
Households play what role(s) in the circular flow
diagram? ( d )
a.
purchasers of factors of production and
sellers of services.
b.
purchasers of factors of production and
sellers of goods.
c.
purchasers of goods and services only.
d.
purchasers of
goods and services and sellers of factors of
production.
8. Which of
the following is
not
an assumption that underlies an
economy’s production
possibilities
frontier? ( c )
a.
fixed income.
b.
fixed resources.
c.
unchanged
technology.
d.
fully employed resources.
9. Which of the following would
not
result in an
outward shift of a nation’s production
possibilities frontier? ( )
a.
a reduction in
the unemployment rate.
b.
a rise in labor productivity.
c.
advances in
technology.
d.
an
expanding resource base.
10. The production possibilities
frontier demonstrates the basic economic principle
that
( )
a.
economies are
always efficient.
b.
assuming full employment, supply will
always determine demand.
c.
assuming full employment, an economy is
efficient only when the production
of
capital goods in a particular year is greater than
the production of
consumption goods in
that year.
d.
assuming full employment, to produce
more of any one thing, the economy
must
produce less of at least one other good.
11. Opportunity costs most
often increase as you move down a production
possibilities
frontier because (
)
a.
resources
are not completely adaptable to alternative uses.
b.
factors of
production are limited and human wants are
unlimited.
c.
efficiencies are generated by large-
scale production.
d.
economic efficiency is only possible in
the short run.
Chapter 2
(5
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12.
Suppose an economy has the production
possibilities frontier shown in the diagram
and is operating at position A. Which
of the statements below is false? ( )
a.
This economy
could produce more of both capital and consumption
goods.
b.
This
economy is experiencing full employment.
c.
This economy
could produce more capital goods without
decreasing the
quantity of consumption
goods produced.
d.
This economy could produce more
consumption goods without decreasing the
quantity of capital goods produced.
Capital
Goods
·
B
·
A
0
Consumption Goods
13. If the economy shown in the
diagram moves from position A to position B, we
would know that ( )
a.
the rate of
unemployment increased.
b.
consumption goods production increased,
but capital goods production
decreased.
c.
its
unemployment decreased, but at the expense of
either capital or
consumption good
production.
d.
it
has achieved full employment of resources.
14. All points on a
production possibilities frontier show the (
)
a.
maximum
satisfaction that households receive from their
purchases of goods.
b.
minimum quantities of resources that
must be used to produce a given
quantity of output.
c.
maximum output
that society can produce with given resources and
technology.
d.
minimum output that society can produce
with given resources and technology.
Chapter 2 (5
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3)
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