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20 Questions for Homework 1 - Seminar | EC 101, Assignments of Economics

Material Type: Assignment; Class: + Dis >2; Subject: Economics; University: University of Oregon; Term: Spring 2004;

Typology: Assignments

Pre 2010

Uploaded on 07/29/2009

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Homework #1
1. The father of economics and the author of the Wealth of Nations is:
A. Alan Greenspan.
B. Adam Smith
C. Adam Sandler.
D. Alec De Touquiville
E. None of the Above.
2. Economics:
A. is a subject matter that solely deals with the economy.
B. is a set of principles to explain the choices people make and the actions they take in
order to make the best use of scarce resources.
C. developed only in the last 300 years in response to emergence of markets.
D. both (A) and (B).
E. both (B) and (C).
3. Adam Smith’s steps to creating affluence include:
A. a surplus in the primary industry that is greater than the rate of growth in population
and is invested in physical and human capital.
B. the development of manufacturing that extends urbanization and fosters economies
of scale.
C. rationalization of life that demystifies tradition and enhances moral development.
D. growth of the service sector.
E. all of the above.
4. Scarcity
A. is a situation where resources are insufficient to meet all peoples wants and needs.
B. does not require a choice in a modern economy where substitution possibilities are
large.
C. and the choices that are possible can be demonstrated on a production possibility
frontier.
D. both (A) and (C).
E. all of the above.
5. The production frontier demonstrates the principle that
A. there is no such thing as a free lunch.
B. you should not cry over spilled milk.
C. life is a game of chance the skillful player will make goods moves out of bad throws.
D. all of the above.
E. none of the above.
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Homework #

  1. The father of economics and the author of the Wealth of Nations is: A. Alan Greenspan. B. Adam Smith C. Adam Sandler. D. Alec De Touquiville E. None of the Above.
  2. Economics: A. is a subject matter that solely deals with the economy. B. is a set of principles to explain the choices people make and the actions they take in order to make the best use of scarce resources. C. developed only in the last 300 years in response to emergence of markets. D. both (A) and (B). E. both (B) and (C).
  3. Adam Smith’s steps to creating affluence include: A. a surplus in the primary industry that is greater than the rate of growth in population and is invested in physical and human capital. B. the development of manufacturing that extends urbanization and fosters economies of scale. C. rationalization of life that demystifies tradition and enhances moral development. D. growth of the service sector. E. all of the above.
  4. Scarcity A. is a situation where resources are insufficient to meet all peoples wants and needs. B. does not require a choice in a modern economy where substitution possibilities are large. C. and the choices that are possible can be demonstrated on a production possibility frontier. D. both (A) and (C). E. all of the above.
  5. The production frontier demonstrates the principle that A. there is no such thing as a free lunch. B. you should not cry over spilled milk. C. life is a game of chance the skillful player will make goods moves out of bad throws. D. all of the above. E. none of the above.
  1. If you are a working student, the opportunity cost of studying for an exam: A. will be zero if you are smart and you have an absolute advantage from going to school. B. will be zero if you are smart and you have a comparative advantage from going to school. C. is the foregone wages from working. D. both (A) and (B). E. both (A) and (C).

Occupation Earnings Per Hour of Person A

Earnings Per Hour of Person B Lawyer $600 $ Secretary $60 $

  1. Person B above has: A. an absolute advantage in being a secretary. B. a comparative advantage at being a secretary. C. both (A) and (B). D. neither (A) and (B).
  2. If the wage of person B as a secretary increased to $100 an hour, then person B above would have: A. an absolute advantage in being a secretary. B. a comparative advantage at being a secretary. C. both (A) and (B). D. neither (A) and (B).

Use the following budget-constraint, 200=5QA + 10QB, to answer questions 9-10.

  1. If QA is the dependent variable, the y intercept is: A. 200. B. 20. C. 10. D. 5. E. none of the above
  2. If QB is the dependent variable the slope of the budget constraint is: A. - B. - C. - D. - E. -0.

E. both (B) and (C).

  1. A circular flow diagram indicates that: A. households are suppliers in the input market. B. households are demanders in the product market. C. firms are demanders in the product market. D. both (A) and (B). E. both (A) and (C).
  2. Economists argue that government: A. intervention into the economy may be necessary if there are spillover costs or benefits or imperfect competition where markets fail to be efficient. B. failure is a possibility that must be considered and must be traded off against the possibility of market failure. C. both (A) and (B). D. neither (A) or (B).
  3. The marginal principle implies that an individual will do best by producing or consuming where: A. the additional benefit exceeds the additional cost. B. the additional benefit is equal to the additional cost. C. the additional benefit is less than the additional cost. D. the total benefit is equal to the total cost. E. all of the above.
  4. Which of the following is not a macroeconomic question: A. Should we have a constitutional amendment to balance the federal budget? B. Do employers discriminated against women by paying them lower wages? C. How does a political candidate’s economic reform package affect the inflation rate? D. Why does the price level tend to increase over time (i.e., why is there inflation). E. All of the above are macroeconomic questions.