Basic Economics: Summer 2010 Name: __________________________________
Test 1A Section 002
Sue Bartlett
On your scantron, print your name legibly in the spaces provided. Bubble in your name
and U# (bubble 0 for U), then date and sign the scantron (May 28). For each question,
choose the best answer and record it on both the scantron and the test. When you’re
finished, turn in the scantron, but keep the test. Answers will be posted on our
Blackboard web site ASAP. Each question is worth 3 points.
1. Economics is the study of
a. money
b. politics
c. government
d. resource allocation
2. When you go to the movie, you have a money cost (ticket, refreshments) and a time cost.
In this situation, the implicit cost is the
a. sum of the money and time costs
b. money cost
c. time cost
d. economic cost
e. there are no implicit costs in this example
3. Objective statements describing how the world works are part of
a. positive analysis
b. normative analysis
c. both kinds of analysis
4. The mental efforts of people (like scientists) fall into which resource category?
a. land
b. labor
c. capital
d. human capital
e. entrepreneurship
5. The production possibilities curve is a model of
a. a goods market
b. a resource market
c. GDP over time
d. the limitations and opportunity costs imposed on society when resources are scarce
e. the circular flow of goods, resources, and money
