Q1. Consumption is the ultimate end of economic activity.
Q2. An editorial in a newspaper calling for the government to abolish the minimum wage because it takes advantage of consumers is an example of a(n)
a. positive economic statement
b. pure economic statement
c. normative economic statement
d. abstract economic statement
Q3. The stock of labor talents and skills is known as
a. a public good
b. the functional distribution
c. human capital
Q4. Economic services lack the characteristic of transferability found in economic goods.
Q5. Payment for the use of capital is made in the form of investment.
Q6. Economic theory and economic policy are synonymous.
Q7. Economics can best be defined as the study of how
a. society decides to use its scarce resources in an attempt to satisfy unlimited wants
b. the government should deal with the problems of unemployment and inflation
c. to make money in the stock market
d. the government should eliminate the problem of scarce resources
Q8. Some economic principles are based on physical phenomena.
Q9. A bulldozer used by a construction firm is known as a
a. capital good
b. consumer good
c. free good
d. public good
Q10. Determining "what ought to be" in the economy is considered
a. positive economics
b. normative economics
c. distributive economics
Q11. A free good lacks the element of
Q12. The ability of a good or service to satisfy a want is known as
Q13. Productivity per worker has increased in the past primarily through
a. hiring more teenagers
b. hiring more women
c. medical benefits
d. technological development
Q14. The application of the principle of comparative advantage requires each of two trading partners to have an absolute advantage over the other in the production of some particular commodity.
Q15. The typical production possibilities frontier curves outward due to
a. constant opportunity costs
b. increasing opportunity costs
c. decreasing opportunity costs
d. technological innovations
Q16. One cause for the uneven standard of living throughout the world is the uneven distribution of resources.
Q17. The ability to produce a good or service using fewer resources than other producers use is known as
a. absolute advantage
b. comparative advantage
c. comparative specialization
d. absolute specialization
Q18. The opportunity cost of a choice is defined as the value of all the alternative choices.
Q19. The basic function of any economic system is to provide the framework for allocating scarce resources in a way that adequately satisfies unlimited wants.
Q20. In exercising the principle of comparative advantage, a nation with no absolute advantage should produce a commodity in which it faces a lower opportunity cost than its trading partners face.
Q21. A nation's raw materials and sources of energy are considered part of its capital resources.
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