quiz feedback - week 1

8/11/2019 Quiz Feedback - Week 1

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HelpFeedback Module 1 Quiz

You submitted this quiz on Sun 2 Feb 2014 5:19 PM PST . You got a score of10.00 out of 10.00 .

Question 1

[Q#1003]

A key theme fundamental to all of economics is:

Your Answer Score Explanation

We are a rich country but are simply not aware of it.

People have unlimited wants facing limited means tosatisfy them.

1.00

There are unlimited resources.

There are limited wants.

Total 1.00 / 1.00

Question Explanation

The correct answer is: "People have unlimited wants facing limited means to satisfy them."

Question 2

[Q#1011]

Whenever a choice is made:

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efficiency is improved.

the cost of that choice could be referred to as opportunitycost.

1.00

scarcity is not the problem.

the cost is easy to measure in dollar terms.

Total 1.00 / 1.00


The correct answer is: "the cost of that choice could be referred to as opportunity cost."

Question 3

[Q#1018]

You can spend $200 on either a new tablet computer or a new smartphone. If you choose to

buy the tablet computer, the opportunity cost is:


both the $200 and the your enjoyment of the newsmartphone.

your enjoyment of the new smartphone. 1.00

impossible to determine.

$200.

Total 1.00 / 1.00


The correct answer is: "your enjoyment of the new smartphone."

Since we know you would have bought a smartphone if you didnt buy the tablet, and sincethat would have cost you $200, the opportunity cost of buying the tablet would be thesmartphone (or the enjoyment you get from the smartphone). The opportunity costs cannot beboth the smartphone and the $200 because you would not have been able to get the


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smartphone AND keep the $200 if you didnt buy the tablet.

As a reminder, you can find this material in the video 1.2 Opportunity Costs.

Question 4

[Q#1025]

If the state government allocates additional spending on education, the opportunity cost is:


the dollar amount of the additional spending.

measured in terms of the best alternative uses for thatmoney.

1.00

considered only if additional taxes need to be raised to fundthe spending.

zero

Total 1.00 / 1.00


The correct answer is: "measured in terms of the best alternative uses for that money."

Question 5

[Q#1032]

Say Sarah was choosing between three alternatives: working on her job that pays her $100;

writing a term paper which she values at $80; or going out with a friend, which she values at

$60. The opportunity cost of writing the term paper is:


$160

$100 1.00


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$40

$60

Total 1.00 / 1.00


The correct answer is: "$100."

Question 6

[Q#1038]

Suppose you have a choice between studying one more hour for your history exam or studyingone more hour for your psychology exam. Your decision on what to study should be based on:


how much time you have already studied for each class.

the additional benefits of studying for each class. 1.00

your current average scores in each class.

the class you like the most.

Total 1.00 / 1.00


The correct answer is: "the additional benefits of studying for each class."

Question 7

[Q#1043]

One consequence of equilibrium is that when trying to figure out which checkout line at the

college bookstore is the fastest:



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choose the line farthest from the door.

randomly choose a line; if one line were truly faster,everyone would move to it and it would no longer be faster.

1.00

choose the middle line.

choose the line nearest the door.

Total 1.00 / 1.00


The correct answer is: "randomly choose a line; if one line were truly faster, everyone wouldmove to it and it would no longer be faster."

Question 8

[Q#1046]

Specialization and trade usually lead to:


lower living standards.

the exchange of goods and services in markets. 1.00

higher prices.

lower economic growth.

Total 1.00 / 1.00


The correct answer is: "the exchange of goods and services in markets."

Question 9


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[Q#1052]

Lena and Jess are roommates. Lena hates to clean the bathroom. Jess will agree to clean the

bathroom only if Lena vacuums the living room. This statement best represents this economic

concept:


"How much" is a decision at the margin.

There are gains from trade. 1.00

People usually exploit opportunities to make themselvesbetter off.

The real cost of something is what you must give up to getit.

Total 1.00 / 1.00


The correct answer is: "There are gains from trade."

Question 10

[Q#1054]

Suppose you and your roommate have the following agreement when it comes to cleaning your

apartment: each person washes her or his own dishes after each meal. The principle of trade

you just learned tells you that it would be more efficient if:


each of you wash half of all the dirty dishes.

both of you wash your own dishes after each meal.

one of you wash all the dishes while the other did adifferent chore.

1.00

none of you wash the dishes after eating.


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Total 1.00 / 1.00


The correct answer is: "one of you wash all the dishes while the other did a different chore."

quiz feedback - week 1

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