Economics and Hot Dog Essay

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Assessment item 1
Assignment 1
Value: 10%
Due date: 02-Apr-2013
Return date: 23-Apr-2013
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Task
This part contains 20 Multiple Choice Questions and 4 Short Answer Questions. Answer all of them. Choose one alternative answer that best completes the statement or answers the question and circle the letter corresponding to that that response.
Part A: Multiple choice (10 marks)
20 questions.
Each question is worth ½ mark.
Part A: Multiple choice (10 marks)
20 questions.
Each question is worth ½ mark.
Under each question indicate the most appropriate response by writing down the letter correspondent to your answer (please show your work where necessary). 1. | The problem of economic scarcity applies: | | a. | to all economic systems, regardless of their level of development. | | b. | only in underdeveloped countries because there are few productive resources. | | c. | only in economic systems that are just beginning to develop because specialisedresources are scarce. | | d. | only in industrially developed countries because resources are scarce. | 2. | Microeconomics is concerned with: | | a. | factors that explain changes in the unemployment rate over time. | | b. | changes in the economy's total output of goods and services over long periods of time. | | c. | the causes of recession. | | d. | the determination of prices and quantities in individual product markets. | 3. | When China builds a dam using few machines and a great deal of labour, it is answeringthe ________ question. | | a. | 'what' | | b. | 'where' | | c. | 'for whom' | | d. | 'how' | 4. | Opportunity cost means: | | a. | the accounting cost minus the marginal cost. | | b. | the highest-valued alternative forgone. | | c. | the monetary costs of an activity. | | d. | the accounting cost minus the marginal benefit. | 5. | The statement 'Managers with a college education earn $18 an hour while ski instructorswho did not complete college earn $10' is: | | a. | a positive statement. | | b. | a normative statement. | | c. | a political statement. | | d. | an ethical statement. | 6. | The production possibility frontier shows the quantity of: | | a. | a good produced on the vertical axis and the number of workers employed onthe horizontal. | | b. | a good produced on the vertical axis and a weighted average of resources used on the horizontal. | | c. | one good produced on the vertical axis and the quantity of another good producedon the horizontal. | | d. | a good produced on the horizontal axis and the price on the vertical. | 7. | A company produces 99 units of a good for $316 or produces 100 units of the same goodfor $320. It marginal cost: | | a. | is $3.20. | | b. | is $320. | | c. | is $4. | | d. | Cannot be calculated with this information. | 8. | A technological improvement is represented by: | | a. | a movement down along the production possibility frontier. | | b. | a movement up along the production possibility frontier. | | c. | an inward shift of the production possibility frontier. | | d. | an outward shift of the production possibility frontier. | 9. | A person has a comparative advantage in an activity whenever she: | | a. | has an absolute advantage in the activity. | | b. | can do everything better than anyone else. | | c. | can perform the activity at a lower opportunity cost than can another person. | | d. | can do the activity in less time than anyone else. | 10. | Markets are: | | a. | hypothetical constructs used to analyse how people form their tastes and preferences. | | b. | specific geographic locations where people get together to buy and sell. | | c. | arrangements where buyers and sellers get together to buy and sell. | | d. | places where people can inspect goods and services carefully. | 11.
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