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This is a ten question multiple-choice quiz covering the material in this Unit. I hope you do well!
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Question 1 of 10
1. Question
10 pointsWhen a rational person acting voluntarily chooses to engage in an activity (enroll in school, buy a product, start a business, etc.), (s)he does so expecting that:
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Question 2 of 10
2. Question
10 pointsIf a country uses its resources as efficiently as possible (no unemployment, no idle machines and factories), then it is operating:
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Question 3 of 10
3. Question
10 pointsConsider the production possibilities curve model. Let’s say that a country increased its production of all goods and services since last year. If last year the country was producing on the curve, what must have happened?
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Question 4 of 10
4. Question
10 pointsWhich of the following is not a condition for strong economic growth, as listed in Unit 1 of our text?
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Question 5 of 10
5. Question
10 pointsOur economy consists primarily of four economic groups, as described in the circular flow model. Which of the following answers best describes the four groups?
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Question 6 of 10
6. Question
10 pointsWhich of the following is not a characteristic of a laissez-faire (capitalist) economy?
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Question 7 of 10
7. Question
10 pointsDue to the influences of John Maynard Keynes, many countries around the world decided to increase the role of the government in their economies. Countries with a combination of private sector and considerable government influence are called:
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Question 8 of 10
8. Question
10 pointsIn which of the following scenario is the inflation rate 4%?
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Question 9 of 10
9. Question
10 pointsWhich of the following is a normative statement?
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Question 10 of 10
10. Question
10 pointsAn economist proposes to eliminate our current income tax system (taxes collected from everyone’s paychecks). Instead she wants to have only a consumption tax system (sales taxes collected on purchases of goods and services). One advantage, she mentions, is that a consumption tax system is easy to implement because businesses will simply transmit taxes to the government and people will no longer have to complete a tax return at the end of the year. An opponent to this proposal states that this would raise unemployment in the country as many accountants, tax advisers, government tax collectors, etc. would lose their job.
As a critically thinking economist, what should be your response to the opponent’s comment?Correct
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Quiz completed. This was an excellent introductory unit.
Thank you, Seble!
Quiz completed on Unit 1. Wonderful reading, very insightful..
Thank you, Genarra!
I started reading this text with the bare minimum understanding of economics and now I know so much, and I am excited to learn more! Thank you so much for putting this together.
Unit 1 was vert educational, I learned so much.
Unit 1 was very educational, I learned so much.
I completed the quiz and practice set. Very interesting and informative!
This is the very first time I ever study economics in-depth. My fears however have been alleyed because this book is down to earth with it’s explanations.
Thank you Professor for this resource. Quite like sociology, I am finding that economics can make you think deep and ponder over so much.