ECON 312 Week 1 Quiz

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1. (TCO 1) The general concern of economics is with the study of the

2. (TCO 1) The term scarcity in economics refers to the fact that
3. (TCO 1) Are the goods that businesses offer for free to consumers also free to society?
4. (TCO 1) Which is considered to be an economic resource by economists?
5. (TCO 1) If an economy is producing at a point inside a production possibilities curve,
then
6. (TCO 1) Which would not be characteristic of a capitalist economy?
7. (TCO 1) The term dollar votes means
8. (TCO 1) The circular flow model
9. (TCO 1) In a market system, well-defined property rights are important because they
10. (TCO 1) Which is necessary to make a trade in a barter economy?
11. (TCO 1) Tammie makes $150 a day as a bank clerk. She takes off two days of work
without pay to fly to another city to attend the concert of her favorite music group. The
cost of transportation for the trip is $250. The cost of the concert ticket is $50. What is
the opportunity cost of Tammies trip to the concert? Show your calculations
12. (TCO 1) Identify some intrinsic qualities of capitalist and command economic systems.
Identify two countries that practice each.
1. (TCO 2) A demand curve

2. (TCO 2) In the past few years, the demand for donuts has greatly increased. This increase
in demand might best be explained by
3. (TCO 2) Which of the following is most likely to be an inferior good?
4. (TCO 2) The demand curve for a product might shift as the result of a change in
5. (TCO 2) The supply curve shows the relationship between
6. (TCO 2) If the demand for product X is inelastic, a 4% increase in the price of X will
7. (TCO 2) If the price of hand calculators falls from $10 to $9 and, as a result, the quantity
demanded increases from 100 to 125, then
8. (TCO 2) If quantity demanded is completely unresponsive to price
9. (TCO 2) The state legislature has cut Gigantic State Universitys appropriations. GSUs
Board of Regents decides to increase tuition fees to compensate for the loss of revenue.
The board is assuming that the
10. (TCO 2) The more time consumers have to adjust to a change in price
11. (TCO 2) What is the Law of Demand? Why does the demand curve slope downwards?
12. (TCO 2) Suppose the price of widgets rises from $7 to $9 and consumption of widgets
falls from 25 widgets a month to 15 widgets. Calculate your price elasticity of demand of
widgets. What can you say about your price elasticity of demand of widgets? Is it Elastic,
Inelastic, or Unitary Elastic? Why? Use the Midpoint formula and please show your
work.

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