Sample Quiz#1
#Credits: 3.0
Instructor’s Name: Michael Heslop
Office:CS Bldg-RM-216C
Telephone# :(703)-323-3254
E-Mail Address: MHeslop@nvcc.edu
Mailbox: CS 232
Semester/Year: Spring 2002
Classroom/Time:All 202 Sections
(1)What is the
central problem of microeconomics?
(a)The study of the unlimited availability of resources and the unlimited wants and needs competing for them in the smaller units of a country’s economy
(b)The study of the limited resources in the smaller units of a country’s economy and the limited wants and needs placed on them in these smaller units
(c)The study of the limited resources in the smaller units of a country’s economy and the unlimited wants and needs placed on them in these smaller units
(d)The study of the limited resources in the smaller units of a country’s economy and the unlimited wants and needs placed on them in the economy as a whole
(2)What is meant by
scarcity in microeconomics?
(a)Scarcity refers to the shortage of resources in a national economy
(b)Scarcity refers to resources which if sold at high prices their supply will exceed their demand in the smaller units of an economy such as households and firms
(c)Scarcity refers to resources which if given away at prices equal to zero their demand will far exceed their supply
(d) All of the above
(3)What is a
microeconomic model?
(a)A small, petite and wealthy woman who parades on fashion runways in elegant garments
(b)A simplified representation of the functioning of a country’s nation’s economy
(c)A simplified representation of the economic functioning of any of the smaller units within a country’s economy such as households, city government or a firm
(d)A complex picture of a physical reality such as atmospheric pressure or the movement of whales
(4)Which of the
following pairs are social sciences?
(a)Physiology and Marketing
(b)Marine Biology and Physics
(c)Economics and Sociology
(d)Bio-technology and Zoology
(5)Which of the
following pairs are not physical sciences?
(a)Botany and Biology
(b)Microeconomics and International Economics
(c)Macroeconomics and Political Science
(d)(b) and (c) above
(6)What is the
concept of a natural resource?
(a)The stock of skills, talents and experiences of all the people in a society
(b)The stock or aggregate of physical and monetary resources in a society
(c)The stock or totality of resources that are found in a natural state in the soil, oceans, rivers, lakes, forests, air that are not created by man
(d) (a) and (c) only
(7)Which of the
following pairs represent human resources?
(a)Land and Water
(b)Petroleum and Jazz Musicians
(c)Mathematicians and Pilots
(d)Machines and loans
(8)What is meant by
the scientific method?
(a)A method of inquiry employed only by physical scientists to improve their understanding of physical phenomena such as air pressure and volcanoes
(b)A method of inquiry employed by social and physical scientists to improve their understanding of the workings of social and physical phenomena
(c)(a) and (b) above
(d)All of the above
(9)Which of the
following pairs are tools of analysis of the scientific method?
(a)Assumptions and models
(b)Hypothesis and Theories
(c)Observation and Experiments
(d)All of the above
(10)Which of the
following are common to microeconomics and macroeconomics?
(a)The study of the optimal or efficient allocation of scarce resources among competing ends
(b)The study of the impact of social, economic and other external factors on the shaping of the human mind
(c)The study of human responses to changes in the economic variables that affect their living standards such as incomes, prices, tax rates and government budgets
(d)(a) and (c) above
(11)Another name for
the inductive method is:
(a)Modeling
(b)The a priori method
(c)Ceteris Paribus
(d)The empirical method
(12)Microeconomics is
a social science because:
(a)Microeconomists are sociable individuals who enjoy science fictions
(b)Microeconomists socialize or hang out excessively with scientific scholars
(c)Microeconomists study the economic behavior of people as savers, investors and consumers in households, businesses and cities and employ the scientific method in studying, explaining and predicting their economic responses to changes in interest rates, prices and wage rates
(d) Microeconomists study the economic behavior of people as savers, investors and consumers in the national economy and employ the scientific method in studying, explaining and predicting changes in the national economy on the lives of people