Date:Monday
January 21st, 2002
#Course Credits:
3.0
Semester/Year:
Spring 2002
Classroom/Time:
All 201 Sections/Time
Do all
Questions
(1)What is
Macroeconomics?
(a)A study of the economic value of marine life
(b)A study of the physical and universal phenomenon called matter
(c)A study of the economy as a whole in a given society
(d)A study of the social institutions such as family, race and culture in a society
(2)What is the
central problem of economics?
(a)The study of the unlimited availability of resources and the limited wants competing for them in a society
(b)The study of the limited availability of resources and the limited wants competing for them in a society
(c)The study of the unlimited availability of resources and the unlimited wants competing for them in a society
(d)None of the above
(3)Why does economics
have this central problem?
(a)Mankind has limited or finite wants and needs to satisfy
(b)Mankind has unlimited or infinite wants and needs to satisfy
(c)Mankind faces scarce resources and unlimited demands on these resources
(d)Mankind is faced with limited resources and excessive greed
(4)Which of the
following pairs are physical sciences?
(a)Chemistry and Psychology
(b)Economics and Anthropology
(c)Biochemistry and Microbiology
(d)Biology and Sociology
(5)Which of the
following is not a social science?
(a)Anthropology
(b)Sociology
(c)Economics
(d)Microbiology
(6)Is the oxygen that
human beings inhale a scarce resource?
(a)Yes
(b)No
(c)More information needed
(d)None of the above
(7)Which of the
following is a common tool used by all scientists?
(a)A laboratory
(b)A Bunsen burner
(c)(a) and (b) above
(d)The scientific method
(8)What is meant by a
hypothesis?
(a)An untested principle
(b)An intellectual construct
(c)A tool of the scientific method
(d)All of the above
(9)What does
“competing ends” mean in economics?
(a)The monetary rewards for which professional athletes compete
(b)The competitiveness that free markets stimulate between firms and households
(c)The multiple uses to which any scarce resource may be used in households, businesses and societies
(d)(a) and (c) above
(10)What is the
difference between Microeconomics and Macroeconomics?
(a)Microeconomics studies the allocation of scarce resources between different economies in the global economy whereas Macroeconomics studies the allocation of scarce resources within the smaller units of a national economy
(b)Microeconomics studies the economy as a whole whereas Macroeconomics studies the smaller units within an economy such as households and firms
(c)Microeconomics is the study of the smaller units within a national economy whereas Macroeconomics is the study of a national economy
(d)(a) and ( b) only