Principles of Economics (Irwin Economics), 6th Edition Test Bank

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Principles of Economics (Irwin Economics), 6th Edition Test Bank - Page 1 preview image

Chapter 01 Test BankStudent: _______________________________________________________________________________________1.Economics is best defined as the study of:A. inflation, interest rates and the stock market.B. supply and demand.C. how people make choices in the face of scarcity and the implications of those choices for society as a whole.D. the financial concerns of businesses and individuals.2.Economics is the study of:A.the financial concerns of businesses and individuals.B.the role of government in limiting the choices people make.C.choice in the face of limited resources.D.whether we will have enough resources in the future.3.Economists recognize that because people have limited resources:A.government intervention is necessary.B.they have to make trade-offs.C.they will never be happy.D.our future is bleak.4.The Scarcity Principle states that:A.people don't have enough money to buy what they want.B.society will eventually run out of resources.C.with limited resources, having more of one thing means having less of another.D.some countries have fewer resources than others.5.An implication of scarcity is that:A.people will never be happy.B.making trade-offs becomes unnecessary as wealth increases.C.some people will always be poor.D.people must make trade-offs.

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6.If all the world's resources were to magically increase one hundredfold, then:A.people would still have to make trade-offs.B.economics would no longer be relevant.C.scarcity would disappear.D.trade-offs would become unnecessary.7.The Scarcity Principle applies to:A.poor people primarily.B.consumers primarily.C.firms primarily.D.everyone.8.Forest lives in complete isolation in Montana. He is self-sufficient and feeds himself through hunting, fishing, and farming. Which of the following statements about Forest is true?A.Forest has unlimited resources.B.Forest is not required to make trade-offs because he is self-sufficient.C.Forest has to make trade-offs.D.Forest doesn't have to consider costs and benefits.9.The Scarcity Principle applies to:A.all decisions.B.only market decisions, e.g., buying a car.C.only non-market decisions, e.g., watching a sunset.D.only the poor.10. Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and study or go to the gym and work out. The decision Chris must make is:A.not an economic problem because neither activity costs money.B.not an economic problem because it's an hour that Chris has no matter what he does.C.an economic problem because the tuition Chris pays covers the cost of both the gym and the library.D.an economic problem because Chris has only one hour, and engaging in one activity means giving up the other.11. Josh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decides to stay home andwork on the paper. According to the Scarcity Principle, the reason Josh doesn't go to the game is that:A.Josh prefers schoolwork to football games.B.writing the paper is easier than going to the game.C.Josh can't go the game and finish the paper.D.going to the game won't be fun.

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12. Whether studying the output of the U.S. economy or how many classes a student will take, an unifying concept is that:A.wants are limited and resources are unlimited, so trade-offs are unnecessary.B.wants are unlimited and resources are scarce, so trade-offs have to be made.C.wants are limited and resources are unlimited, so trade-offs have to be made.D.both wants and resources are unlimited.13. The Cost-Benefit Principle indicates that an action should be taken if:A.its total benefits exceed its total costs.B.its average benefits exceed its average costs.C.its net benefit (benefit minus cost) is zero.D.its extra benefit is greater than or equal to its extra cost.14. If a person takes an action if, and only if, the extra benefits from taking that action exceed the extra costs, then that person is:A.not following the Cost-Benefit Principle.B.following the Scarcity Principle.C.following the Cost-Benefit Principle.D.not rational.15. Choosing to study for an exam until the extra benefit (e.g., improved score) equals the extra cost (e.g., the value of foregone activities) is:A.not an economic choice.B.an application of the Cost-Benefit Principle.C.an application of the Scarcity Principle.D.not rational because it ignores the importance of total benefits and total costs.16. The Scarcity Principle tells us ______, and the Cost-Benefit Principle tells us ______.A.thatchoices must be made; how to make good choicesB.that good choices eliminate scarcity; how to make good choicesC.how to make choices; that choices must be madeD.how to make good choices; that choices involve costs and benefits17. According to the Cost-Benefit Principle, you should go see the latest Star Wars movie with your friends this week-end if:A.the extra benefits of seeing the movie are greater than the extra costs of seeing the movie.B.you really like Star Wars.C.you can afford to go to the movies.D.the average benefit you get from going to the movies is greater than the average cost of a ticket.

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18. A rational person:A.makes choices based on total benefits and total costs.B.makes choices based on added benefits and added costs.C.undertakes activities until the net benefits become less than zero.D.considers the financial benefits and financial costs of making a choice.19. Suppose that the extra cost to Tim of a third glass of soda is zero because he's at a restaurant that gives free refills. According to the Cost-Benefit Principle Tim should:A.drink a third glass of soda.B.drink a third glass of soda if the extra benefit of doing so is positive.C.drink a third glass of soda if his total benefit from drinking soda is positive.D.not drink a third glass of soda.20. Janie must choose to either mow the lawn or wash clothes. If she mows the lawn, she will earn $30, and if she washes clothes, she will earn $45. She dislikes both tasks equallyand they both take the same amount of time. Janie will therefore choose to ______ because it generates a ______ economic surplus.A.mow the lawn; biggerB.wash clothes; biggerC.mow the law; smallerD.wash clothes; smaller21. Dean should play golf instead of preparing for tomorrow's exam in economics if:A.he is irrational.B.the benefit of golfing is greater than the benefit of studying.C.the economic surplus from playing golf is greater than the economic surplus from studying.D.Dean can play golf for free.22. Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending EliteU at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoNameU costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry's opportunity cost of attending Elite U is:A.$70,000B.$50,000C.$20,000D.$15,000

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23. Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending EliteU at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoNameU costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry's opportunity cost of attending StateCollege is:A.$35,000B.$30,000C.$20,000D.$15,00024. Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite Uat $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName Ucosts $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry's opportunity cost of attending StateNoName U is:A.$60,000B.$30,000C.$20,000D.$15,00025. Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending EliteU at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoNameU costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry maximizes his economic surplus byattending:A.Elite U.B.State College.C.NoName U because he has a full scholarship there.D.NoName U because the annual cost is only $20,000.26. Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending EliteU at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoNameU costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. What is Larry's economic surplus fromattending State College instead of his next best alternative?A.$40,000B.$20,000C.$10,000D.$5,000

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27. Jen spends her afternoon at the beach, paying $1 to rent a beach umbrella and $11 for food and drinks rather than spending an equal amount of money to go to a movie.Her opportunity cost of going to the beach is:A.the $12 she spent on the umbrella, food and drinks.B.only $0 because she would have spent $12 to go to the movie.C.the value she places on seeing the movie.D.the value she places on seeing the movie plus the $12 she spent on the umbrella, food and drinks.28. All else equal, relative to a person who earns minimum wage, a person who earns $30 per hour has:A.a higher opportunity cost of working an additional hour.B.a higher opportunity cost of taking the day off work.C.a lower opportunity cost of driving farther to work.D.the same opportunity cost of spending time on leisure activities.29. The opportunity cost of an activity includes the value of:A.all of the alternatives that must be forgone.B.the next-best alternative that must be foregone.C.the least-best alternative that must be foregone.D.the chosen activity minus the value of the next-best alternative.30. Amy is thinking about going to the movies tonight. A movie ticket costs $15, and she'll have to cancel a $20 dog-sitting job that she would have been willing to do for free. Theopportunity to Amy cost of going to the movies is:A.$5.B.$15.C.$20.D.$35.31. The economic surplus of an action is:A.the benefit gained by taking an action.B.the difference the explicit and implicit costs of taking an action.C.the difference between the benefit and the cost of taking an action.D.the money a person has left over after taking an action.32. You are trying to decide whether to purchase the latest Harry Potter book online or borrow it from the library. There is no charge for borrowing a book from the library, but goingto the library takes more time than ordering a book online. Regardless of how you get the book, its benefit to you is the same. If the cost of buying the book online is $13, thenyou should:A.borrow the book from the library because you can get it from the library for free.B.borrow the book from the library if the cost of doing so (in terms of the extra time it takes) is less than $13.C.borrow the book from the library if the cost of doing so (in terms of the extra time it takes) is greater than $13.D.buy the book online because it takes less time.

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33. Alex received a four-year scholarship to State U. that covered tuition and fees, room and board, and books and supplies. If Alex becomes a full-time student, then:A. attending State U. for four years is costless for Alex.B. Alex has no incentive to study hard while at State U.C. the opportunity cost of attending State U. includes the money Alex could have earned working for four years.D. the opportunity cost of attending State U. includes the sum of the benefits Alex would had from attending each of the other schools to which he was admitted.34. Suppose Mary is willing to pay up to $15,000 for an used Ford pick-up truck. If she buys one for $12,000, her ______ would be ______.A. benefit; $12,000B. cost; $15,000C. economic surplus; $3,000D. economic surplus; $12,00035. If individuals are rational, they should choose actions that yield the:A. largest total benefits.B. smallest total costs.C. smallest economic surplus.D. largest economic surplus.36. Suppose the most you would be willing to pay for a plane ticket home is $250. If you buy one for $175, then your economic surplus is:A.$250.B.$175.C.$75.D.$0.37. The Cost-Benefit Principle:A.fully captures how people choose between alternatives.B.provides an abstract model of how people should choose between alternatives.C.describes how people behave once they have enough education.D.provides little insight into how people actually chose between alternatives.38. Economists believe the Cost-Benefit Principle is:A.a simple but useful model of how people should make choices.B.a comprehensive description all the factors that influence people's choices.C.an interesting intellectual exercise with little applicability to the real world.D.of little use to those who wish to learn how to make better decisions.

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39. The cost-benefit model used by economists is:A.unrealistic because it is too detailed and specific to apply to most situations.B.unrealistic because everyone can think of times when he or she violated the principle.C.useful because everyone follows it all of the time.D.useful because most people follow it most of the time.40. Economists use abstract models because:A.every economic situation is unique, so it is impossible to make generalizations.B.every economic situation is essentially the same, so specific details are unnecessary.C.they are useful for describing general patterns of behavior.D.computers have allowed economists to develop abstract models.41. The fact that most people make some decisions based on intuition rather than calculation is:A.irrational, because intuition is usually wrong.B.consistent with the cost-benefit model because calculating costs and benefits is irrational.C.consistent with the cost-benefit model because most people intuitively weigh costs and benefits.D.inconsistent with the cost-benefit model, but still rational.42. Moe has a big exam tomorrow. He considered studying this evening, but decided to hang out with Curly instead. If neither activity involves any explicit costs, and Moe alwayschooses rationally, it must be true that:A.the opportunity cost of studying is greater than the value Moe gets from spending time with Curly.B.the opportunity cost of studying is less than the value Moe gets from spending time with Curly.C.Moe gets more benefit from spending time with Curly than from studying.D.Moe gets less benefit from spending time with Curly than from studying.43. If one fails to account for implicit costs in decision making, then applying the cost-benefit rule will be flawed because:A.the benefits will be overstated.B.the costs will be understated.C.the benefits will be understated.D.the costs will be overstated.44.Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are$600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to payfor the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents areforcing you to attend. The Chicago-Atlanta round-trip airfares are $450. If you do not use the frequent-flyer coupon to fly to Miami, should you go to Miami?A.Yes, your benefit is more than your cost.B.No, your benefit is less than your cost.C.Yes, your benefit is equal to your cost.D.No, because there are no benefits in the trip.

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45. Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-tripairfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most youwould be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister'sgraduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450. What is the opportunity cost of using the coupon for the Miami trip?A.$100B.$450C.$500D.$55046. Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-tripairfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most youwould be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister'sgraduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450. Should you use the frequent flyer coupon to go to Miami?A.Yes, your benefit is more than your cost.B.No, your benefit is less than your cost.C.Yes, your benefit is equal to your cost.D.No, because there are no benefits in the trip.47. Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-tripairfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most youwould be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister'sgraduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450. If the Chicago-Atlanta round-trip air fare were $350, should you use thecoupon to go to Miami?A.No, your economic surplus would be -$50.B.No, your economic surplus would be -$100.C.Yes, your economic surplus would be $50.D.Yes, your economic surplus would be $400.48. Pat earns $25,000 per year (after taxes), and Pat's spouse, Chris, earns $35,000 (after taxes). They have two pre-school-aged children. Childcare for their children costs $12,000per year. Given that Chris doesn't want to stay home with the kids, regardless of what Pat does, Pat should stay home with the kids if, and only if, the value of Pat spending moretime with the kids is greater than:A.$37,000 per year.B.$25,000 per year.C.$13,000 per year.D.$12,000 per year.

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49. You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for aticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you$11/hr. The psychic cost to you of working is $2/hr. Should you go to the concert instead of working Saturday?A.Yes, the benefit of going to the concert is more than the cost.B.No, the benefit of going to the concert is less than the cost.C.Yes, the benefit of going to the concert is equal to the cost.D.No, because there are no benefits of going to the concert.50. You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for aticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you$11/hr. The psychic cost to you of working is $2/hr. What is the opportunity cost of going to the concert?A.$1B.$9C.$35D.$3651. You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for aticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you$11/hr. The psychic cost to you of working is $2/hr. What is your opportunity cost of going to work on Saturday?A.$0B.$9C.$35D.$3652. You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for aticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you$11/hr. The psychic cost to you of working is $2/hr. Your economic surplus from going to work instead of seeing SPAM on Saturday is:A.$0B.$1C.$35D.$36

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53. Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrowto buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16.The benefit to Matt of buying his books at the university bookstore instead of online is:A.$5B.$9C.$170D.$17554. Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrowto buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16.The benefit to Matt of driving to campus to buy the concert ticket last week was:A.$2B.$4C.$9D.$1655. Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrowto buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16.Given that driving to campus to buy the concert ticket was rational for Matt, Matt should:A.not drive to campus to buy the books because the $5 he would save is only two percent of the cost of the books, and that is much less than the 25 percent he saved on the concertticket.B.drive to campus to buy the books because the books are cheaper at the bookstore than online.C.drive to campus to buy the books because the $5 he would save is more than he saved by driving to campus to buy the concert ticket.D.not drive to campus to buy the books because the cost of gas and his time must certainly be more than the $5 he would save.56. Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrowto buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16.Assume the minimum that Matt would be willing to accept to drive to campus is equal to the $4 he saved on the concert ticket. What would his economic surplus be if he bought histextbooks at the university bookstore rather than online?A.$5B.$1C.$50D.$20

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57. The marginal benefit of an activity is the:A.same as the total benefit of an activity.B.total benefit of an activity divided by the level of the activity.C.extra benefit associated with an extra unit of the activity.D.total benefit associated with an extra unit of the activity.58. Suppose the marginal cost of the 1sthour of talking on the phone is $50, the marginal cost of the 2ndhour is $75, and the marginal cost of the 3rdhour is $105. In this case,the total cost of talking on the phone for 3 hours is:A.$315B.$105C.$230D.$15059. Suppose the total benefit of watching 1 baseball game is 100, the total benefit of watching 2 games is 120, and the total benefit of watching 3 games is 125. In this case, themarginal benefit of watching the 3rdgame is:A.125B.5C.41.67D.37560. The extra benefit that results from carrying out one additional unit of an activity is the ______ of the activity.A.marginal benefitB.total benefitC.average benefitD.economic benefit61. The marginal cost of an activity is the:A.change in the total cost of the activity that results from carrying out an additional unit of the activity.B.the total cost of the activity divided by the change in the level of the activity.C.the total cost of the activity divided by the level of the activity.D.change in the level of the activity divided by the change in the cost of the activity.62. The extra cost that results from carrying out one additional unit of an activity is the _____ of the activity.A.marginal benefitB.marginal costC.reservation costD.opportunity cost

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63. Dividing the total cost ofnunits of an activity bynreveals the:A.average benefit.B.marginal cost.C.units per cost.D.average cost.64. For the Fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat all of the meals, your average cost for a meal is:A.$6.B.$5.C.$4.D.$0.25.65. For the Fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your average cost for a meal is:A.$6.B.$5.C.$4.D.$0.25.66. For the Fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your marginal cost of the 100thmeal is:A.$6.B.$4.C.$0.25.D.$0.67. The average benefit ofnunits of an activity is the:A.total benefit ofnunits divided byn.B.ndivided by the total benefit ofnunits.C.ntimes the total benefit ofnunits.D.extra benefit from carrying out one additional unit of the activity.68. You save $10 on gas every week because you take the bus to school. You have class 5 days a week. What is your average benefit per day of taking the bus to school?A.$10B.$5C.$2D.$0

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69. Your scholarship depends on your maintaining a 3.5 cumulative GPA. Your GPA for last semester was 3.6, which brought your cumulative GPA down. What must be true?A.Last semester's grades were higher than your overall GPA.B.Last semester's grades were lower than your overall GPA.C.If this semester's grades are the same as last semester's, your overall GPA will stay the same.D.If this semester's grades are the same as last semester's, you might lose your scholarship.70. Refer to the table below. The average cost of 4 units of this activity is:A.$20B.$25C.$30D.$40

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71. Refer to the table below. The marginal cost of the 3rdunit of this activity is:A.$30B.$25C.$20D.$10

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