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Chapter 4 Study Sheet with Answers Essay

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Microeconomics 201
First Midterm
Chapter 1 Introduction: What Is Economics? 1.1 What Is
Economics?
1)

Economics is best defined as the study of:
A) financial decision-making.
B) how consumers make purchasing decisions.
C) choices made by people faced with scarcity.

D) inflation, unemployment, and economic growth.
Answer: C

2)

Which of the following is not a factor of production?
A) money
B) human capital
C) physical capital

D) labor
Answer: A
3)

An arrangement that allows buyers and sellers to exchange things is called:
A) a contract.
B) a market.
C) money.

D) efficient.
Answer: B

4)

Which of the following is an example of a normative question?
A) How will an increase in the price of gasoline affect taxi drivers?
B) What fraction of an income-tax cut will be spent on consumer goods?
C) Should the government provide free prescription drugs to senior citizens?

D) How will an increase in the minimum wage affect teenaged workers?
Answer: C

Page 1

5)

Adam Smith is:
A) considered the fmmder of economics.
B) responsible for a branch of economics bearing his name.
C) responsible for refining the model of supply and demand.

D) the author of this text.
Answer: A
6)

When economists assume that people are rational and respond to incentives, they mean:
A) people act with kindness.
B) people are altruistic.
C) people act in their own self-interest.

D) none of the above
Answer: C

Ceteris paribus is the Latin expression meaning:

7)

A) other variables are held fixed.
B) let buyer beware.
C) think at the margin.

D) for every action there is an equal and opposite reaction.
Answer: A
8)

The slope of a straight line is
A) the variable on the vertical axis divided by the variable on the horizontal axis.
B) the variable on th,e horizontal axis divided by the variable on the vertical axis.
C) the run over the rise.

D) the rise over the run.
Answer: D
9)

If a variable is 100 and...

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