Foundations of economics 6th by parkin ch01 clicker questions

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CLICKER QUESTIONS

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Question 1

Question 2

Question 3

Question 6 Question 7

Question 10 Question 8

Checkpoint 1.1 Checkpoint 1.2

Question 9 Question 4

Question 5

CHECKPOINT 1.1

A limited wants cannot be satisfied by the unlimited

resources

B a person looking for work is not able to find a job

C the number of people without jobs rises when economic

times are bad

D there can never be answers to the what, how, or for

whom questions.

E unlimited wants cannot be satisfied by the limited

resources

Question 1

To economists, scarcity means that

CHECKPOINT 1.1

A what

B how

C for whom

D where

E why

Question 2

The question “Do economics majors or sociology majors earn more after they graduate?” is an example of a question

CHECKPOINT 1.1

A the opinion of society

B the price of the good the person wants to purchase

C whether or not the outcome of the choice will be

favorable

D the wants and preferences of the person making the

choice

E the person is following incentives

Question 3

The only thing that is relevant when a person makes a rational choice is _

CHECKPOINT 1.1

A what and for whom; what and for whom; how

B how; how; what and for whom

C what and how; how and for whom; how

D how; for whom; what and for whom

Question 4

The following statement 1 answers the question, 2 answers the question, and 3 answers the question.

1 Today, most stores use computers to keep their inventory

records whereas 20 years ago stores used paper records.

2 Health-care professionals and drug companies suggest that

Medicaid drug rebates be available to all in need.

3 A higher gas tax might lead to a better public transit system.

CHECKPOINT 1.1

A a valid economic choice

B made in self-interest

C made in the social interest

D consistent with scarcity

E a want-maximizing choice

Question 5

If a decision is made and it is the best choice for society, the decision is said to be

CHECKPOINT 1.2

A the Pepsi and the bag of chips

B the Pepsi or the bag of chips, whichever is the

highest-valued alternative forgone

C the Mountain Dew

D the Pepsi because it is a drink, as is the Mountain Dew

E zero because he enjoys the Mountain Dew

Question 6

Jamie has enough money to buy a Mountain Dew, a Pepsi,

or a bag of chips He chooses to buy the Mountain Dew The opportunity cost of the Mountain Dew is

CHECKPOINT 1.2

A eat the slice of pizza

B not eat the slice of pizza

C be unable to choose between eating or not eating

D eat half the slice

E eat or will not eat the slice, depending on how much the

marginal benefit exceeds the marginal cost

Question 7

If the marginal benefit of the next slice of pizza exceeds the marginal cost, you will

CHECKPOINT 1.2

A behave selfishly

B do not consider their emotions

C weigh the costs and benefits of their options and act to

satisfy their wants

D necessarily make a decision in the social interest

E are necessarily making the best decision

Question 8

When people make rational choices, they

CHECKPOINT 1.2

A Why has unemployment risen across the country?

B Why has economic growth been so rapid in China?

C What will happen to the quantity of Pepsi purchased if

consumers’ tastes change in favor of non-carbonated drinks?

D Why is the average income lower in Africa than in Latin

America?

E Why did overall production within the United States

increase last year?

Question 9

Which of the following is a microeconomic issue?

CHECKPOINT 1.2

A If cars become more expensive, fewer people will buy

them

B Cars emit pollution

C If wages increase, firms will fire some workers

D Fewer people die in larger cars than in smaller cars

E Car prices should be affordable

Question 10

Which of the following statements is a normative one?