Tackle the Test: Multiple-Choice Questions

1. Question

   Which of the following is an example of a resource?

   
   

   
   

   1. petroleum

      
      
   
   

   2. a factory

      
      
   
   

   3. a cheeseburger dinner

      
      
   
   

   A.

   I only

   B.

   II only

   C.

   III only

   D.

   I and II only

   E.

   I, II, and III

   Which of the following is an example of a resource?

2. Question

   Which of the following is not an example of resource scarcity?

   A.

   There is a finite amount of petroleum in the world.

   B.

   Farming communities are experiencing droughts.

   C.

   There are not enough physicians to satisfy all desires for health care in the United States.

   D.

   Cassette tapes are no longer being produced.

   E.

   Teachers would like to have more instructional technology in their classrooms.

   Which of the following is not an example of resource scarcity?

3. Question

   Suppose that you prefer reading a book you already own to watching TV and that you prefer watching TV to listening to music. If these are your only three choices, what is the opportunity cost of reading?

   A.

   watching TV and listening to music

   B.

   watching TV

   C.

   listening to music

   D.

   sleeping

   E.

   the price of the book

   Suppose that you prefer reading a book you already own to watching TV and that you prefer watching TV to listening to music. If these are your only three choices, what is the opportunity cost of reading?

4. Question

   Which of the following statements is/are normative?

   
   

   
   

   1. The price of gasoline is rising.

      
      
   
   

   2. The price of gasoline is too high.

      
      
   
   

   3. Gas prices are expected to fall in the near future.

      
      
   
   

   A.

   I only

   B.

   II only

   C.

   III only

   D.

   I and III only

   E.

   I, II, and III

   Which of the following statements is/are normative?

5. Question

   Which of the following questions is studied in microeconomics?

   A.

   Should I go to college or get a job after I graduate?

   B.

   What government policies should be adopted to promote employment in the economy?

   C.

   How many people are employed in the economy this year?

   D.

   Has the overall level of prices in the economy increased or decreased this year?

   E.

   What determines the overall salary levels paid to workers in a given year?

   Which of the following questions is studied in microeconomics?