Actions and Results: Sample Quiz

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1. Crusoe can either gather three coconuts a day or catch six fish. Friday can either gather six coconuts a day or catch six fish. Which of the following positions will be below their combined production-possibilities frontier?

Nine coconuts and zero fish.
Twelve fish and zero coconuts.
Three coconuts and six fish.
All of the above are inside.

2. Answer this question using this information:

Jack will study for the big test if at least one other does.
Jill will not study.
Mary will study if everyone else does.
Tom will study if at least one other does.
Sue will study if at least three others do.

Equilibrium in this situation will be with:

no one studying.
one student studying.
either no one studying or two studying.
either all or none studying.

3. Economists define equilibrium as:

the intersection of supply and demand curves.
a position from which there is no tendency to change.
a position of equality.
the best or optimal place to be of the options available.

4. "The amount bought equals the amount sold." This statement is true in a market:

only when the market is in equilibrium.
only when the number of buyers equals the number of sellers.
only when there is contingent behavior in the market.

5. Robinson has the following production-possibilities frontier:


If he is producing two oranges, what is his opportunity cost of the third orange?

Two clams
Three clams
Four clams
There is no cost unless he is using money.

6. With specialization and exchange:

the rich get richer and the poor get poorer.
the poor get richer and the rich get poorer.
people can move their consumption-possibilities frontier beyond their production-possibilities frontier.
people can move their production-possibilities frontier beyond their consumption-possibilities frontier.

7. On the East Coast, some species of fish are now rare because they have been over-fished. An economist will explain over-fishing as an example of:

the problem of the commons.
constrained behavior.
contingent behavior.
the invisible hand.

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Copyright Robert Schenk