Economics Answers - Assignment
Multiple choice questions related to economic questions, marginal benefit, rational choice, and opportunity cost.
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Added on 2021-04-17
Economics Answers - Assignment
Multiple choice questions related to economic questions, marginal benefit, rational choice, and opportunity cost.
Added on 2021-04-17
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Running head: ECONOMICSEconomicsName of the StudentName of the UniversityAuthor Note
1ECONOMICSTable of ContentsMCQ:...............................................................................................................................................2Answer 1:.........................................................................................................................................6Answer 2:.........................................................................................................................................7Answer 3:.........................................................................................................................................7Answer 4:.........................................................................................................................................9Answer 5:.......................................................................................................................................10References......................................................................................................................................12
2ECONOMICSMCQ:1For a given question to be considered an economic question, it would need to involve:Ans: D.limited resources and making a choice.2If Jane works for six hours she can rent 12 apartments, and if she works for seven hoursshe can rent 15 apartments. The marginal benefit of the seventh hour of Jane's workequals:Ans: D. 3 apartments3Jay has estimated that the additional benefit of writing 50 more lines of computer programming code is $20 and the additional cost is $10. He should:Ans: C. write the code because it would be a rational choice but it is not necessarily an optimal quantity. 4What is the opportunity cost of living in a house that you already own?Ans: C.The rent you could receive if you rented the house out to someone else.5 Which of the following statement is true?Ans: C.Both A and B.6A New Zealand worker can produce three tonnes of barley in a year. That worker can also produce three bales of wool in a year. An Australian worker can produce two tonnes of barley in a year or one bale of wool in a year. With trade between the countries:Ans: C.Australia will export barley, New Zealand will export wool.
3ECONOMICS7The argument that cheap foreign labour might take the jobs away from high-wage economies is fallacious because it does not consider theAns: A.cost–benefit principle.8Which of the following statements is not true about specialisation?Ans: D.The variety of tasks associated with a particular job grows over time.9Suppose there is a shortage of bananas in the fruit shops. What will restore theequilibrium?Ans: B.An increase in the price of bananas and a decrease in quantity demanded.10Consider the market for a normal good Y in which the law of demand holds. The price of acomplement falls at the same time as consumer income rises. In this case:Ans: D.None of the given answers.11Andrew the auctioneer has one block of land of a fixed size that he can sell. Andrewspends $5000 for advertising and says, ‘We have to advertise a lot for the auction in thehope of increasing the number of people, as price will be determined by demand only.'Andrew's statement is:Ans: B.true because the supply is perfectly inelastic.
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