Economic

Review Questions

Economics 201

8:00 MW

Spring 2012

Review Question Assignments, ECO 201, Spring 2012

Assignment Due Date Questions

I January 25, 2012

II February 1, 2012

III February 8, 2012

IV February 15, 2012

V February 22, 2012

VI February 29, 2012

VII March 7, 2012

VIII March 21, 2012

IX March 28, 2012

X April 4, 2012

XI April 11, 2012

XII April 18, 2012

XIII April 25, 2012

XIV May 2, 2012

Review Questions, ECO 201, Spring 2012

1. According to your instructor,

A. macroeconomic relationships are complex

B. considerable lags may occur between events precipitating macroeconomic changes and the final effects of these changes on key macroeconomic variables

C. According to your instructor, both of the statements listed above are correct.

2. “The social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity …” is the authors’ definition of

A. economics

B. political science

C. history

D. sociology

E. anthropology

3. According to your instructor, which of the following items represents an implication of scarcity?

A. We can have all of everything we want.

B. We can’t have all of everything we want.

C. Getting more of one thing implies giving up something else.

D. We can have all of everything we want, and getting more of one thing implies giving up something else.

E. We can’t have all of everything we want, and getting more of one thing implies giving up something else.

4. “The ________________________ of something is the best thing you must give up to get it.”

A. accounting cost

B. administrative cost

C. opportunity cost

D. demand

E. supply

5. Assume your decision to come to college required you to give up the opportunity to buy a new...