Chapter Two: Module Quiz -- Graphing & Slopes

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  1. If one point on a line has (X,Y) coordinates of (3,7) and another point has coordinates of (6,10), then the slope of the line is

      +0.5
      +1
      -0.5
      -1
      None of the Above

  2. A demand curve plots price on the vertical axis and quantity demanded on the horizontal axis. The slope of the line is negative. This suggests that

      Price and Quantity Demanded are directly related
      Price and Quantity Demanded are not related.
      Price and Quantity Demanded are inversely related.
      Price and Quantity Demanded move in the same direction.
      None of the Above

  3. Which of the following examples deals with the concept of scarcity?

      Joe waits in line three hours to purchase a concert ticket, but they are sold out before he can purchase one.
      Joe waits in line three hours to purchase a concert ticket, and finally successfully purchases one.
      Joe goes to purchase a concert ticket, and finds there is no line.
      All of the above are examples of scarcity.

  4. Which of the following items are not scarce?

      Trash
      Cars
      Bicycles
      Computers
      Education

  5. Suppose you purchase a ticket to go to Disneyland for $30. You had to decide between Disneyland and working for $5 per hour for six hours at your job. The opportunity cost of going to Disneyland expressed in dollars was

      $0
      $30
      $60
      $100
      None of the Above

  6. Based on the chart below, we know that

      point A is better than point C.
      point I is unattainable.
      point B is more efficient than point U.
      point C is more efficient than point I.

  7. Based on the chart above, the opportunity cost of moving from point B to point C is approximately

      100 units of non-defense
      100 units of defense
      50 units of non-defense
      50 units of defense
      None of the above

  8. The principle of increasing costs holds because

      the PPF bows outward
      the PPF has a negative slope
      the PPF shifts outward in response to increased resources
      resources tend to be specialized

  9. A production possibilities frontier in which the Principle of Increasing Costs does not hold is simply a straight line.

      True
      False

  10. Economic growth results from either an increase in resources or a decrease in opportunity cost.

      True
      False
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