# Assignment 1 ECON 2010 002 Summer 2015 Princ Of Microeconomics Essay

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Pages: 9

7/3/2015

Assignment 1: ECON 2010­002 Summer 2015 Princ Of Microeconomics

Assignment 1
Due Jul 3 at 11:59pm
Allowed Attempts 2

Points 32

Questions 32

Available Jun 25 at 12am ­ Jul 3 at 11:59pm 9 days

Time Limit None

Instructions
In this assignment you will have two attempts. Although the first attempt will show you if your answers were right or wrong, the correct answer won't show up until the final deadline.

Take the Quiz Again

Attempt History

Attempt

Time

Score

LATEST

Attempt 1

46 minutes

25 out of 32

 Correct answers will be available on Jul 4 at 12am.
Score for this attempt: 25 out of 32
Submitted Jul 3 at 12:34pm
This attempt took 46 minutes.

1 / 1 pts

Question 1
The study of economics deals mainly with microeconomics. focuses mainly on individual consumers. recognizes that scarcity does not affect rich nations. arises from the fact that our wants exceed available resources.

1 / 1 pts

Question 2

x

y

0

0

2

6

4

12

6

18

8

24

10

30

In the table above, y is measured along the y­axis and x along the x­axis. The slope of the relationship between x = 0 and x = 2 is 3. ­6. 6.

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Assignment 1: ECON 2010­002 Summer 2015 Princ Of Microeconomics 2.

1 / 1 pts

Question 3

x

y

10

50

9

70

8

100

7

130

6

170

5

220

In the table above, y is measured along the y­axis and x along the x­axis. What is the value of the slope between the x = 8 and x = 6? ­0.057 70 ­19.28 ­35

Question 4

1 / 1 pts

The study of the decisions of individual units in the economy is known as the study of incentives. microeconomics. ceteris paribus study. macroeconomics.

Question 5

1 / 1 pts

Economics is best defined as the study of how people, businesses, governments, and societies choose abundance over scarcity. use their infinite resources. attain wealth. make choices to cope with scarcity.

Question 6 https://utah.instructure.com/courses/334392/quizzes/627171 1 / 1 pts

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Assignment 1: ECON 2010­002 Summer 2015 Princ Of Microeconomics
Which of the following is a macroeconomic decision or concept? how many television sets to produce the unemployment rate for each firm the unemployment rate for the entire economy the price of oil

Question 7

1 / 1 pts

Scarcity is a situation in which people cannot satisfy all their wants. some people can get all they want and some cannot. most people can get only bare necessities. people can satisfy all their wants.

Question 8

1 / 1 pts

The fact that people with higher incomes get to consume more goods and services addresses the ________ part of one of the two big economic questions. ʺhowʺ ʺwhereʺ ʺwhenʺ ʺfor whomʺ

Question 9

1 / 1 pts

Which of the following is NOT a factor of production? wilderness areas that have yet to be developed a person developing a production schedule for a new product 175 shares of Microsoft stock vans used by a bakery company for deliveries

Question 10

1 / 1 pts

Keeping in mind economistsʹ definition of factors of production, which of the following is NOT a factor of production?

https://utah.instructure.com/courses/334392/quizzes/627171

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Assignment 1: ECON 2010­002 Summer 2015 Princ Of Microeconomics an engineer low­skilled labor money coal

Question 11

1 / 1 pts

In economics, the term ʺlandʺ means land, mineral resources, and natureʹs other bounties. land that is devoted to economic pursuits. only land that is used in agricultural production. land used for agricultural and urban purposes.

Incorrect

Question 12

0 / 1 pts

If Taco Bell decides to produce more tacos and fewer burritos, Taco Bell is answering the ________ part of one of the two big economic questions. ʺwhenʺ ʺwhyʺ ʺwhatʺ ʺscarcityʺ

Question 13

1 / 1 pts

In economics, the term ʺcapitalʺ refers to buildings and equipment. the money