The science that studies unemployment, inflation, and economic stability
business
Description
Instructions:
1-
The assignment contains three parts: Part I, Part II and
Part III. Answer all parts.
2-
The total marks of assignment one is 10 marks.
3- Your
answers should be submitted before 02/11/2020 @11:00PM, after this date
it will not accepted and not graded.
4- After
correcting assignment, your instructor will inform your grade.
|
Question |
Part I |
Part II |
Part III |
Total |
Out of 10 |
|
Maximum Points |
10 |
20 |
20 |
50 |
10 |
|
Points Obtained |
|
|
|
|
/5= |
Part
I
Multiple
Choice Questions (10 marks)
|
1 |
Which
of the following best defines the subject of economics? |
|
Your answer |
||
|
A |
the
art of making money |
B |
the
study of choices that businesses make to maximize profit |
|
D |
|
C |
the
science that studies unemployment, inflation, and economic stability |
D |
the
study of choices made to cope with scarcity |
|
|
|
2 |
" Over the long term inflation is less a problem than
unemployment" is an example of : |
|
answer |
||
|
A |
A positive statement |
B |
A statement that could never be true |
|
D |
|
C |
A statement that suffers from a logical error |
D |
A normative statement |
|
|
|
3 |
Which of the following statements relates to the concept of
efficiency? |
|
Your answer |
||
|
A |
Being able to produce more of one good only by producing less of
something else. |
B |
Using resources as effectively as possible |
|
B |
|
C |
The absence of waste |
D |
All of the above. |
|
|
|
4 |
After
Rayan received a raise in his income, he began buying more Ice Cream Cones
and fewer Popsicles. For Rayan Popsicles is: |
|
Your answer |
||
|
A |
A
joint product |
B |
A
normal good |
|
|
|
C |
An
inferior good |
D |
A
complementary good with Ice Cream |
|
|
|
5 |
Which
of the following will shift the supply curve for textbook to the left: |
|
Your answer |
||
|
A |
A
decrease in the demand of substitutes in production |
B |
A
decrease in taxes on textbook suppliers |
|
|
|
C |
An
increase in printing costs |
D |
Government
subsidies textbook suppliers |
|
|
