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

 

 

 


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