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Micro Tut 1 Key

The document contains the answer section from an economics exam with 20 multiple choice questions and answers, explanations for correcting mistakes, 4 short answer questions, and explanations of the answers. The questions cover topics such as scarcity, opportunity costs, markets, production possibilities frontier, demand and supply curves, microeconomics, macroeconomics, and using graphs.

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55 views5 pages

Micro Tut 1 Key

The document contains the answer section from an economics exam with 20 multiple choice questions and answers, explanations for correcting mistakes, 4 short answer questions, and explanations of the answers. The questions cover topics such as scarcity, opportunity costs, markets, production possibilities frontier, demand and supply curves, microeconomics, macroeconomics, and using graphs.

Uploaded by

Thảo Trương
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Answer Section

MULTIPLE CHOICE

1. ANS: B PTS: 1 DIF: 1 REF: 1-0


NAT: Analytic LOC: The study of economics and definitions in economics
TOP: Economies | Scarcity MSC: Definitional
2. ANS: B PTS: 1 DIF: 1 REF: 1-1
NAT: Analytic LOC: Efficiency and equity TOP: Efficiency | Equality
MSC: Interpretive
3. ANS: C PTS: 1 DIF: 1 REF: 1-1
NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity cost
TOP: Opportunity cost MSC: Applicative
4. ANS: D PTS: 1 DIF: 3 REF: 1-1
NAT: Analytic LOC: Marginal costs & benefits TOP: Marginal cost | Marginal benefit
MSC: Applicative
5. ANS: D PTS: 1 DIF: 1 REF: 1-2
NAT: Analytic LOC: Gains from trade, specialization and trade
TOP: Gains from trade MSC: Interpretive
6. ANS: C PTS: 1 DIF: 2 REF: 1-2
NAT: Analytic LOC: Markets, market failure, and externalities
TOP: Externalities MSC: Interpretive
7. ANS: B PTS: 1 DIF: 2 REF: 1-2
NAT: Analytic LOC: Markets, market failure, and externalities
TOP: Externalities MSC: Interpretive
8. ANS: B PTS: 1 DIF: 2 REF: 1-3
NAT: Analytic LOC: Unemployment and inflation
TOP: Inflation | Unemployment | Tradeoffs MSC: Applicative
9. ANS: D PTS: 1 DIF: 2 REF: 2-1
NAT: Analytic LOC: The study of economics and definitions in economics
TOP: Economists MSC: Interpretive
10. ANS: A PTS: 1 DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Economic models MSC: Interpretive
11. ANS: D PTS: 1 DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Economic models MSC: Interpretive
12. ANS: D PTS: 1 DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Circular-flow diagram | Factor markets MSC: Applicative
13. ANS: D PTS: 1 DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier MSC: Applicative
14. ANS: C PTS: 1 DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier MSC: Applicative
15. ANS: C PTS: 1 DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier | Efficiency MSC: Applicative

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16. ANS: D PTS: 1 DIF: 3 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier | Opportunity cost MSC: Analytical
17. ANS: C PTS: 1 DIF: 1 REF: 2-2
NAT: Analytic LOC: The study of economics and definitions in economics
TOP: Positive statements MSC: Definitional
18. ANS: C PTS: 1 DIF: 2 REF: 2-2
NAT: Analytic LOC: The study of economics and definitions in economics
TOP: Positive statements MSC: Applicative
19. ANS: C PTS: 1 DIF: 2 REF: 2-5
NAT: Analytic LOC: The study of economics and definitions in economics
TOP: Graphs MSC: Applicative
20. ANS: B PTS: 1 DIF: 2 REF: 2-5
NAT: Analytic LOC: Supply and demand TOP: Demand
MSC: Applicative

III. Correct the mistake


1. Unlimited => limited
2. Lower => higher
3. Exceeds => is less than
4. Efficiency => equality
5. Market equilibrium => market failure
6. Include => omit
7. Own => buy
8. 75 => 0
9. 5 => 10
10. Decreases => increases

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SHORT ANSWER

1. ANS:

(a) (b)
cattle cattle

A
B

prairie prairie
dogs dogs

(c) (d)
cattle cattle

prairie prairie
dogs dogs

(e)

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cattle

prairie
dogs

PTS: 1 DIF: 3 REF: 2-1 NAT: Analytic


LOC: Understanding and applying economic models TOP: Production possibilities frontier
MSC: Analytical

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2. ANS:

(a-c) (d)
hammers hammers

infeasible

discovery

feasible
efficient
inefficient

horse- horse-
shoes shoes

PTS: 1 DIF: 2 REF: 2-1 NAT: Analytic


LOC: Understanding and applying economic models TOP: Production possibilities frontier
MSC: Applicative
3. ANS:
a, b, e, g, h, and j are microeconomic topics. c, d, f, and i are macroeconomic topics.

PTS: 1 DIF: 2 REF: 2-1 NAT: Analytic


LOC: The study of economics and definitions in economics TOP: Microeconomics |
Macroeconomics
MSC: Applicative
4. ANS:
a. (20,24)
b. a demand curve
c. a negative correlation between price and quantity
d. -8/20 or -2/5
e. -2/5; because the slope of a straight line is constant
f. an increase in demand.
g. because the 2 lines are parallel

PTS: 1 DIF: 2 REF: 2-5 NAT: Analytic


LOC: The study of economics and definitions in economics TOP: Graphs
MSC: Applicative

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