1. Money is not considered to be an economic resource because:
a. money is not directly used to produce goods and services.
b. money loses its value too easily due to inflation.
c. money is an intangible good.
d. goods can still be produced and traded using a barter system.
2. An example of a capital resource is:
a. stock in a computer software company.
b. the funds in a CD account at a bank.
c. a bond issued by a company selling electric generators.
d. a dump truck.
e. an employee of a moving company.
3. The expression, "There’s no such thing as a free lunch" implies that:
a. everyone has to pay for his/her own lunch.
b. the person consuming a good must always pay for it.
c. costs are incurred when resources are used to produce goods and services.
d. no one has time for a good lunch anymore.
4. The opportunity cost of attending a college basketball game is:
a. price of the admission to the game.
b. the sum of the value of all the alternative uses of your time while at the game.
c. the value of the highest alternative use of your time and money sacrificed as a result of
attending the game.
d. zero if your favorite team wins.
5. Marginal analysis involves:
a. comparing the total benefits of all actions to the total costs incurred as a result of those
actions.
b. abstract thinking, which is never actually utilized by consumers when making purchasing
decisions.
c. holding all other variables constant when isolating the relationship between two variables.
d. comparing the additional benefit from an action to the additional cost.
6. Economists believe that people respond to incentives in predictable ways. Therefore, if the government
imposed a tax on each child born, you would expect that:
a. families would have the same number of children, but wait longer to begin having them.
b. more children would be born, but spaced further apart.
c. more children would be adopted.
d. fewer children would be born.
7. If airfares to Europe were to increase, an economist would predict that:
a. most people will not change their travel and vacation plans.
b. more individuals will choose to fly to Europe because now it is a more valuable
experience.
c. many individuals will substitute toward other travel destinations.
d. airlines will make significantly greater profits.
8. If Spain can produce a particular product at a lower relative cost than Portugal, then Spain has:
a. an absolute advantage in its production.
b. a comparative advantage in its production.
c. a production advantage for all goods.
d. more resources than Portugal.
e. no reason to trade with Portugal.
9. In markets, information about the relative value of resources is communicated through:
a. government agencies.
b. planning committees.
c. prices.
d. unions.
e. cartels.
10. The most essential economic problem is the existence of
a. both an increasing population and the depletion of natural resources
b. both limited economic resources and unlimited desires
c. both inflation and unemployment.
d. income inequality and economic freedom.
do ur own homework
In this video I demonstrate the magnetic interactions of the MOSTAT (moving stator) magnet when used in conjunction with the rotor magnet arrangement shown in video #4. This is a very powerful concept, and this demonstration should make it quite clear that this can be used to perform useful work.
Video from Australia showing an over unity motor in action, that works.