Home / My courses / UGRD-ECON6151-2133T / Prelim Examination / Prelim Examination

Started on Thursday, 9 June 2022, 8:13 PM

State Finished
Completed on Thursday, 9 June 2022, 8:30 PM
Time taken 16 mins 52 secs
Marks 28.00/30.00
Grade 93.33 out of 100.00

Question 1 _______ developed an analysis of the moral system called The Theory of Moral Sentiments, then an economic system called The Wealth
Correct of Nations.
Mark 1.00 out of
1.00 Select one:
a. Jeremy Bentham

b. Chrematistiks

c. Utilitarian

d. Adam Smith 

Question 2 It evaluates the current state of our world and to speculate on ways that it might be improved; it is an important aspect of our
Correct education.
Mark 1.00 out of
1.00 Select one:
a. Coase

b. Opportunity cost

c. Law of demand

d. Economics 

Question 3 In these markets, households provide firms the inputs that the firms use to _______ and _______.
Correct

Mark 1.00 out of Select one:

1.00
a. Economists

b. Cournot

c. Consumers

d. Produce goods and services 

Question 4 This _______ is individual that trade goods or services for money and then use this money to buy the goods or services that they wish to
Incorrect acquire.
Mark 0.00 out of
1.00 Select one:
a. Monetary economy

b. Barter system 

c. Comparative advantage

d. Entrepreneurial ability


Question 5 The category of _______ includes all natural resources and these natural resources include the land itself, as well as any minerals, oil
Correct deposits, timber, or water that exists on or below the ground.
Mark 1.00 out of
1.00 Select one:
a. Land 

b. Capital/ resources

c. Economics Resources

d. International markets

Question 6 The theory of consumer choice examines the tradeoffs that people face in their role as _______.
Correct

Mark 1.00 out of Select one:

1.00 
a. Consumers

b. Cournot

c. Produce goods and services

d. Economists

Question 7 Households and firms interact in two types of markets. In the markets for goods and services, _______ are buyers and _______ are sellers.
Correct

Mark 1.00 out of Select one:

1.00
a. Firms

b. Outcome

c. Plato

d. Households, firms 

Question 8 The _______ are often regarded as the first important contributors to Western culture.
Correct

Mark 1.00 out of Select one:

1.00 
a. Greeks

b. Self-interested

c. Microeconomics

d. Oikonomiks

Question 9 _______ is a studied human activities involved with "wealth-getting" which could be unnatural as well as natural.
Correct

Mark 1.00 out of Select one:

1.00
a. Utilitarian

b. Adam Smith

c. Chrematistiks 

d. Jeremy Bentham

Question 10 This _______ may be used as a tool to aid in the decision making process.
Correct

Mark 1.00 out of Select one:

1.00
a. Oikonomiks

b. Self-interested

c. Greeks

d. Microeconomics 


Question 11 This diagram offers a simple way of organizing all the economic transactions that occur between households and firms in the
Incorrect economy.
Mark 0.00 out of
1.00 Select one:
a. Price floor

b. Supply 

c. Circular-flow diagram

d. Isaac Newton

Question 12 _______ refers to the ability to organize production and bear risks.
Correct

Mark 1.00 out of Select one:

1.00 
a. Entrepreneurial ability

b. Monetary economy

c. Barter system

d. Comparative advantage

Question 13 _______ began his Republic with an economic interpretation of history wherein he begins by seeking the meaning of justice.
Correct

Mark 1.00 out of Select one:

1.00 
a. Plato

b. Households, firms

c. Outcome

d. Firms

Question 14 _______ is an English philosopher, laid the foundation for British Utilitarian microeconomics in his Introduction to the Principles of
Correct Morals and Legislation.
Mark 1.00 out of
1.00 Select one:
a. Chrematistiks

b. Adam Smith

c. Utilitarian

d. Jeremy Bentham 

Question 15 Economists say that these goods are the increase in the price of one result in a reduction in the demand for the other.
Correct

Mark 1.00 out of Select one:

1.00 
a. Complementary goods

b. International markets

c. Relative price

d. Scarcity

Question 16 They produce goods and services using inputs, such as labor, land, and capital (buildings and machines).
Correct

Mark 1.00 out of Select one:

1.00 
a. Firms

b. Production possibilities frontier

c. Circular-flow diagram

d. Households


Question 17 _______ was the successor to Walras at the University of Lausanne whose name has been associated with the basic criteria used as a
Correct measure of efficiency.
Mark 1.00 out of
1.00 Select one:
a. Egoistic Hedonism

b. Pareto 

c. Francis Ysidro Edgeworth

d. Augustin Cournot

Question 18 This a graph that shows the various combinations of outputthat the economy can possibly produce given the available factors of
Correct production and the available production technology those firms can use to turn these factors into output.
Mark 1.00 out of
1.00 Select one:
a. Circular-flow diagram

b. Firms

c. Production possibilities frontier 

d. Households

Question 19 Stocks, bonds, and other financial assets are examples of _______.
Correct

Mark 1.00 out of Select one:

1.00 
a. Capital/ resources

b. Economics Resources

c. International markets

d. Land

Question 20 _______ is the best known of the early contributors to French rationalist microeconomics wherein he perceives the quantity demanded
Correct as a continuous function of the price.
Mark 1.00 out of
1.00 Select one:
a. Augustin Cournot 

b. Pareto

c. Egoistic Hedonism

d. Francis Ysidro Edgeworth

Question 21 He is the famous seventeenth century scientist and mathematician, allegedly became intrigued one day when he saw an apple fall
Correct from an apple tree.
Mark 1.00 out of
1.00 Select one:
a. Supply

b. Isaac Newton 

c. Price floor

d. Circular-flow diagram


Question 22 According to him, if private parties can bargain without cost over the allocation of resources, then the private market will always solve
Correct the problem of externalities and allocate resources efficiently.
Mark 1.00 out of
1.00 Select one:
a. Law of demand

b. Coase 

c. Opportunity cost

d. Economics

Question 23 _______ is largely responsible for the simplification of Bentham's utilitarian philosophy as is has come to be used as a foundation for
Correct mainstream microeconomics.
Mark 1.00 out of
1.00 Select one:
a. Jevons 

b. Adam Smith and David Ricardo

c. Absolute advantage.

d. Economic good

Question 24 This _______ approach encourages the focus to be on individual behavior and the optimization of the welfare of the individual.
Correct

Mark 1.00 out of Select one:

1.00
a. Chrematistiks

b. Adam Smith

c. Jeremy Bentham

d. Utilitarian 

Question 25 The purpose of which is to keep the price of a good above the market equilibrium price.
Correct

Mark 1.00 out of Select one:

1.00 
a. Price floor

b. Circular-flow diagram

c. Supply

d. Isaac Newton

Question 26 _______ people may donate their time to charitable organizations, give gifts to loved ones, contribute to charities and engage in other
Correct similarly altruistic activities.
Mark 1.00 out of
1.00 Select one:
a. Greeks

b. Self-interested 

c. Oikonomiks

d. Microeconomics

Question 27 _______ draws an analogy between the Principles of Maximum Energy and the Principles of Greatest Happiness.
Correct

Mark 1.00 out of Select one:

1.00
a. Pareto

b. Augustin Cournot

c. Egoistic Hedonism

d. Francis Ysidro Edgeworth 


Question 28 This is a measurement of how expensive a good is in terms of units of some other good or service.
Correct

Mark 1.00 out of Select one:

1.00
a. Complementary goods

b. International markets

c. Relative price 

d. Scarcity

Question 29 This _______ demand for a product includes both domestic and foreign demand.
Correct

Mark 1.00 out of Select one:

1.00
a. Capital/ resources

b. International markets 

c. Economics Resources

d. Land

Question 30 This is the relationship that exists between the price of a good and the quantity supplied in a given time period.
Correct

Mark 1.00 out of Select one:

1.00 
a. Supply

b. Isaac Newton

c. Price floor

d. Circular-flow diagram

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