Uop Eco 212 Week 2 Individual Supply and Demand and Price Elasticity Quiz

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•    Resources: Principles of Economics textbook and Tomlinson Economics Videos

•    Prepare to take the Supply and Demand and Price Elasticity Quiz.

 

Questions Quiz week 2

1. The word that comes from the Greek word for "one who manages a household" is

a.  market.

b.  consumer.

c.   producer.

d.  economy.

    2.  The word “economy” comes from the Greek word oikonomos, which means

a.  “environment.”

b.  “production.”

c.   “one who manages a household.”

d.  “one who makes decisions.”

    3.  Resources are

a.  scarce for households but plentiful for economies.

b.  plentiful for households but scarce for economies.

c.   scarce for households and scarce for economies.

d.  plentiful for households and plentiful for economies.

    4.  Economics deals primarily with the concept of

a.  scarcity.

b.  poverty.

c.   change.

d.  power.

    5.  Which of the following questions is not answered by the decisions that every society must make?

a.  What determines consumer preferences?

b.  What goods will be produced?

c.   Who will produce the goods?

d.  Who will consume the goods?

 

    6.  Albert Einstein once made the following observation about science:

a.  "The whole of science is nothing more than the refinement of everyday thinking."

b.  "The whole of science is nothing more than an interesting intellectual exercise."

c.   "In order to understand science, one must rely solely on abstraction."

d.  "In order to understand science, one must transcend everyday thinking."

    7.  Sir Isaac Newton's development of the theory of gravity after observing an apple fall from a tree is an example of

a.  controlled experiments that lead to the formulation of scientific theories.

b.  being in the right place at the right time....