2013 Ch 6 Sample Mc Questions 89
Name: ________________________ Class: ___________________ Date: __________
ID: A
2013 CH 6 sample questions - 90
Multiple Choice
Identify the choice that best completes the statement or answers the question.
____
____
____
____
____
____
1. Walmart has a limited number of day-after Thanksgiving Day special items on sale at prices well below their typical price. Walmart opens at 5 AM. Walmart is using a ____ allocation method for these items.
a. first-come, first-served
b. market price
c. contest
d. majority rule
e. command
2. Honda will sell its vehicles to anyone who wants to and can buy one. Honda is using a ____ allocation method. a. first-come, first-served
b. market price
c. contest
d. majority rule
e. command
3. If a landlord will rent an apartment only to married couples, the landlord is using a ____ allocation method.
a. majority rule
b. market price
c. contest
d. personal characteristics
e. command
4. Marginal benefit is the benefit that a person receives from consuming
a. a good or service until the person has grown tired of it.
b. only goods and services that are free.
c. one more unit of a good or service.
d. all of the possible units of a good or service that can be consumed.
e. one more unit of a good and is equal to the cost of producing the unit of the good.
5. The marginal benefit of a product is a measure of a good's
a. opportunity cost.
b. price.
c. worth or value to a consumer.
d. scarcity.
e. marginal cost.
6. The principle of decreasing marginal benefit explains why the marginal benefit curve
a. is upward sloping.
b. has an infinite slope.
c. is vertical.
d. is downward sloping.
e. is horizontal.
2
Name: ________________________
____
____
____
____
____
____
____
ID: A
7. Marginal cost is the opportunity cost of producing
a. every unit possible.
b. zero units.
c. the first unit and only the first unit.
d. one more unit of a good or service.
e. None of the above answers is correct.
8. In general, as the production of a good
ID: A
2013 CH 6 sample questions - 90
Multiple Choice
Identify the choice that best completes the statement or answers the question.
____
____
____
____
____
____
1. Walmart has a limited number of day-after Thanksgiving Day special items on sale at prices well below their typical price. Walmart opens at 5 AM. Walmart is using a ____ allocation method for these items.
a. first-come, first-served
b. market price
c. contest
d. majority rule
e. command
2. Honda will sell its vehicles to anyone who wants to and can buy one. Honda is using a ____ allocation method. a. first-come, first-served
b. market price
c. contest
d. majority rule
e. command
3. If a landlord will rent an apartment only to married couples, the landlord is using a ____ allocation method.
a. majority rule
b. market price
c. contest
d. personal characteristics
e. command
4. Marginal benefit is the benefit that a person receives from consuming
a. a good or service until the person has grown tired of it.
b. only goods and services that are free.
c. one more unit of a good or service.
d. all of the possible units of a good or service that can be consumed.
e. one more unit of a good and is equal to the cost of producing the unit of the good.
5. The marginal benefit of a product is a measure of a good's
a. opportunity cost.
b. price.
c. worth or value to a consumer.
d. scarcity.
e. marginal cost.
6. The principle of decreasing marginal benefit explains why the marginal benefit curve
a. is upward sloping.
b. has an infinite slope.
c. is vertical.
d. is downward sloping.
e. is horizontal.
2
Name: ________________________
____
____
____
____
____
____
____
ID: A
7. Marginal cost is the opportunity cost of producing
a. every unit possible.
b. zero units.
c. the first unit and only the first unit.
d. one more unit of a good or service.
e. None of the above answers is correct.
8. In general, as the production of a good