Unit 1 check
Unit 1 check: Basic Economic Concepts
10 questions from 6 lessons in Unit 1. Answer each one, and if you miss, follow the link back to where it is taught, then try again. Your score counts first tries.
Question 1 · from 1.1 · Decide and justify
A state park's most popular hiking trail is free to use. On summer weekends about 3,000 hikers a day want to start on it, but its parking lot and trailhead can handle about 800. Is the trail scarce on summer weekends?
Which reason supports your choice?
Question 2 · from 1.2 · Sort it
Tap a feature, then tap the economic system it belongs to.
Command economy
Market economy
Question 3 · from 1.3 · Match
Tap a producer, then tap the shape of its PPC.
Question 4 · from 1.4 · Decide and justify
One hat costs Mara 4 scarves to knit, and it costs Jon 6 scarves. Mara specializes in hats and offers to sell Jon each hat for 5 scarves. Would this trade benefit both of them?
Which reason supports your choice?
Setup for question 5
A new situation. Decide, then pick the reason that supports your decision.
Question 5 · from 1.5 · Decide and justify
Ferris County is deciding whether to build a library branch. It can build the branch as planned or not at all. Over its life, the branch would give residents benefits worth $8 million. The county would pay builders $5 million. The branch would go on a county lot that the county now leases to a car dealer, and it would lose $4 million of lease payments over the same years. Should the county build the branch?
Which reason supports your choice?
Setup for question 6
Mira has $12 to spend on rides at a county fair. A roller coaster ride costs $4 and a bumper car ride costs $2, and the fair limits each rider to 4 rides of each kind. The table shows her total utility from each number of rides.
| Rides | Roller coaster ($4) | Bumper cars ($2) |
|---|---|---|
| 1 | 40 | 18 |
| 2 | 72 | 34 |
| 3 | 92 | 46 |
| 4 | 104 | 52 |
Question 6 · from 1.6 · Calculate
What is the marginal utility per dollar of Mira's second roller coaster ride, in utils per dollar?
Question 7 · from 1.1 · Sort it
Tap a resource, then tap the factor of production it is.
Land
Labor
Capital
Question 8 · from 1.2 · Decide and justify
In the country of Halvard, private firms own most factories and stores, and prices set by buyers and sellers decide what most firms make. The government runs the public schools, owns the national railway and sets safety rules for food. What kind of economic system does Halvard have?
Which reason supports your choice?
Question 9 · from 1.3 · Decide and justify
Kirin makes only smartphones and rice. A new chip design lets each factory worker assemble twice as many phones a day. Rice farming does not change, and neither do Kirin's resources. What happens to Kirin's PPC?
Which reason supports your choice?
Question 10 · from 1.4 · Decide and justify
A tailor needs 3 hours to sew a shirt and 9 hours to sew a jacket. Her assistant needs 2 hours for a shirt and 8 hours for a jacket. Who has the comparative advantage in sewing jackets?
Which reason supports your choice?
0 of 10 answered.