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VWL Englisch Chapter 1 (Fach) / VWL Englisch Chapter 1 (Lektion)
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- 1. The word that comes from the Greek word for “one who manages a household” is a. market. b. consumer. c. producer. d. economy. D. Ökonomie
- 2. Economics deals primarily with the concept of a. scarcity. b. poverty. c. change. d. power. A Knappheit
- 3. Which of the following would NOT be true in a world without scarcity? a. There would be no need for the science of economics. b. Everyone would have all the goods and services they wanted. c. There would have to be an infinite supply of every C) Es müsste ein unbegrenztes Angebot von allen Ressourcen geben
- 4. When a society cannot produce all the goods and services people wish to have it is said that the economy is experiencing a. scarcity. b. communism. c. externalities. d. market failure. A. Knappheit
- 5. Which of the following goods best meets the definition of scarcity? a. air b. water in the ocean c. water in a city d. wood in a forest C Wasser in der Stadt
- 6. The adage, “There is no such thing as a free lunch,” is used to illustrate the concept of a. tradeoffs. b. scarcity. c. productivity. d. efficiency. A. Abwägen von Alternativen
- 7. Daniel decides to spend the last two hours of the night before his economics exam studying instead of sleeping. For Daniel, his tradeoff would be a. nothing, since no dollar value can be put on sleep. b. nothing, since studying would be more b D) die zwei Stunden Schlaf die er stattdessen gehabt hätte
- 8. A tradeoff exists between a clean environment and a higher level of income in that a. studies show that individuals with higher levels of income actually pollute less than low‐income individuals. b. to pay for pollution clean‐up, t C) Gesetzen, die die Umweltverschmutzung reduzieren, die Kosten für die Produktion erhöhen und den Ertrag dadurch reduzieren
- 9. Which of the following is true? a. Efficiency refers to the size of the economic pie; equity refers to how the pie is divided. b. Fortunately, government policies are designed to promote both equity and efficiency. c. As long as the economic A Effizienz beschreibt die Größe des ökonomischen Kuchens, Kapitalbeschreibt die der Kuchen geteilt wird
- 10. When the government implements programs such as progressive income tax rates, which of the following is likely to occur? a. Equity is increased and efficiency is increased. b. Equity is increased and efficiency is decreased. c. Equity is decr B Kapital vermehrt sich, Effizienz vermindert sich
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- 11. Mallory decides to spend 3 hours working overtime rather than watching a video with her friends. She earns $8 an hour. Her opportunity cost of working is a. the $24 she earns working. b. the $24 minus the enjoyment she would have received fro C Das Vergnügen, welches sie beim Video schauen gehabt hätte
- 12. Which of the following is the best example of a marginal change? a. After graduating college, Audrey’s income increases from $500 per month to $3,000 per month. b. Morgan gets a raise at her part‐time job and is now paid $7.25 per hour B Morgan erhält eine Gehaltserhöhung in Ihrem Halbtagsjob und verdient nun 7,25 statt 7 $ pro Stunde
- 13. Stan buys a 1966 Mustang, which he plans to restore and sell. He anticipates that the cost of the car and the repairs will be $10,000 and that he can sell it for $13,000. When he has spent $10,000, he discovers he needs to replace the engine, D Das Projekt gleichgültig beenden und es verkaufen
- 14. In the former Soviet Union, producers were paid for meeting output targets, not for selling products. Under those circumstances, what were the economic incentives for producers? a. to produce good quality products so that society benefits from C ausreichend bis zum geplanten Output zu produzieren, ohne Berücksichtigung von Qualität und Kosten
- 15. If France is better than Belarus at producing wine, but Belarus is better than France at producing crystal, a. Belarus should sell crystal to France, and should buy French wine. b. Belarus should impose a tariff on French wine in order to prot A Sollte Weißrußland Glas an Frankreich verkaufen und französischen Wein kaufen
- 16. When the government prevents prices from adjusting naturally to supply and demand, a. it stabilizes the economy by reducing market uncertainties. b. it adversely affects the allocation of resources. c. the improvement in equity justifies the B wird die Bereitstellung von Ressourcen nachteilig beeinflusst
- 17. Which of the following is most likely to generate an externality? a. Teachers at a local high school have pizza delivered every Friday for lunch. b. A young man from a small town attends medical school to become a doctor. c. A newlywed coupl B Ein junger Mann besucht eine Medizinschule um Doktor zu werden
- 18. A worker in Bangladesh can earn $1 per day making cotton cloth on a hand loom. A worker in the United States can earn $100 per day making cotton cloth with a mechanical loom. What accounts for the difference in wages? a. U.S. textile workers C Die Arbeit ist produktiver, wenn man Baumwollbekleidung mit einem mechanischen Webstuhl anstatt eines handbetriebenen Webstuhls herstellt
- 19. Maurice receives $100 as a birthday gift. In deciding how to spend the money, he narrows his options down to four choices, Option A, Option B, Option C and Option D. Each option costs $100. Finally he decides on Option B. The opportunity cost A Den Preis den er bezahlt für die gewählte Option, wenn Option B nicht möglich gewesen wäre