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BM1101 Business Economics (PRD2 A 2025/26)

BM1101 Business Economics (PRD2 A 2025/26)

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The production possibilities frontier is a graph that shows the various combinations of output that an economy can possibly produce given the available factors of production and

society's preferences.

a fair distribution of the output.

the available production technology.

the available demand for the output.

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Macroeconomics is the study of

individual decision makers.

international trade.

markets for large products.

economy-wide phenomena.

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A model can be accurately described as a

device that is useful only to the people who created it.

realistic and carefully constructed theory.

theoretical abstraction with very little value.

simplification of reality.

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Economists, like mathematicians, physicists, and biologists,

make use of the scientific method.

devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories.

try to address their subject with a scientist's objectivity.

All of the above are correct.

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The scientific method is

the dispassionate development and testing of theories about how the world works.

the search for evidence to support preconceived theories about how the world works.

the use of modern technology to understand the way the world works.

the use of controlled laboratory experiments to understand the way the world works.

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Government policies can change the costs and benefits that people face. Those policies have the potential to

alter people's behavior.

produce results that policymakers did not intend.

All of the above are correct.

alter people's decisions at the margin.

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Market power refers to the

importance of a certain market in relation to the overall economy.

power of the government to regulate a market.

ability of a person or small group to successfully market new products.

power of a single person or small group to influence market prices.

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Causes of market failure include

incorrect forecasts of consumer demand and foreign competition.

market power and incorrect forecasts of consumer demand.

externalities and foreign competition.

externalities and market power.

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In a market economy, who makes the decisions that guide most economic activity?

firms and households

households only

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Tim decides to spend four hours playing video games rather than attending his classes. His opportunity cost of playing games is

the value of his time playing video games minus the value of attending classes.

the $50 he could have earned if he had worked at his job for those four hours.

the value of the knowledge he would have received had he attended his classes.

nothing, since he valued playing video games more than attending classes.

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