Question 1 (6660759): __________ is concerned with how we choose to use our

scarce resources on a limited variety of proects!

"ype: #ultiple $hoice
%oints awarded: 1!00 & 1!00
'our (nswer(s): (llocation
$orrect answer(s): $eteris pari)us
(llocation
*carcity
+nly positive economics
Question , (6660765):
-conomists are social scientists who see. to __________ the allocation of scarce
resources with a /oal of )rin/in/ at least 0)asic satisfaction1 to all mem)ers of a society!
"ype: #ultiple $hoice
%oints awarded: 1!00 & 1!00
'our (nswer(s): optimi2e 3 that is 0)alance1
$orrect answer(s): optimi2e 3 that is 0)alance1
minimi2e3 that is 0hoard them for later1
saniti2e3 that is3 0ma.e them pollution free1
nationali2e3 that is 0put them under /overnment control1
Question 4 (6660765): "he __________ of -conomics are the /enerally accepted
theories a)out resource allocation!
"ype: #ultiple $hoice
%oints awarded: 1!00 & 1!00
'our (nswer(s): %rinciples
$orrect answer(s): 6ules
%rinciples
*7(89s
*ystems
Question : (666077,): ;n order to evaluate the choices that must )e made toward
providin/ value for people3 it is assumed that all parties to the process ___________!
"ype: #ultiple $hoice
%oints awarded: 0!00 & 1!00
'our (nswer(s): are less than si< feet tall
$orrect answer(s): are less than si< feet tall
have )rown eyes
have )lond hair
are rational
Question 5 (6660775): %art of the 0mar/inal cost1 of choosin/ to /o to a particular
concert could )e the additional _________________ that is produced!
"ype: #ultiple $hoice
%oints awarded: 1!00 & 1!00
'our (nswer(s): )enefit
$orrect answer(s): road ra/e
peanut )utter
)enefit
pleasure
Question 6 (666075,): ( real cost of choosin/ to attend a concert is not only the
out=of=poc.et > > > cost3 )ut also the 0opportunity cost1 (lost wa/es or may)e e<tra
sleep)! -very activity we underta.e re?uires us to ________ pursue other opportunities!
"ype: #ultiple $hoice
%oints awarded: 1!00 & 1!00
'our (nswer(s): not
$orrect answer(s): not
also
none of the a)ove
all of the a)ove
Question 7 (6660754): ________________ analy2es how we choose to use our
resources on an a//re/ate (national)level and includes measures of performance such
as inflation3 unemployment3 and federal /overnment e<penditures!
"ype: #ultiple $hoice
%oints awarded: 0!00 & 1!00
'our (nswer(s): #icroeconomics
$orrect answer(s): @ormative economics
#icroeconomics
#acroeconomics
%ositive economics
Question 5 (6660757): __________ is the /oal which see.s increases in /oods
and services produced!
"ype: #ultiple $hoice
%oints awarded: 1!00 & 1!00
'our (nswer(s): 8rowth
$orrect answer(s): 8rowth
Aull -mployment
*ta)ility
-colo/ical Balance
Question 9 (666079,): *ta)ility is the /oal of economics see.in/ to
______________ so that an economy does not e<perience hi/h inflation!
"ype: #ultiple $hoice
%oints awarded: 1!00 & 1!00
'our (nswer(s): allocate resources
$orrect answer(s): allocate resources
avoid too much endorphin
avoid too little adrenaline
have the ri/ht amount of o<ytocin
Question 10 (666079:): _______________ is the /oal that assumes the /lo)al
economy can achieve )alanced economic conditions while maintainin/ a sustaina)le3
livin/3 planet!
"ype: #ultiple $hoice
%oints awarded: 1!00 & 1!00
'our (nswer(s): -colo/ical )alance
$orrect answer(s): -colo/ical )alance
*ta)ility
*ocial )alance
Areedom
Question 11 (6660500): "he freedom to ma.e purchases as desired and to wor.
and live independent of e<tensive controls )y __________ is a )asic cultural value in a
free mar.et society!
"ype: #ultiple $hoice
%oints awarded: 0!00 & 1!00
'our (nswer(s): your spouse
$orrect answer(s): your mother=in=law
your father
the /overnment
your spouse
Question 1, (666050:): ( )alance of responsi)ilities ta.en on )y all people in each
sector of the economy results in ________________ (e?uity) for all people!
"ype: #ultiple $hoice
%oints awarded: 0!00 & 1!00
'our (nswer(s): a full shot of adrenaline
$orrect answer(s): fairness of results
fairness of opportunity
a full shot of adrenaline
a full shot of o<ytocin
Question 14 (6660507): (lthou/h most people want ma<imum attainment of every
economic /oal3 there is the operatin/ reality of ________________________ that
causes us to /ive up some of one thin/ if we want more of another!
"ype: #ultiple $hoice
%oints awarded: 1!00 & 1!00
'our (nswer(s): opportunity cost
$orrect answer(s): opportunity cost
ceteris pari)us
mar/inal utility
none of the a)ove
Question 1: (6660514):
"he description of an economy )y statin/ 0opinions1 is called _______________ !
"ype: #ultiple $hoice
%oints awarded: 0!00 & 1!00
'our (nswer(s): %ositive economics
$orrect answer(s): #acroeconomics
%ositive economics
#icroeconomics
@ormative economics
Question 15 (6660516): "he statement3 0"he /overnment should choose a policy to
create a lower rate of inflation13 is a __________ statement!
"ype: #ultiple $hoice
%oints awarded: 0!00 & 1!00
'our (nswer(s): 8lo)al economic
$orrect answer(s): #icroeconomic
%ositive economic
8lo)al economic
@ormative economic
Question 16 (66605,0): +ver a reasona)le period of time __________ must
choose to )alance its trade within the /lo)al mar.ets in order to prosper!
"ype: #ultiple $hoice
%oints awarded: 0!00 & 1!00
'our (nswer(s): every person
$orrect answer(s): each )usiness
every person
each industry
a nation
Question 17 (66605,4): "he )alance of trade is the _____________ the monetary
cost of the /oods and services that a nation e<ports and the monetary cost of what it
imports!
"ype: #ultiple $hoice
%oints awarded: 1!00 & 1!00
'our (nswer(s): difference )etween
$orrect answer(s): sum of
difference )etween
multiplication of
all the a)ove
Question 15 (66605,5): ;f you3 as an individual3 conclude that payin/ no ta<es is a
/ood thin/ for you3 then it must )e a /ood thin/ for the entire society!
"ype: "rue or Aalse
%oints awarded: 0!00 & 1!00
'our (nswer(s): "rue
$orrect answer(s): "rue
Aalse
Question 19 (666054,):
;n the 6esource (or Aactor) #ar.ets of the $ircular Alow model3 Couseholds provide
__________ to the Business sector in e<chan/e for %rofits!
"ype: #ultiple $hoice
%oints awarded: 0!00 & 1!00
'our (nswer(s): Da)or
$orrect answer(s): Da)or
Dand (natural resources)
$apital (tools)
-ntrepreneurship
Question ,0 (6660547):
;n the %roduct #ar.ets of the $ircular Alow model3 Couseholds provide $onsumption
*pendin/ (or 6evenues) to the Business sector in e<chan/e for _____________ !
"ype: #ultiple $hoice
%oints awarded: 0!00 & 1!00
'our (nswer(s): 7a/es
$orrect answer(s): 7a/es
6ent
%rofits
8oods and *ervices