Economics Test 1 - Practice Question 1 Economics is the...

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Practice Question 1: Economics is the study of the _______ that we make in the allocation of scarce resources. Type: Multiple Choice Points Awarded: 1/1 Your Answer(s): choices Correct Answer(s): money mistakes pollution choices (correct) Question 2: Critical reasoning in economics is the ability to analyze the allocation process logically and evaluate the ______________ expected from alternative courses of action. Type: Multiple Choice Points Awarded: 1/1 Your Answer(s): outcomes (benefits and costs) Correct Answer(s): adrenaline (the excitement hormone) endorphin (the relaxation hormone) outcomes (benefits and costs) (correct) none of the above Question 3: A major reason for studying Economics is to gain an understanding of how a nation can best choose touse its scarce resources and how we must make rational decisions in order to move toward a higher _____________ for all. Type: Multiple Choice Points Awarded: 1/1 Your Answer(s): standard of living
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Correct Answer(s): standard of living (correct) level of adrenaline level of endorphin none of the above Question 4: The “marginal utility” of choosing to go to a particular concert is the ____________ benefit (satisfaction or pleasure) that is gained. Type: Multiple Choice Points Awarded: 1/1 Your Answer(s): additional Correct Answer(s): total additional (correct) none of the above all of the above Question 5: Anytime we receive a benefit from the allocation of a resource, it comes at a cost because we could have allocated that resource toward ________________ . Type: Multiple Choice Points Awarded: 1/1 Your Answer(s): another opportunity Correct Answer(s): a worse opportunity another opportunity (correct) a better opportunity a free opportunity
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Question 6: The goals of ____________ relate to the allocation of resources to achieve a balanced higher standard of living for a nation. Type: Multiple Choice Points Awarded: 1/1 Your Answer(s): Macroeconomics Correct Answer(s): Microeconomics Positive economics Normative economics Macroeconomics (correct) Question 7: Ecological balance is the goal that assumes _______________ can achieve balanced economic conditions while maintaining a sustainable, living, planet. Type: Multiple Choice Points Awarded: 1/1 Your Answer(s): the global economy Correct Answer(s): only the local community the national economy the global economy (correct) only certain countries Question 8: Although most people want maximum attainment of every economic goal, there is the operating reality of ________________________ that causes us to give up some of one thing if we want more of another. Type: Multiple Choice Points Awarded: 1/1 Your Answer(s):
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opportunity cost Correct Answer(s): opportunity cost (correct) ceteris paribus marginal utility none of the above Question 9: The balance of trade is the difference between the ___________ of the goods and services that a nation exports and the __________ of what it imports.
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