Quiz1,2 - Question 1 1 out of 1 points Which of the...

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Question 1 1 out of 1 points Which of the following most closely relates to the idea of opportunity costs? Selected Answer: trade-offs. Correct Answer: trade-offs. Question 2 1 out of 1 points Money is not an economic resource because Selected Answer: money, as such, is not productive. Correct Answer: money, as such, is not productive. Question 3 1 out of 1 points Through specialization and international trade, a nation may Selected Answer: attain some combination of goods lying outside its initial production possibilities curve. Correct Answer: attain some combination of goods lying outside its initial production possibilities curve. Question 4 1 out of 1 points Most of the disagreement among economists involves Selected Answer: normative statements. Correct Answer: normative statements. Question 5 1 out of 1 points If a positive relationship exists between inflation and unemployment, then Selected Answer: an increase in inflation will be associated with an increase in unemployment. Correct Answer: an increase in inflation will be associated with an increase in unemployment. Question 6 1 out of 1 points The slope of a line parallel to the horizontal axis is Selected Answer: zero. Correct Answer: zero. Question 7 1 out of 1 points The economic perspective entails
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Selected Answer: a comparison of marginal benefits and marginal costs in decision-making. Correct Answer: a comparison of marginal benefits and marginal costs in decision-making. Question 8 1 out of 1 points A point inside a production possibilities curve best illustrates Selected Answer: unemployment. Correct Answer: unemployment. Question 9 1 out of 1 points A well-tested economic theory is often called Selected Answer: a principle. Correct Answer: a principle. Question 10 1 out of 1 points The best illustration of a macroeconomic concern is Selected Answer: the rate of inflation. Correct Answer: the rate of inflation. Question 1 1 out of 1 points Through specialization and international trade, a nation may Selected Answer: attain some combination of goods lying outside its initial production possibilities curve. Correct Answer: attain some combination of goods lying outside its initial production possibilities curve. Question 2 0 out of 1 points The economic perspective entails Selected Answer: irrational behavior by individuals and institutions. Correct Answer: a comparison of marginal benefits and marginal costs in decision-making. Question 3 1 out of 1 points A well-tested economic theory is often called Selected Answer: a principle. Correct Answer: a principle.
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Question 4 1 out of 1 points A point inside a production possibilities curve best illustrates Selected Answer: unemployment. Correct Answer: unemployment. Question 5 1 out of 1 points Which of the following most closely relates to the idea of opportunity costs?
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