mid term study ch 1-4

mid term study ch 1-4 - Question 1 1 out of 1 points This...

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Unformatted text preview: Question 1 1 out of 1 points This question has one answer. What statement would best complete a short definition of economics? "Economics studies: Selected Answer: how individuals, institutions, and society make optimal choices under conditions of scarcity." Correct Answer: how individuals, institutions, and society make optimal choices under conditions of scarcity." Feedback: Correct! Economics is defined in your text on p.4. Question 2 1 out of 1 points This question has one answer. The idea in economics that "there is no such thing as a free lunch" means that: Selected Answer: scarce resources have alternate uses or opportunity costs. Correct Answer: scarce resources have alternate uses or opportunity costs. Feedback: Correct! Nothing is ever really free because the resources used could have been used elsewhere. Question 3 1 out of 1 points This question has one answer. The opportunity cost of a new public stadium is the: Selected Answer: other goods and services that must be sacrificed to construct the new stadium. Correct Answer: other goods and services that must be sacrificed to construct the new stadium. Feedback: Correct! The opportunit y cost is what must be given up in order to get this product. Question 4 1 out of 1 points This question has one answer. From the economic perspective, when a business decides to employ more workers, the business decision maker has most likely concluded that the marginal: Selected Answer: benefits of employing more workers are greater than the marginal costs. Correct Answer: benefits of employing more workers are greater than the marginal costs. Feedback: Correct! When MB > MC, you will increase the amount of a resource used or a good produced. Question 5 0 out of 1 points This question has one answer. The combination of economic theories or principles into a simplified representation of reality is referred to as an economic: Selected Answer: fact. Correct Answer: model. Feedback: Economic models are simplified versions of real situations, as described in the text on p. 5-6. Question 6 1 out of 1 points This question has one answer. When we look at the whole economy or its major aggregates, our analysis would be at the level of: Selected Answer: macroeconomics Correct Answer: macroeconomics Feedback: Correct! Macroeco nomics looks at the economy as a whole or its major aggregate s such as consumpti on or investment . Question 7 1 out of 1 points This question has one answer. Which would be studied in microeconomics? Selected Answer: the output and price of wheat in the United States Correct Answer: the output and price of wheat in the United States Feedback: Correct! Microecon omics looks at the output of a particular industry or product, not the economy as a whole....
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This note was uploaded on 09/10/2009 for the course ECO 2251 taught by Professor Kirkland during the Spring '09 term at Troy.

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mid term study ch 1-4 - Question 1 1 out of 1 points This...

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