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Unformatted text preview: Flash Quiz Page 1 of2 .- 1."'" Help F db.ok . , . . :.- H om e> C hapter 1 > flash Q ul~ C ourse-w ide C ontent Glossary Interpreting the News DiscoverEcon with Solm . Ask the Professor Economics on the Web Career Center Flash Quiz (See related pages) Results Reporter Your Results: The correct answer for each question is indicated by a .;. Out of 10 questions, you answered 10 correctly with a final grade of 100% 10 correct (100%) o incorrect (0%) o unanswered (0%) Cl\apter 1 E lectronic L earning Sessions Key Concepts Economic Naturalist Ex.. Graphing Exercise 1 Graphing Exercise (App .. PowerPoint Presentation Flashcards Math Tutor Multiple Choice Quiz Student Q uizzes F1astl Quiz Cont"nu . ! 1 CORRECT EconomiCS is conventionally divided into two subjects called A) marginal benefit and marginal cost. 8) reservation price and opportunity cost. @ C) microeconomics and macroeconomics. 0) rational economics and irrational economics. E) economic surplus and economic defiCit. 2 CORRECT Macroeconomics differs from microeconomics in that C) 0 ) EJ A) @ ') the concept of scarcity applies to the microeconomics but does not apply to macroeconomics. microeconomics studies individual markets While macroeconomics studies groups of markets, including the whole economy. rational decisions are relevant to macroeconomics but not the microeconomics. macroeconomics Is the study of hOw people make choices under conditions of scarcity while microeconomics is concerned with the results of those choices for soCiety. macroeconomics explains such concepts as hOw prices are determined in markets while microeconomiCS explains the overall price level. When economists say there Is no SUCh thing as a free lunCh, they mean that 3 CORRECT AJ 'J CJ oJ @E) we must pay money tor everything we get. it is against the law to accept goods or services without paying for them. the more lunch a person eats the more weight the person will gain. each day we decide to eat lunch is another day we must payout money. every choice we make inVOlves a tradeoff. 4 CORRECT The concept of scarcity applies equally to Bill Gates and a homeless person because A) ' ) @C) 0 ) E) both have the same legal rights protected by the U.s, constitution. they have the same access to the markets for goods and services. there are only 24 hours in the day tor both of them, they are both consumers. both must breathe air in order to live. 5 CORRECT WhiCh of the following is a synonym for "marginal" in economics? A) extra ' ) additional C) one more OJ change @E) all of the above 6 CORRECT The statement "The government should prevent price gouging after a natural disa5ter" is an example of which type of statement?...
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This note was uploaded on 04/07/2011 for the course ECON 204 taught by Professor Benito during the Fall '08 term at Sonoma.
- Fall '08