The situation in
which there is not enough of something to satisfy all the desires for that
thing is called . . .
Question 1
options:
1) abundance.
2) scarcity.
3) demand.
4) plethora.
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QUESTION 2 (2
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Question 2 Saved
The study of the
behavior of a nation’s economy is called . . .
Question 2
options:
1) normative economics.
2) positive economics.
3) macroeconomics.
4) microeconomics.
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QUESTION 3 (2
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Question 3 Saved
The three
fundamental production questions of an economic organization are . . .
Question 3
options:
1) when, for whom, and how.
2) what, how, and for whom.
3) who, how, and when.
4) what, who, why.
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QUESTION 4 (2
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Question 4 Saved
________________
is opportunity lost.
Question 4
options:
1) Opportunity cost
2) Efficiency
3) Economics
4) Scarcity
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QUESTION 5 (2
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Question 5 Saved
Labor statistics
showing men earn more income than women for the same work is an example of . .
.
Question 5
options:
1) normative economics.
2) positive economics.
3) macroeconomics.
4) microeconomics.
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QUESTION 6 (2
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Question 6 Saved
Feeling that
woman should be paid the same as men for the same work is an example of . . .
Question 6
options:
1) normative economics.
2) positive economics.
3) macroeconomics.
4) microeconomics.
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QUESTION 7 (2
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Question 7 Saved
A society being
on its PPF/PPC implies that the economy is experiencing . . .
Question 7
options:
1) productive profits.
2) productive organs.
3) productive equity.
4) productive efficiency.
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QUESTION 8 (2
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Question 8 Saved
Where buyers and
sellers interact to set prices and make exchanges:
Question 8
options:
1) Capital
2) Stability
3) Market
4) Specialization
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QUESTION 9 (2
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Question 9 Saved
Consist of land,
labor, and capital:
Question 9
options:
1) Natural Resources
2) Property Rights
3) Factors of Consumption
4) Factors of Production
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QUESTION 10 (2
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Question 10 Saved
Price X Quality =
. . .
Question 10
options:
1)
Profit
2)
Total Revenue
3)
Marginal Revenue
4)
Marginal Cost
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QUESTION 11 (2
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Question 11 Unsaved
Opportunity lost
is . . .
Question 11
options:
1) opportunity cost.
2) efficiency
3) economics
4) scarcity
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QUESTION 12 (2
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Question 12 Unsaved
A cost-cutting
technological advance in the production of cars will tend to initially cause .
. .
Question 12
options:
1) the demand curve for cars to shift to
the left.
2) the demand curve for cars to shift to
the right.
3) the supply curve for cars to shift to
the right.
4) the supply curve for cars to shift to
the left.
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QUESTION 13 (2
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Question 13 Unsaved
Wants/needs are
to unlimited and resources are . . .
Question 13
options:
1) unlimited.
2) limited.
3) not necessary.
4) attainable in only large quantities.
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QUESTION 14 (2
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Question 14 Unsaved
Not using
resources to the fullest corresponds to being inside the PPC/PPF and using
resources to the fullest corresponds to . . .
Question 14
options:
1) being inside the PPC/PPF.
2) being outside on the PPC/PPF.
3) being on the PPC/PPF.
4) being under the PPC/PPF.
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QUESTION 15 (2
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Question 15 Unsaved
One company’s
economy is microeconomics and one country’s economy is . . .
Question 15
options:
1) macroeconomics.
2) econometrics.
3) political science.
4) microeconomics.
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QUESTION 16 (2
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Question 16 Unsaved
Money going out
to pay for energy, rent, raw materials, etc. relates to expenses and money
coming in from sales of goods and services relates to . . .
Question 16
options:
1) profit.
2) revenue.
3) expenses.
4) opportunity cost.
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QUESTION 17 (2
POINTS)
Question 17 Unsaved
The three main
categories of resources are . . .
Question 17
options:
1) revenue, expenses, and profit.
2) macroeconomics, microeconomics, and
international trade.
3) what to produce, how to produce, and
for whom to produce.
4) land, labor, and capital.
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QUESTION 18 (2
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Question 18 Unsaved
A shift to the
right of the demand curve for X . . .
Question 18
options:
1) tends to increase the price of X.
2) tends to decrease the price of X.
3) tends to lead at no charge in the
price of X.
4) has no relationship to the price of
X.
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QUESTION 19 (2
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Question 19 Unsaved
A shift to the
right of the supply curve for X . . .
Question 19
options:
1) tends to increase the price of X.
2) tends to decrease the price of X.
3) tends to lead at no charge in the
price of X.
4) has no relationship to the price of
X.
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QUESTION 20 (2
POINTS)
Question 20 Unsaved
The two
institutions that have played a major role in reducing poverty around the world
and have allowed entrepreneurs to provide goods and services in open markets
are . . .
Question 20
options:
1) Wal-Mart and Exxon-Mobile.
2) private property rights and rule of
law.
3) labor and capital.
4) supply and demand.
