Question 1 (6660759): __________ is concerned with how we choose to use our
scarce resources on a limited variety of proects!
"ype: #ultiple $hoice %oints awarded: 1!00 & 1!00 'our (nswer(s): (llocation $orrect answer(s): $eteris pari)us (llocation *carcity +nly positive economics Question , (6660765): -conomists are social scientists who see. to __________ the allocation of scarce resources with a /oal of )rin/in/ at least 0)asic satisfaction1 to all mem)ers of a society! "ype: #ultiple $hoice %oints awarded: 1!00 & 1!00 'our (nswer(s): optimi2e 3 that is 0)alance1 $orrect answer(s): optimi2e 3 that is 0)alance1 minimi2e3 that is 0hoard them for later1 saniti2e3 that is3 0ma.e them pollution free1 nationali2e3 that is 0put them under /overnment control1 Question 4 (6660765): "he __________ of -conomics are the /enerally accepted theories a)out resource allocation! "ype: #ultiple $hoice %oints awarded: 1!00 & 1!00 'our (nswer(s): %rinciples $orrect answer(s): 6ules %rinciples *7(89s *ystems Question : (666077,): ;n order to evaluate the choices that must )e made toward providin/ value for people3 it is assumed that all parties to the process ___________! "ype: #ultiple $hoice %oints awarded: 0!00 & 1!00 'our (nswer(s): are less than si< feet tall $orrect answer(s): are less than si< feet tall have )rown eyes have )lond hair are rational Question 5 (6660775): %art of the 0mar/inal cost1 of choosin/ to /o to a particular concert could )e the additional _________________ that is produced! "ype: #ultiple $hoice %oints awarded: 1!00 & 1!00 'our (nswer(s): )enefit $orrect answer(s): road ra/e peanut )utter )enefit pleasure Question 6 (666075,): ( real cost of choosin/ to attend a concert is not only the out=of=poc.et > > > cost3 )ut also the 0opportunity cost1 (lost wa/es or may)e e<tra sleep)! -very activity we underta.e re?uires us to ________ pursue other opportunities! "ype: #ultiple $hoice %oints awarded: 1!00 & 1!00 'our (nswer(s): not $orrect answer(s): not also none of the a)ove all of the a)ove Question 7 (6660754): ________________ analy2es how we choose to use our resources on an a//re/ate (national)level and includes measures of performance such as inflation3 unemployment3 and federal /overnment e<penditures! "ype: #ultiple $hoice %oints awarded: 0!00 & 1!00 'our (nswer(s): #icroeconomics $orrect answer(s): @ormative economics #icroeconomics #acroeconomics %ositive economics Question 5 (6660757): __________ is the /oal which see.s increases in /oods and services produced! "ype: #ultiple $hoice %oints awarded: 1!00 & 1!00 'our (nswer(s): 8rowth $orrect answer(s): 8rowth Aull -mployment *ta)ility -colo/ical Balance Question 9 (666079,): *ta)ility is the /oal of economics see.in/ to ______________ so that an economy does not e<perience hi/h inflation! "ype: #ultiple $hoice %oints awarded: 1!00 & 1!00 'our (nswer(s): allocate resources $orrect answer(s): allocate resources avoid too much endorphin avoid too little adrenaline have the ri/ht amount of o<ytocin Question 10 (666079:): _______________ is the /oal that assumes the /lo)al economy can achieve )alanced economic conditions while maintainin/ a sustaina)le3 livin/3 planet! "ype: #ultiple $hoice %oints awarded: 1!00 & 1!00 'our (nswer(s): -colo/ical )alance $orrect answer(s): -colo/ical )alance *ta)ility *ocial )alance Areedom Question 11 (6660500): "he freedom to ma.e purchases as desired and to wor. and live independent of e<tensive controls )y __________ is a )asic cultural value in a free mar.et society! "ype: #ultiple $hoice %oints awarded: 0!00 & 1!00 'our (nswer(s): your spouse $orrect answer(s): your mother=in=law your father the /overnment your spouse Question 1, (666050:): ( )alance of responsi)ilities ta.en on )y all people in each sector of the economy results in ________________ (e?uity) for all people! "ype: #ultiple $hoice %oints awarded: 0!00 & 1!00 'our (nswer(s): a full shot of adrenaline $orrect answer(s): fairness of results fairness of opportunity a full shot of adrenaline a full shot of o<ytocin Question 14 (6660507): (lthou/h most people want ma<imum attainment of every economic /oal3 there is the operatin/ reality of ________________________ that causes us to /ive up some of one thin/ if we want more of another! "ype: #ultiple $hoice %oints awarded: 1!00 & 1!00 'our (nswer(s): opportunity cost $orrect answer(s): opportunity cost ceteris pari)us mar/inal utility none of the a)ove Question 1: (6660514): "he description of an economy )y statin/ 0opinions1 is called _______________ ! "ype: #ultiple $hoice %oints awarded: 0!00 & 1!00 'our (nswer(s): %ositive economics $orrect answer(s): #acroeconomics %ositive economics #icroeconomics @ormative economics Question 15 (6660516): "he statement3 0"he /overnment should choose a policy to create a lower rate of inflation13 is a __________ statement! "ype: #ultiple $hoice %oints awarded: 0!00 & 1!00 'our (nswer(s): 8lo)al economic $orrect answer(s): #icroeconomic %ositive economic 8lo)al economic @ormative economic Question 16 (66605,0): +ver a reasona)le period of time __________ must choose to )alance its trade within the /lo)al mar.ets in order to prosper! "ype: #ultiple $hoice %oints awarded: 0!00 & 1!00 'our (nswer(s): every person $orrect answer(s): each )usiness every person each industry a nation Question 17 (66605,4): "he )alance of trade is the _____________ the monetary cost of the /oods and services that a nation e<ports and the monetary cost of what it imports! "ype: #ultiple $hoice %oints awarded: 1!00 & 1!00 'our (nswer(s): difference )etween $orrect answer(s): sum of difference )etween multiplication of all the a)ove Question 15 (66605,5): ;f you3 as an individual3 conclude that payin/ no ta<es is a /ood thin/ for you3 then it must )e a /ood thin/ for the entire society! "ype: "rue or Aalse %oints awarded: 0!00 & 1!00 'our (nswer(s): "rue $orrect answer(s): "rue Aalse Question 19 (666054,): ;n the 6esource (or Aactor) #ar.ets of the $ircular Alow model3 Couseholds provide __________ to the Business sector in e<chan/e for %rofits! "ype: #ultiple $hoice %oints awarded: 0!00 & 1!00 'our (nswer(s): Da)or $orrect answer(s): Da)or Dand (natural resources) $apital (tools) -ntrepreneurship Question ,0 (6660547): ;n the %roduct #ar.ets of the $ircular Alow model3 Couseholds provide $onsumption *pendin/ (or 6evenues) to the Business sector in e<chan/e for _____________ ! "ype: #ultiple $hoice %oints awarded: 0!00 & 1!00 'our (nswer(s): 7a/es $orrect answer(s): 7a/es 6ent %rofits 8oods and *ervices