lesson 1-1

Question 1 (6660760): “Allocation” is concerned with how we choose to use our ________ resources on some variety of different projects.

Type: Multiple Choice

Points awarded: 1.00 / 1.00

Your Answer(s): limited

Correct answer(s): unlimited

limited

natural

human

Question 2 (6660763): Economists are ____________ (concerned with human behavior and cultural values) who seek to optimize the allocation of scarce resources toward the maximum satisfaction possible for individuals, communities, and entire societies.



Your Answer(s): social scientists

Correct answer(s): entrepreneurs

capitalists

unionized labor

social scientists

Question 3 (6660770): Policy Economics is the application of the Principles of Economics to decision making (choices) by the various arms of the _____________ .



Your Answer(s): government sector

Correct answer(s): octopus

orangutan

government sector

household sector

Question 4 (6660772): In order to evaluate the choices that must be made toward providing value for people, it is assumed that all parties to the process ___________.



Your Answer(s): are rational

Correct answer(s): are less than six feet tall

have brown eyes

have blond hair

are rational

Question 5 (6660777): The “marginal utility” of choosing to go to a particular concert is the ____________ benefit (satisfaction or pleasure) that is gained.



Your Answer(s): additional

Correct answer(s): total

additional

none of the above

all of the above

Question 6 (6660781): A real cost of choosing to attend a concert is not only the out-of-pocket $ $ $ cost, but also the “opportunity cost” (for example: ________________ ). Every activity we undertake requires us to not pursue other opportunities.



Your Answer(s): lost wages

Correct answer(s): either b. or c below ... or possibly another “opportunity” that is not listed

extra sleep

lost wages

none of the above

Question 7 (6660783): ________________ analyzes how we choose to use our resources on an aggregate (national)level and includes measures of performance such as inflation, unemployment, and federal government expenditures.



Your Answer(s): Normative economics

Correct answer(s): Normative economics

Microeconomics

Macroeconomics

Positive economics

Question 8 (6660790): The goal of “Growth” is to increase the “real” ( _________________ ) value of GDP in an economy.



Your Answer(s): products only

Correct answer(s): services only

products only

investments only

adjusted to not include inflation

Question 9 (6660791): ______________ is the goal of economics seeking to allocate resources so that an economy does not experience high inflation.



Your Answer(s): Stability

Correct answer(s): Ecological balance

Social balance

Full Employment

Stability

Question 10 (6660797): Ecological balance is the goal that assumes the global economy can achieve balanced economic conditions ___________________ .



Your Answer(s): while maintaining a sustainable, living planet

Correct answer(s): only if pollution is kept at zero

only if inflation is maximized

only if unemployment is minimized

while maintaining a sustainable, living planet

Question 11 (6660801): The freedom to make purchases as desired and to work and live independent of extensive controls by the government is a basic ____________ in a free market society.



Your Answer(s): cultural value

Correct answer(s): religious ritual

spiritual trip

flaw

cultural value

Question 12 (6660804): A balance of responsibilities taken on by all people in each sector of the economy results in ________________ (equity) for all people.



Your Answer(s): fairness of opportunity

Correct answer(s): fairness of results

fairness of opportunity

a full shot of adrenaline

a full shot of oxytocin

Question 13 (6660806): The amount of emphasis placed on each “Macroeconomic Goal” is determined by the ______________ in a society.



Your Answer(s): cultural values

Correct answer(s): amount of music

number of math majors

amount of psycho babble

cultural values

Question 14 (6660810):

There is much _____________ among economists about the “principles” (generalizations) about how an economy actually “works”.



Your Answer(s): disagreement

Correct answer(s): disagreement

angst

agreement

gnashing of teeth

Question 15 (6660816): The statement, “The government should choose a policy to create a lower rate of inflation”, is a __________ statement.



Your Answer(s): Normative economic

Correct answer(s): Microeconomic

Positive economic

Global economic

Normative economic

Question 16 (6660818): ___________________ a nation must choose to balance its trade within the global markets in order to prosper.



Your Answer(s): Every year

Correct answer(s): Over a reasonable period of time

Every year

Once each month

There is never a time when

Question 17 (6660825): The balance of trade is the difference between the monetary cost of the ______________ that a nation exports and the monetary cost of what it imports.



Your Answer(s): goods

Correct answer(s): goods

services

a and b

none of the above

Question 18 (6660826):

A ________________ exists when we conclude that something that is good for an individual is also good for the entire society.



Your Answer(s): Fallacy of Composition

Correct answer(s): Rational Analysis

Marginal Analysis

Ceteris Paribus

Fallacy of Composition

Question 19 (6660832):

In the Resource (or Factor) Markets of the Circular Flow model, Households provide __________ to the Business sector in exchange for Profits.



Your Answer(s): Entrepreneurship

Correct answer(s): Labor

Land (natural resources)

Capital (tools)

Entrepreneurship

Question 20 (6660835):

In the Product Markets of the Circular Flow model, Households provide __________ to the Business sector in exchange for Goods and Services.



Your Answer(s): Land (natural resources)

Correct answer(s): Labor

Land (natural resources)

Capital (tools)

Consumption Spending (or Revenues)

Documents

lesson 1-1