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Question description

The situation in which there is not enough of something to satisfy all the desires for that thing is called . . .

Question 1 options:

2) scarcity.

3) demand.

4) plethora.

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Question 2 (2 points)

 Question 2 Saved

The study of the behavior of a nation’s economy is called . . .

Question 2 options:

2) positive economics.

3) macroeconomics.

4) microeconomics.

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Question 3 (2 points)

 Question 3 Saved

The three fundamental production questions of an economic organization are . . .

Question 3 options:

2) what, how, and for whom.

3) who, how, and when.

4) what, who, why.

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Question 4 (2 points)

 Question 4 Saved

________________ is opportunity lost.

Question 4 options:

2) Efficiency

3) Economics

4) Scarcity

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Question 5 (2 points)

 Question 5 Saved

Labor statistics showing men earn more income than women for the same work is an example of . . .

Question 5 options:

2) positive economics.

3) macroeconomics.

4) microeconomics.

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Question 6 (2 points)

 Question 6 Saved

Feeling that woman should be paid the same as men for the same work is an example of . . .

Question 6 options:

2) positive economics.

3) macroeconomics.

4) microeconomics.

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Question 7 (2 points)

 Question 7 Saved

A society being on its PPF/PPC implies that the economy is experiencing . . .

Question 7 options:

2) productive organs.

3) productive equity.

4) productive efficiency.

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Question 8 (2 points)

 Question 8 Saved

Where buyers and sellers interact to set prices and make exchanges:

Question 8 options:

2) Stability

3) Market

4) Specialization

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Question 9 (2 points)

 Question 9 Saved

Consist of land, labor, and capital:

Question 9 options:

2) Property Rights

3) Factors of Consumption

4) Factors of Production

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Question 10 (2 points)

 Question 10 Saved

Price X Quality = . . .

Question 10 options:

2) 

Total Revenue

3) 

Marginal Revenue

4) 

Marginal Cost

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Question 11 (2 points)

 Question 11 Unsaved

Opportunity lost is . . .

Question 11 options:

2) efficiency

3) economics

4) scarcity

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Question 12 (2 points)

 Question 12 Unsaved

A cost-cutting technological advance in the production of cars will tend to initially cause . . .

Question 12 options:

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 points)

 Question 13 Unsaved

Wants/needs are to unlimited and resources are . . .

Question 13 options:

2) limited.

3) not necessary.

4) attainable in only large quantities.

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Question 14 (2 points)

 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:

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 points)

 Question 15 Unsaved

One company’s economy is microeconomics and one country’s economy is . . .

Question 15 options:

2) econometrics.

3) political science.

4) microeconomics.

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Question 16 (2 points)

 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:

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:

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 points)

 Question 18 Unsaved

A shift to the right of the demand curve for X . . .

Question 18 options:

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 points)

 Question 19 Unsaved

A shift to the right of the supply curve for X . . .

Question 19 options:

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:

2) private property rights and rule of law.

3) labor and capital.

4) supply and demand.


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