Quiz
Chapter One Quiz
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Questions in this quiz (8)
1What are the 3 Economic Ideas?
1. [blank_start]People are rational[blank_end]
2. [blank_start]People respond to economic incentives[blank_end]
3. [blank_start]Optimal decisions are made at the margin[blank_end]- APeople are rational
- BPeople respond to economic incentives
- COptimal decisions are made at the margin
2Why do people make choices?
- APeople make choices as they try to attain their goals
- BPeople make choices because resources are scarce
3What are the 3 economic fundamental questions
1. [blank_start]What goods and services will be produced[blank_end]?
2. [blank_start]How will goods and services be produced[blank_end]?
3. [blank_start]Who will receive the goods and services[blank_end] produced?- AWhat goods and services will be produced
- BHow will goods and services be produced
- CWho will receive the goods and services
4What are the 2 opposing answers to the 3 fundamental economic questions
- Acentrally planned market
- Bmarket economy (price system)
5The following statement: "gas prices are too low" is what kind of statement:
- Anormative
- Bpositive
6Define market, economics, and scarcity.
1. Market: [blank_start]group of buyers/sellers of a good or ser[blank_end][blank_start]vice and the institution or arrangement[blank_end] [blank_start]by which they come together to trade[blank_end]
2. Economics: [blank_start]analyzing how people make choices[blank_end] [blank_start]and interact in markets[blank_end]
3. Scarcity: [blank_start]situation in which[blank_end] [blank_start]unlimited wants exceed the limited res[blank_end][blank_start]ources available to fulfill those wants[blank_end]- Agroup of buyers/sellers of a good or ser
- Bvice and the institution or arrangement
- Cby which they come together to trade
- Danalyzing how people make choices
- Eand interact in markets
- Fources available to fulfill those wants
- Gunlimited wants exceed the limited res
- Hsituation in which
7People make decisions because of scarcity
- ATrue
- BFalse
8Define opportunity cost.
Opportunity cost: [blank_start]the highest valued alternative that must[blank_end] [blank_start]be given up to engage in an activity[blank_end]- Athe highest valued alternative that must
- Bbe given up to engage in an activity
Information
- Description
- Quiz of some topics covered in chapter one- micro
- Author
- Olivia t
- Language
- English
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