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Quiz

Chapter One Quiz

Olivia t 8 perguntas

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Perguntas do quiz (8)

  1. 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]
    1. APeople are rational
    2. BPeople respond to economic incentives
    3. COptimal decisions are made at the margin
  2. 2Why do people make choices?
    1. APeople make choices as they try to attain their goals
    2. BPeople make choices because resources are scarce
  3. 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?
    1. AWhat goods and services will be produced
    2. BHow will goods and services be produced
    3. CWho will receive the goods and services
  4. 4What are the 2 opposing answers to the 3 fundamental economic questions
    1. Acentrally planned market
    2. Bmarket economy (price system)
  5. 5The following statement: "gas prices are too low" is what kind of statement:
    1. Anormative
    2. Bpositive
  6. 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]
    1. Agroup of buyers/sellers of a good or ser
    2. Bvice and the institution or arrangement
    3. Cby which they come together to trade
    4. Danalyzing how people make choices
    5. Eand interact in markets
    6. Fources available to fulfill those wants
    7. Gunlimited wants exceed the limited res
    8. Hsituation in which
  7. 7People make decisions because of scarcity
    1. AVerdadeiro
    2. BFalso
  8. 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]
    1. Athe highest valued alternative that must
    2. Bbe given up to engage in an activity

Informações

Descrição
Quiz of some topics covered in chapter one- micro
Idioma
English
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