question

Economics is the study of the_____ that we make in the allocation of scarce resources.

answer

Choices

question

Critical reasoning in economics is the ability to analyze the allocation process logically and evaluate the _______ expected from alternative courses of action

answer

Outcomes (benefits and cost)

question

A major reason for studying economics is to gain an uderstanding of how a nation can best choose to use its ______ and how we must make rational decisions in order to move toward a higher standard of living for all.

answer

Scare resourses

question

The "marginal utility " of choosing to go to a particular concert is the_____ benifit (satisfaction or pleasure) that is gained.

answer

Additional

question

Anytime we recieve a benefit from the allocation of a resourse, it comes ____ because we could have allocated that resource toward a diffrent opportunity.

answer

At a cost

question

The goals of macroeconomics relate to the ______ to achieve a balanced higher standard of living for a nation

answer

Optimization of resourse allocation

question

Ecological balance is the goal that assumes the global economy can achieve economic conditions_____

answer

While maintaining a sustainable, living planet

question

Growth and stability are _______ economic goals

answer

Conflicting

question

The balance of trade is the diffrence between the ______ of the goods and services that a nation exports and the_____ of what it imports

answer

Monetary cost

question

In the product markets of the circular flow model, household provide consumption spending ( or revenues) to the business sector in exchange for ______

answer

Goods and services

question

Allocation of resources within the capitalistic system is accomplished trough a _____ approach where buyers and sellers meet.

answer

Market

question

If _____ supply is demanded by consumers, suppliers are often able to increase the product price and provide a larger quantity.

answer

A larger

question

If price_____ a consumer will buy less if nothing else changes

answer

Increases

question

As a person continues to consume more of an item, at some point he will get _____ additional satisfation (utility)

answer

Less

question

When the price in the graph above changes from $8 to $10, the quantity demanded will change from 3 units to_____ units

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1

question

If people have____ income, they will purchase more of a "normal" good.

answer

More

question

Examples of two goods that are complementary are sofware and hardware of computers. When the price of computers decrease, then _____ software will be purchased at every price level.

answer

More

question

If consumers expect prices to increase in the future , they would ______ thier demand for an item now.

answer

Increase

question

An illustration of a supply schedule is shown above. When price changes from $8 to $10 the quantity supplied changes from 3 units to ___ units

answer

5

question

When producers cost increase there will be _____ product (shift left) at each price brought to the market.

answer

Less

question

The law of supply states that there is a(n) _____ relationship between price and quantity

answer

None of the above

question

The market cleaning price where the quantity demanded by consumers equals the _____ by producers.

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Quantity supplied

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Market disequilibrium exists with actual price above the equilibrium price will yield a ______ of product because prices are too high relative to the quantity desired by cunsomers

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Surplus

question

In pure competition those producers willing to accept the equilibrium price,will have ____ of their product sold

answer

All

question

In the graph above equilibrium without goverment intervention is a price of $4 and a quantity of ____

answer

6

question

When govertment sets a price higher than equilibrium, a price ____ is created.

answer

Floor

question

In this circular flow example, the "critical link" ( according to the animation to lesson 3) is the _____

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$2.00 average price

question

In the circular flow example ... If shifts in supply and demand change the "average price" to $10.00 then the total dollar value of consumer spending would be______

answer

25,000

question

Part of the economic problem is that resources are limited. That is, we have an______ amount of these available of these available at any one time

answer

Fixed

question

Silicon and other basic elements used to make computer chips are deprived from the factor of production we call_______

answer

Land

question

A_______ system involves a strong central authority making all choices and decisions relative to the economy

answer

Command

question

The evolution toward the market system occured in a gradual process as societies adapted to new______ and the need for skilled labor

answer

Technologies

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David Ricardo's views were parallel to _____ advocating a free and open economy, unencumbered by govertment restrictions.

answer

Adam smith

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In America through most of the 1800's a firm stand was taken in favor of the "laissez faire" economic views of ____

answer

Smith and Ricardo

question

______Of economic activity has been evolving since the birth of economics in 1776

answer

Visualization

question

The production possibilities Model (or Curve/Frontier-PPC/PPF ) assumes a constant _______ as well as constant technology and resources

answer

Timeframe

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Any point outside a specific PPC /PPF describes a combination of goods which is not attainable (not sustainable) for a _____ run of production

answer

Long

question

In the graph above, the point ______ represents values which are unattainable with current reasource use amd current technology

answer

E

question

What is the benefit of moving from B back to A?

answer

3 computers

question

In the circular flow example, they are ______ un-employed people at the present time.

answer

5

question

On your PPF graph from the interactive exercises point W represents the production of $_______ worth of private sector goods and $_______ worth of public sector goods.

answer

4000 and 1000

question

On your PPF graph from the interactive Exercises, Point "Z" represents the production of $ _______ worth of private sector goods and $ _______ worth of public sector goods.

answer

4600 and 1200

question

On your PPF graph from the interactive Exercises, which point or points represent under-employment of existing resources and technology ?

answer

$4500 of production

question

The cost of moving from Y to W on your PPF graph from the interactive exercise is ________

answer

$200 of govertment sector goods and some loss in stability & Equity

question

Suppose "improvements in technology and productivity (but not worker income)" result in a supply shift that causes employment to increase from 120 to 122 people in the cercular flow. Then in the PFF Model the equilibrium would move from point Y to point _____

answer

"Negative" influation with a declaining average price

question

Suppose a chain reaction of human choices leads to a shift in "S & D" and, therefore, to a move from point W to point Z on the PPF. the cost of this move would be a decrease in _______ goods in the short run to move resources into the creation of _______ goods for the long run growth

answer

Consumption

question

If "incomes (and spending) decreases" from a chain reaction of human choices, then the demand shift will move equilibrium from point A to point _______

answer

F

question

If "avaibility of a resource (labor,energy, etc.) decreases" from a chain reaction of human choices, then a supply shift will move equilibrium from point C to point ______

answer

B

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