question

Economists are social scientists who seek to __________ the allocation of scarce resources with a goal of bringing at least "basic satisfaction" to all members of a society.

answer

Optimize

question

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.

answer

Goods and Services

question

Stability is the goal of economics seeking to ______________ so that an economy does not experience high inflation.

answer

Allocate resources

question

In the Product Markets of the Circular Flow model, Households provide Consumption Spending (or Revenues) to the Business sector in exchange for _____________ .

answer

Goods and Services

question

Growth and Full employment are _______________ economic goals.

answer

Complementary

question

Growth and Stability are _________________ economic goals.

answer

Conflicting

question

________________ 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.

answer

Macroeconomics

question

Over a reasonable period of time a nation must choose to balance its trade ____________ in order to prosper.

answer

within the global markets

question

The statement, "According to a government report, the unemployment rate is at 3%", is a __________ statement.

answer

Positive economic

question

_______________ is the goal that assumes the global economy can achieve balanced economic conditions while maintaining a sustainable, living, planet.

answer

Ecological balance

question

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

answer

government sector

question

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

answer

fairness of opportunity

question

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.

answer

cultural value

question

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

answer

agreement

question

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

answer

are rational

question

(True or false) If you, as an individual, conclude that pouring your used motor oil into the creek is a good thing for you ( saves time !), then it must be a good thing for the entire society.

answer

False

question

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

answer

additional

question

The term "allocation" means how we ________ to spread our limited resources over some variety of different projects.

answer

choose

question

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

answer

Labor

question

A real cost of choosing to attend a concert is not only the out-of-pocket $ $ $ cost, but also the "opportunity cost" (lost wages or maybe extra sleep). Every activity we undertake requires us to ________ pursue other opportunities.

answer

not

question

__________ is the goal which seeks increases in goods and services produced.

answer

Growth

question

(True or false) If you, as an individual, conclude that doubling your pay check is a good thing for you, then it must be a good thing for the entire society.

answer

False

question

Macroeconomics analyzes how we choose to use our resources on an aggregate (national) level and includes measures of performance such as _________________ .

answer

Inflation and unemployment

question

The "marginal utility" of choosing to go to a particular concert is the additional _________________ that is gained.

answer

benefit

question

The goal of Social Balance and Equity requires appropriate _____________ to be taken on by all people in the economy including consumers, business people and government officials.

answer

responsibility

question

The _____________ is the difference between the monetary cost of the goods and services that a nation exports and the monetary cost of what it imports.

answer

limited

question

Being ________ means being able to clearly understand what one needs and being able to clearly understand the cost of gaining the fulfillment of each need.

answer

Rational

question

The amount of emphasis placed on each "Macroeconomic Goal" is determined by the ______________ in a society.

answer

Cultural values

question

_____________ are "social scientists"(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.

answer

Economists

question

The freedom to make purchases as desired and to work and live independent of extensive controls by __________ is a basic cultural value in a free market society.

answer

the government

question

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

answer

Consumption Spending (or Revenues)

question

Ecological balance is the goal that assumes the global economy can achieve _____________ economic conditions while maintaining a sustainable, living, planet.

answer

balanced

question

The statement, "The government should choose a policy to create a lower rate of inflation", is a __________ statement.

answer

normative economic

question

Stability is the goal of economics seeking to allocate resources so that an economy does not experience __________________ .

answer

high inflation

question

The Principles of Economics are the generally accepted theories about ___________.

answer

resource allocation

question

A ________ cost of choosing to attend a concert is not only the out-of-pocket $ $ $ cost, but also the "opportunity cost" (lost wages or maybe extra sleep). Every activity we undertake requires us to not pursue other opportunities.

answer

real

question

The __________ of Economics are the generally accepted theories about resource allocation.

answer

Principles

question

In the ____________________ of the Circular Flow model, Households provide Consumption Spending (or Revenues) to the Business sector in exchange for Goods and Services.

answer

Product markets

question

The goal of "Growth" is to increase the ___________ (adjusted to not include inflation) value of GDP in an economy.

answer

real

question

A _________________ taken on by all people in each sector of the economy results in fairness of opportunity (equity) for all people.

answer

balance of responsibilities

question

__________ is concerned with how we choose to use our scarce resources on a limited variety of projects.

answer

Allocation

question

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

answer

Entrepreneurship

question

Being "rational" means being able to clearly understand a) what one needs and b) the __________ in gaining the fulfillment of each need.

answer

reality of the cost

question

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.

answer

social scientists

question

Freedom for citizens is a goal of economics within _____________ .

answer

Capitalism

question

The description of an economy by stating "facts" is called __________________ .

answer

Positive economics

question

The description of an economy by stating "opinions" is called _______________ .

answer

Normative economics

question

The "marginal _________" of going to a particular concert is the additional benefit (satisfaction or pleasure) that is gained.

answer

utility

question

The statement, "The government should choose a policy to create a lower unemployment rate", is a __________ statement.

answer

Normative economic

question

In order to evaluate the ________ that must be made toward providing value for people, it is assumed that all parties to the process are rational.

answer

choices

question

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.

answer

Extra sleep or lost wages (or possible another opportunity)

question

A Fallacy of Composition exists when we conclude that something that is good for ___________ is also good for the entire society.

answer

an individual

question

The balance of trade is the difference between the ___________ of the goods and services that a nation exports and the __________ of what it imports.

answer

monetary cost

question

Ecological balance is the goal that assumes _______________ can achieve balanced economic conditions while maintaining a sustainable, living, planet.

answer

the global economy

ECON 2301 Lesson Quiz 1 – Flashcards

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