question

__________ analyzes how we choose to use our resources on a smaller scale and includes measures of performance such as consumer utility patterns, business profits, and business costs. - Normative economics - Microeconomics - Macroeconomics - Positive economics

answer

Microeconomics

question

Stability is the goal of economics seeking to __________ so that an economy does not experience high inflation. - Allocate resources - Avoid too much endorphin - Avoid too little adrenaline - Have the right amount of oxytocin

answer

Allocate resources

question

Policy Economics is the application of the Principles of Economics to decision making (choices) by the various arms of the __________. - Octopus - Orangutan - Government sector - Household sector

answer

Government sector

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. - Marginal cost - Marginal benefit - Opportunity cost - Monetary cost

answer

Monetary cost

question

Part of the "marginal cost" of choosing to go to a particular concert could be the additional __________ that is produced. - Utility - Peanut butter - Traffic - Pleasure

answer

Traffic

question

The statement, "According to a government report, the unemployment rate is at 3%", is a __________ statement. - Microeconomic - Positive economic - Global economic - Normative economic

answer

Positive economic

question

Economists seek to optimize the allocation of scarce resources toward the maximum satisfaction possible for __________. - Individuals - Communities - Entire societies - All the above

answer

All the above

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. - Good at karate - Good at pole vaulting - Good at ethnic dancing - Rational

answer

Rational

question

Over a reasonable period of time a nation must choose to balance its trade ____________ in order to prosper. - Within its own borders - Within the global markets - With each and every person - With each and every business

answer

Within the global markets

question

If you, as an individual, conclude that paying no taxes is a good thing for you, then it must be a good thing for the entire society. - True - False

answer

False

question

The description of an economy by stating "opinions" is called __________ . - Macroeconomics - Positive economics - Microeconomics - Normative economics

answer

Normative economics

question

The goal of Social Balance and Equity (Fairness) requires appropriate responsibility to be taken on by all people in the economy including __________. - Consumers - Business people - Government officials - All the above

answer

All the above

question

Ecological balance is the goal that assumes the global economy can achieve __________ economic conditions while maintaining a sustainable, living, planet. - Maximum - Only minimum - Balanced - All the above

answer

Balanced

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. - Your mother-in-law - Your father - The government - Your spouse

answer

The government

question

"Allocation" is concerned with how we choose to use our scarce resources on __________. - An unlimited number of projects - Only Normative economic projects - Only Positive economic projects - A limited variety of different projects

answer

A limited variety of different projects

question

In the Resource (or Factor) Markets of the Circular Flow model, Households provide __________ to the Business sector in exchange for Rent. - Labor - Land (natural resources) - Capital (tools) - Entrepreneurship

answer

Land (natural resources)

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. - Either b. or c below ... or possibly another "opportunity" that is not listed - Extra sleep - Lost wages - None of the above

answer

Either b. or c below ... or possibly another "opportunity" that is not listed

question

The amount of goods and services produced is measured by __________. - Instant Gratification Index (IGI) - Gross Domestic Product (GDP) - Adrenaline Maximization Product (AMP) - Endorphin Utility Index (EUI)

answer

Gross Domestic Product (GDP)

question

Growth and Stability are __________ economic goals. - Conflicting - Supplementary - Complementary - Always equally important

answer

Conflicting

question

In the Product Markets of the Circular Flow model, Businesses provide Goods and Services to the ____________ sector in exchange for Consumption Spending (or Revenues). - Government - Financial - Foreign Trade - Household

answer

Household

question

Stability is the goal of economics seeking to allocate resources so that an economy does not experience __________. - Too much endorphin - Too little adrenaline - The wrong amount of oxytocin - High inflation

answer

High inflation

question

The goal of "Growth" is to increase the __________ (adjusted to not include inflation) value of GDP in an economy. - Nominal - Fantasy - Real - FIFO

answer

Real

question

There is much __________ among economists about the "principles" (generalizations) about how an economy actually "works". - Disagreement - Angst - Agreement - Gnashing of teeth

answer

Agreement

question

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. - True - False

answer

False

question

In the Resource (or Factor) Markets of the Circular Flow model, Households provide __________ to the Business sector in exchange for Wages. - Labor - Land (natural resources) - Capital (tools) - Entrepreneurship

answer

Labor

question

In the __________ of the Circular Flow model, Households provide Consumption Spending (or Revenues) to the Business sector in exchange for Goods and Services. - Resource Markets - Financial Markets - Government Markets - Product Markets

answer

Product Markets

question

"Allocation" is concerned with how we choose to use our __________ resources on some variety of different projects. - Unlimited - Limited - Natural - Human

answer

Limited

question

The Principles of Economics are the generally accepted theories about __________. - Uncertainty and probability - Risk management - Resource allocation - Return on investment

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. - Un-real - Book keeping - Real - Fantasy

answer

Real

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. - Goods - Services - A and b - None of the above

answer

A and b

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. - Religious ritual - Spiritual trip - Flaw - Cultural value

answer

Cultural value

question

Over a reasonable period of time a nation must choose to __________ within the global markets in order to prosper. - Run a trade surplus - Run a trade deficit - Balance its trade - None of the above

answer

Balance its trade

question

__________ is the goal that assumes the global economy can achieve balanced economic conditions while maintaining a sustainable, living, planet. - Ecological balance - Stability - Social balance - Freedom

answer

Ecological balance

question

Growth and Full employment are __________ economic goals. - Conflicting - Supplementary - Complementary - Always equally important

answer

Complementary

question

A __________ taken on by all people in each sector of the economy results in fairness of opportunity (equity) for all people. - Big dose of oxytocin - Big dose of adrenaline - Balance of responsibilities - None of the above

answer

Balance of responsibilities

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. - Optimize , that is "balance" - Minimize, that is "hoard them for later" - Sanitize, that is, "make them pollution free" - Nationalize, that is "put them under government control"

answer

Optimize , that is "balance"

question

Microeconomics analyzes how we choose to use our resources on a smaller scale and includes measures of performance such as - Unemployment - Business costs - Consumer utility patterns - Both b. and c.

answer

Both b. and c.

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. - Responsibility - Freedom - Cheese burgers - Oxytocin (that "bonding" hormone)

answer

Responsibility

question

The goal of "Growth" is to increase the "real" (__________) value of GDP in an economy. - Services only - Products only - Investments only - Adjusted to not include inflation

answer

Adjusted to not include inflation

question

Over a reasonable period of time __________ must choose to balance its trade within the global markets in order to prosper. - Each business - Every person - Each industry - A nation

answer

A nation

question

The amount of emphasis placed on each "Macroeconomic Goal" is determined by the ______________ in a society. - Amount of music - Number of math majors - Amount of psycho babble - Cultural values

answer

Cultural values

question

The __________ of Economics are the generally accepted theories about resource allocation. - Rules - Principles - SWAG's - Systems

answer

Principles

question

A Fallacy of Composition exists when we conclude that something that is good for ___________ is also good for the entire society. - A female - A male - An individual - None of the above

answer

An individual

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. - Entrepreneurs - Capitalists - Unionized labor - Social scientists

answer

Social scientists

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. - Not - Also - None of the above - All of the above

answer

Not

question

In the Product Markets of the Circular Flow model, Households provide __________ to the Business sector in exchange for Goods and Services. - Labor - Land (natural resources) - Capital (tools) - Consumption Spending (or Revenues)

answer

Consumption Spending (or Revenues)

question

The statement, "The government should choose a policy to create a lower rate of inflation", is a __________ statement. - Microeconomic - Positive economic - Global economic - Normative economic

answer

Normative economic

question

The term "allocation" means how we __________ to spread our limited resources over some variety of different projects. - Choose - Are always forced - Never are allowed - All of the above

answer

Choose

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. - Normative economics - Microeconomics - Macroeconomics - Positive economics

answer

Macroeconomics

question

The "marginal utility" of choosing to go to a particular concert is the ____________ benefit (satisfaction or pleasure) that is gained. - Total - Additional - None of the above - All of the above

answer

Additional

question

There is much _____________ among economists about what goals should be emphasized and how government policy and choices should be made. - Disagreement - Angst - Agreement - Gnashing of teeth

answer

Disagreement

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. - Government spending deficit - National credit card balance - Balance of trade - All the above

answer

Balance of trade

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. - Soup - Cheese burgers - Choices - Pizza

answer

Choices

question

The description of an economy by stating "facts" is called __________________ . - Macroeconomics - Positive economics - Microeconomics - Normative economics

answer

Positive economics

question

In the Resource (or Factor) Markets of the Circular Flow model, Households provide __________ to the Business sector in exchange for Profits. - Labor - Land (natural resources) - Capital (tools) - Entrepreneurship

answer

Entrepreneurship

question

_________ Economics is the application of the Principles of Economics to decision making. (choices) by the various arms of the government. - Positive - Normative - Macro - Policy

answer

Policy

question

Freedom for citizens is a goal of economics within _____________. - Fascism - Socialism - Capitalism - Totalitarianism

answer

Capitalism

question

Ecological balance is the goal that assumes the global economy can achieve balanced economic conditions __________. - Only if pollution is kept at zero - Only if inflation is maximized - Only if unemployment is minimized - While maintaining a sustainable, living planet

answer

While maintaining a sustainable, living planet

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. - Entrepreneurs - Capitalists - Socialists - Economists

answer

Economists

question

Being "rational" means being able to clearly understand a) what one needs and b) the __________ in gaining the fulfillment of each need. - Reality of the cost - Absence of any risk - Absence of any uncertainty - Lack of any benefit

answer

Reality of the cost

question

In the Product Markets of the Circular Flow model, Households provide Consumption Spending (or Revenues) to the Business sector in exchange for _____________ . - Wages - Rent - Profits - Goods and Services

answer

Goods and Services

question

In the Resource (or Factor) Markets of the Circular Flow model, Households provide __________ to the Business sector in exchange for Interest. - Labor - Land (natural resources) - Capital (tools) - Entrepreneurship

answer

Capital (tools)

question

The "marginal _________" of going to a particular concert is the additional benefit (satisfaction or pleasure) that is gained. - Cost - Utility - Peanut butter - Road rage

answer

Utility

question

__________ is the goal of economics seeking to allocate resources so that an economy does not experience high inflation. - Ecological balance - Social balance - Full Employment - Price Stability

answer

Price Stability

question

A ________________ exists when we conclude that something that is good for an individual is also good for the entire society. - Rational Analysis - Marginal Analysis - Ceteris Paribus - Fallacy of Composition

answer

Fallacy of Composition

question

Although most people want maximum attainment of every economic goal, there is the operating reality of ________________________ that causes us to give up some of one thing if we want more of another. - Opportunity cost - Ceteris paribus - Marginal utility - None of the above

answer

Opportunity cost

question

A balance of responsibilities taken on by all people in each sector of the economy results in __________ (equity) for all people. - Fairness of results - Fairness of opportunity - A full shot of adrenaline - A full shot of oxytocin

answer

Fairness of opportunity

question

Macroeconomics analyzes how we choose to use our resources on an aggregate (national) level and includes measures of performance such as __________ . - Both b. and c. below - Inflation - Unemployment - Consumer utility patterns

answer

Both b. and c. below

question

__________ a nation must choose to balance its trade within the global markets in order to prosper. - Over a reasonable period of time - Every year - Once each month - There is never a time when

answer

Over a reasonable period of time

question

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

answer

Opportunity

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