A recurring theme in economics is that people:
  • Have unlimited economic wants, but limited resources.
  • The maximum combinations of products that can be produced.
  • Individuals have to make choices from among alternatives.
  • Labor is hired by a firm whereas the entreprenur owns the firm.
The economic perspective focuses largely on marginal analysis, which means analyzing:
  • The changes in the situation that would result from a given action.
  • Analyzing the behavior of a typical or average consumer or firm.
  • The foregone income that could be earned working full-time job.
  • Economic wants are greater than economic means or incomes.
Assume that consumers purchases only two products and there is a decrease in the consumer's income. The prices of the two products stay constant. The decrease in income will result in a:
  • Focus on the effect of a single factor on a certain variable.
  • 8 apples or 16 bananas
  • Shift of the budget line inward to the left.
  • Analyzing the behavior of a typical or average consumer or firm.
The statement in a newspaper that "consumer prices rose last month by 1 percent, and if this trend continues, the annual rate of inflation will be 12 percent for the year" is an example of:
  • Shift of the budget line inward to the left.
  • A positive economic statement.
  • Matt's statement is positive while Jean's statement is normative.
  • The entire economy.
From an economic perspective, when a consumer decides to buy more life insurance, the consumer has most likely concluded that the:
  • Marginal benefit of more insurance coverage is greater than the marignal cost.
  • The changes in the situation that would result from a given action.
  • Matt's statement is positive while Jean's statement is normative.
  • Analyzing the behavior of a typical or average consumer or firm.
Economists would classify all of the following as "land," except.
  • A hydroelecctric dam
  • The entire economy.
  • That will increase their will-being.
  • The level of unemployment
A nation can produce two products: steel and wheat. The table below is the nation's production possibilities scheduele:Refer to the above table. Which of the following output-combinations is unattainable:
  • More consumption now, but less consumption later.
  • 4 steel and 55 wheat.
  • A consequence of the fact that productive resources are scarce relative to economic wants.
  • 1 unit of steel is given up to get up to get 15 more units of wheat.
What is a major opportunity cost of going to college on a full-time basis?
  • The foregone income that could be earned working full-time job.
  • The changes in the situation that would result from a given action.
  • Focus on the effect of a single factor on a certain variable.
  • There are opportunity cost involved even in free lunches.
The idea in economics that "there is no free lunch" means that:
  • There are opportunity cost involved even in free lunches.
  • Value of other goods and services that are sacrifieced in order to construct the new highway.
  • The foregone income that could be earned working full-time job.
  • The maximum combinations of products that can be produced.
As a consequence of the problem of scarcity:
  • The maximum combinations of products that can be produced.
  • Economic wants are greater than economic means or incomes.
  • Have unlimited economic wants, but limited resources.
  • Individuals have to make choices from among alternatives.
Macroeconomics approaches the study of economics from the viewpoint of:
  • The entire economy.
  • A hydroelecctric dam
  • A generalization
  • The changes in the situation that would result from a given action.
The production possibilities curve is a graph of:
  • Have unlimited economic wants, but limited resources.
  • The changes in the situation that would result from a given action.
  • The maximum combinations of products that can be produced.
  • There are opportunity cost involved even in free lunches.
The economizing problem for individuals is a consequence of the fact that:
  • The changes in the situation that would result from a given action.
  • Economic wants are greater than economic means or incomes.
  • Products that the consumer could have bought instead of cigarettes.
  • Analyzing the behavior of a typical or average consumer or firm.
Which of the following exemplifies a microeconomic question?
  • There are opportunity cost involved even in free lunches.
  • Will a new type of electronic reader or tablet increase the number of buyers?
  • Value of other goods and services that are sacrifieced in order to construct the new highway.
  • National income grew by 2.7 percent last year.
The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called the:
  • 1 unit of steel is given up to get up to get 15 more units of wheat.
  • More consumption now, but less consumption later.
  • 4 steel and 55 wheat.
  • Entrepreneur
Economics is a social science that studies how individuals, institutions, and society may:
  • Economic wants are greater than economic means or incomes.
  • There are opportunity cost involved even in free lunches.
  • Best use resources to maximize satisfaction of economic wants.
  • Analyzing the behavior of a typical or average consumer or firm.
Economic analysis assumes "purposeful behavior", which means that people will decisions or actions:
  • Best use resources to maximize satisfaction of economic wants.
  • Analyzing the behavior of a typical or average consumer or firm.
  • Natural while capital is man-made.
  • That will increase their will-being.
If a nation produces more consumer goods and less capital goods, then the nation will have:
  • 1 unit of steel is given up to get up to get 15 more units of wheat.
  • A consequence of the fact that productive resources are scarce relative to economic wants.
  • More consumption now, but less consumption later.
  • Product: ASteel: 0Wheat: 100
In analyzing human decision and action, economists assume that:
  • People's behavior reflects rational self-interest.
  • There are opportunity cost involved even in free lunches.
  • Products that the consumer could have bought instead of cigarettes.
  • Have unlimited economic wants, but limited resources.
The economic principle that the "unemployment rate will tend to increase as the economy movies into a recession" is an example of:
  • A hydroelecctric dam
  • The changes in the situation that would result from a given action.
  • The entire economy.
  • A generalization
Assume that a consumer has a given budget or income of $12, and that she can buy only two goods, apples or bananas. The price of an apple is $1.50 and the price of a banana is $0.75.Refer to the information given above. If the consumer spent all of her buget on just apples or just bananas, how many apples or bananas maximum would she be able to buy?
  • 8 apples or 16 bananas
  • Shift of the budget line inward to the left.
  • The level of unemployment
  • A positive economic statement.
All of the following would affect the position and shape of a nation's production possibilities curve, except.
  • The level of unemployment
  • The entire economy.
  • That will increase their will-being.
  • The foregone income that could be earned working full-time job.
Matt observes that "there is a high correlation between educational attainment and the level of income." Jean concurs and adds that "high school graduates should all proceed to college."
  • Matt's statement is positive while Jean's statement is normative.
  • Products that the consumer could have bought instead of cigarettes.
  • Marginal benefit of more insurance coverage is greater than the marignal cost.
  • Focus on the effect of a single factor on a certain variable.
An economic model is a purposeful simplification of reality, whose function includes:
  • The changes in the situation that would result from a given action.
  • Economic wants are greater than economic means or incomes.
  • Analyzing the behavior of a typical or average consumer or firm.
  • Focus on the effect of a single factor on a certain variable.
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