Econ ch 1 packet practice questions

Lakukan tugas rumah & ujian kamu dengan baik sekarang menggunakan Quizwiz!

economics can be described as the study of how people use _______ resources to satisfy __________ wants

limited, unlimited

the branch of economics which studies the behavior of entire economics and policies that effect the economy as a whole is called

macroeconomics

________ involves undertaking an activity until its marginal benefits equals marginal costs

marginal analysis

the branch of economics which studies how households and firms make choices, interact in markets and how the government attempts to influence their choices is called

microeconomics

economics is the study of how

people make choices

in economics, items that are used to produce good and services are known as

resources

the study of economics arises due to

scarcity

human capital refers to

the accumulated skills and training workers have

which of the following statements is a positive economic statement?

the president's budget included an increase in unemployment insurance payments

economic analysis is a tool that

aids decision making

the way that a society uses or allocates resources to satisfy human wants is called

an economic system

if the marginal cost of producing a television is constant at $200, then a firm should produce this item

as long as the marginal benefit it receives is just equal to or greater than $200

economics is the study of the _______ people make to attain their goals given their _______ resources

choices, scarce

central planning is a key characteristic of which economy system?

command and control

which of the following statements about economic resources is false

economic resources include financial capital and money

the basic economic problem of scarcity

has always existed and will continue to exist

which of the following is a microeconomic question?

how will apple decide on a selling price for the iPad?

which of the following is a macroeconomics question?

what determines the minimum wage?

"by 2015, no individual in the US should earn less than $20,000 a year" is an example of

a normative statement


Set pelajaran terkait

Computer Literacy, Module 4 Computer Concepts Exam, TFS Module 2, IT 101, module 14 part 2, module 14

View Set

Chapter 16: Pregnancy at Risk: Conditions that Complicate Pregnancy Prep-U

View Set

BMGT EXAM 2: Chapter 9: Responsibility, Authority, and Delegation

View Set

Financial management study guide

View Set

Bio II: Chapters 18 - 21 (Test 1)

View Set