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@Thinking like an economist Flashcards | StudBud

Explore/@Thinking like an economist

@Thinking like an economist

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Basics of thinking like an economics

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Questions 6

Answers

1
The microeconomic perspective:
centrally planned economies.
is a bottom-up view of the economy.
aggregate economic activity.
studies the overall rate of economic growth
2
The opportunity cost of an activity is:
the next-best use of the resources devoted to the activity.
the amount of money spent on the activity.
the value of the time spent on that activity.
any cost that cannot be recovered.
3
In a market economy, firms are motivated by
costs.
social responsibility.
profits.
revenues.
4
The primary focus of economics is on:
providing consumers with perfect information
rising prices.
implementing a market system.
choices that must be made.
5
When resources are limited, but wants are unlimited, individuals must:
become more greedy.
become more self-sufficient.
make choices among available alternatives
put the public interest before self-interest.
6
Time is:
a scarce resource for producers.
a scarce resource for everyone.
a scarce resource for consumers.
not a scarce resource because there is always tomorrow.