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Economics Unit 1
Macroeconomics is a branch of studies:
Which of the following is true of economics?
Economics Unit 1
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1
Which of the following is true of economics?
It is a perfect science.
It is a physical science.
All of the above.
How people choose to use scarce resources to satisfy n/w.
2
Macroeconomics is a branch of studies:
trends within a specific industry.
the price of a specific good or service in the market.
the supply of labor in the computer industry.
the workings of the economy as a whole.
3
Something people do for other people is known as...
service
good
4
Voluntary coming together of a buyer and seller is called...
a market
a date
a supplier
5
The government answers the basic economic question in this economy.
traditional
command
market
6
Marginal costs means...
the average cost of a product
how much less will it cost to add one more unit
how much more it will cost to add one more unit
7
What system allows individuals to own private property?
command
capitalist
traditional
8
What resource are tools (good that are used to make other goods or provide services)?
capital resource
natural resource
human resource
9
______ is the additional benefit of a decision.
Marginal cost
Opportunity cost
Scarcity
Marginal benefit
10
Adam Smith believed in the invisible hand theory which is a description of...
capitalism
none of the above
communism
socialism
11
What resource is found in nature; not made.
capital resource
human resource
natural resource
12
What factor of production includes efforts of individuals to develop new products?
land
labor
entrepreneurship
capital
13
Losing points in this game for answering incorrectly.
Negative Incentive
No incentive
Positive incentive
14
This type of economist deals only with the explanation of economic situations.
positive
normative
15
The basic economic question is actually a series of questions that addresses how:
buyers/sellers seek to avoid market exchange
governments are elected or instated
individuals determine their opportunity cost
the world uses its scarce resources
16
Which of the following is a microeconomic issue?
the Federal Reserve discount rate
unemployment trends
the exchange rate of U.S. currency in other nations
the decreasing price of computer software
17
Gerber target two year old children with their snack crackers.
for whom will the product be produced
how will the product be produced
what will be produced
18
They answer the basic economic question in a market economy.
individuals
traditions
governments
19
Levis decides to produce low rise jeans.
What will be produced
For whom will it be produced
How will it be produced
20
What is it called when there is not enough of something you want?
scarcity
benefit
opportunity cost
21
The branch of economics that deals with small scale issues.
macro economics
micro economics
22
If I choose to stay at home instead of going back to work after having a child, my opp. cost is
a decrease in the expense of outside child care
decreased income
more time to spend with my family
all of the above
23
The best thing you give up when you choose something is called?
scarcity
opportunity cost
24
How many basic types of economic systems are there?
3
1
4
2
25
The basic economic question is answered based on custom or ritual.
traditional
market
command
