Question 1 (6660760): Allocation is concerned with how we choose to use our
________ resources on some variety of different ro!ects"
#ye: $ultile %hoice &oints awarded: 1"00 ' 1"00 (our Answer(s): limited %orrect answer(s): unlimited limited natural human Question ) (666076*): +conomists are ____________ (concerned with human ,ehavior and cultural values) who see- to otimi.e the allocation of scarce resources toward the ma/imum satisfaction ossi,le for individuals0 communities0 and entire societies" #ye: $ultile %hoice &oints awarded: 1"00 ' 1"00 (our Answer(s): social scientists %orrect answer(s): entrereneurs caitalists unioni.ed la,or social scientists Question * (6660770): &olicy +conomics is the alication of the &rinciles of +conomics to decision ma-in1 (choices) ,y the various arms of the _____________ " #ye: $ultile %hoice &oints awarded: 1"00 ' 1"00 (our Answer(s): 1overnment sector %orrect answer(s): octous oran1utan 1overnment sector household sector Question 2 (666077)): 3n order to evaluate the choices that must ,e made toward rovidin1 value for eole0 it is assumed that all arties to the rocess ___________" #ye: $ultile %hoice &oints awarded: 1"00 ' 1"00 (our Answer(s): are rational %orrect answer(s): are less than si/ feet tall have ,rown eyes have ,lond hair are rational Question 4 (6660777): #he mar1inal utility of choosin1 to 1o to a articular concert is the ____________ ,enefit (satisfaction or leasure) that is 1ained" #ye: $ultile %hoice &oints awarded: 1"00 ' 1"00 (our Answer(s): additional %orrect answer(s): total additional none of the a,ove all of the a,ove Question 6 (6660751): A real cost of choosin1 to attend a concert is not only the out6of6oc-et 7 7 7 cost0 ,ut also the oortunity cost (for e/amle: ________________ )" +very activity we underta-e re8uires us to not ursue other oortunities" #ye: $ultile %hoice &oints awarded: 0"00 ' 1"00 (our Answer(s): lost wa1es %orrect answer(s): either ," or c ,elow """ or ossi,ly another oortunity that is not listed e/tra slee lost wa1es none of the a,ove Question 7 (666075*): ________________ analy.es how we choose to use our resources on an a11re1ate (national)level and includes measures of erformance such as inflation0 unemloyment0 and federal 1overnment e/enditures" #ye: $ultile %hoice &oints awarded: 0"00 ' 1"00 (our Answer(s): 9ormative economics %orrect answer(s): 9ormative economics $icroeconomics $acroeconomics &ositive economics Question 5 (66607:0): #he 1oal of ;rowth is to increase the real ( _________________ ) value of ;<& in an economy" #ye: $ultile %hoice &oints awarded: 0"00 ' 1"00 (our Answer(s): roducts only %orrect answer(s): services only roducts only investments only ad!usted to not include inflation Question : (66607:1): ______________ is the 1oal of economics see-in1 to allocate resources so that an economy does not e/erience hi1h inflation" #ye: $ultile %hoice &oints awarded: 1"00 ' 1"00 (our Answer(s): =ta,ility %orrect answer(s): +colo1ical ,alance =ocial ,alance >ull +mloyment =ta,ility Question 10 (66607:7): +colo1ical ,alance is the 1oal that assumes the 1lo,al economy can achieve ,alanced economic conditions ___________________ " #ye: $ultile %hoice &oints awarded: 1"00 ' 1"00 (our Answer(s): while maintainin1 a sustaina,le0 livin1 lanet %orrect answer(s): only if ollution is -et at .ero only if inflation is ma/imi.ed only if unemloyment is minimi.ed while maintainin1 a sustaina,le0 livin1 lanet Question 11 (6660501): #he freedom to ma-e urchases as desired and to wor- and live indeendent of e/tensive controls ,y the 1overnment is a ,asic ____________ in a free mar-et society" #ye: $ultile %hoice &oints awarded: 1"00 ' 1"00 (our Answer(s): cultural value %orrect answer(s): reli1ious ritual siritual tri flaw cultural value Question 1) (6660502): A ,alance of resonsi,ilities ta-en on ,y all eole in each sector of the economy results in ________________ (e8uity) for all eole" #ye: $ultile %hoice &oints awarded: 1"00 ' 1"00 (our Answer(s): fairness of oortunity %orrect answer(s): fairness of results fairness of oortunity a full shot of adrenaline a full shot of o/ytocin Question 1* (6660506): #he amount of emhasis laced on each $acroeconomic ;oal is determined ,y the ______________ in a society" #ye: $ultile %hoice &oints awarded: 1"00 ' 1"00 (our Answer(s): cultural values %orrect answer(s): amount of music num,er of math ma!ors amount of sycho ,a,,le cultural values Question 12 (6660510): #here is much _____________ amon1 economists a,out the rinciles (1enerali.ations) a,out how an economy actually wor-s" #ye: $ultile %hoice &oints awarded: 0"00 ' 1"00 (our Answer(s): disa1reement %orrect answer(s): disa1reement an1st a1reement 1nashin1 of teeth Question 14 (6660516): #he statement0 #he 1overnment should choose a olicy to create a lower rate of inflation0 is a __________ statement" #ye: $ultile %hoice &oints awarded: 1"00 ' 1"00 (our Answer(s): 9ormative economic %orrect answer(s): $icroeconomic &ositive economic ;lo,al economic 9ormative economic Question 16 (6660515): ___________________ a nation must choose to ,alance its trade within the 1lo,al mar-ets in order to roser" #ye: $ultile %hoice &oints awarded: 0"00 ' 1"00 (our Answer(s): +very year %orrect answer(s): ?ver a reasona,le eriod of time +very year ?nce each month #here is never a time when Question 17 (66605)4): #he ,alance of trade is the difference ,etween the monetary cost of the ______________ that a nation e/orts and the monetary cost of what it imorts" #ye: $ultile %hoice &oints awarded: 0"00 ' 1"00 (our Answer(s): 1oods %orrect answer(s): 1oods services a and , none of the a,ove Question 15 (66605)6): A ________________ e/ists when we conclude that somethin1 that is 1ood for an individual is also 1ood for the entire society" #ye: $ultile %hoice &oints awarded: 1"00 ' 1"00 (our Answer(s): >allacy of %omosition %orrect answer(s): @ational Analysis $ar1inal Analysis %eteris &ari,us >allacy of %omosition Question 1: (66605*)): 3n the @esource (or >actor) $ar-ets of the %ircular >low model0 Aouseholds rovide __________ to the Business sector in e/chan1e for &rofits" #ye: $ultile %hoice &oints awarded: 1"00 ' 1"00 (our Answer(s): +ntrereneurshi %orrect answer(s): Ca,or Cand (natural resources) %aital (tools) +ntrereneurshi Question )0 (66605*4): 3n the &roduct $ar-ets of the %ircular >low model0 Aouseholds rovide __________ to the Business sector in e/chan1e for ;oods and =ervices"