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Question 1
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Economics deals primarily with the concept of
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scarcity.
Correct Answer:

scarcity.
Answer Feedback: Response Feedback:

Correct. scarcity.
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Question 2

The adage, "There is no such thing as a free lunch," means
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to get something we like, we usually have to give up another thing we like.
Correct Answer:

to get something we like, we usually have to give up another thing we like.
Answer Feedback: Response Feedback:

Correct. to get something we like, we usually have to give up another thing we like.
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Question 3

The opportunity cost of an item is
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what you give up to get that item.
Correct Answer:

what you give up to get that item.
Answer Feedback: Response Feedback:

Correct. what you give up to get that item.
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Question 4

Economists understand that people respond to

Markets are usually a good way to organize economic activity.Answer Selected Answer: incentives. 1 out of 1 points y Question 6 Which of the following is the best statement about markets? Answer Selected Answer: Markets are usually a good way to organize economic activity. Answer Feedback: Response Feedback: Correct. 1 out of 1 points y Question 7 An example of an externality is the impact of Answer Selected Answer: pollution from a factory on the health of people in the vicinity of the factory. Answer Feedback: Response Feedback: Correct. . Correct Answer: incentives. incentives. Correct Answer: Markets are usually a good way to organize economic activity. Answer Feedback: Response Feedback: Correct. Correct Answer: pollution from a factory on the health of people in the vicinity of the factory. less competition. Correct Answer: less competition. 1 out of 1 points y Question 5 Benefits from trade would NOT include Answer Selected Answer: less competition.

Correct Answer: learn how the economy works. 1 out of 1 points y Question 10 Which of the following would NOT be considered a factor of production? Answer Selected Answer: money Correct Answer: money Answer Feedback: Response Feedback: Correct. money 1 out of 1 points y Question 11 . 1 out of 1 points y Question 9 Economists use models in order to Answer Selected Answer: learn how the economy works. learn how the economy works. Answer Feedback: Response Feedback: Correct. assumptions.Answer Feedback: Response Feedback: Correct. Answer Feedback: Response Feedback: Correct. 1 out of 1 points y Question 8 When economists attempt to simplify the real world and make it easier to understand they make Answer Selected Answer: assumptions. Correct Answer: assumptions. pollution from a factory on the health of people in the vicinity of the factory.

Answer Feedback: Response Feedback: Correct. Correct Answer: there is no way to produce more of one good without producing less of the other. D 1 out of 1 points y Question 12 If an economy is producing efficiently Answer Selected Answer: there is no way to produce more of one good without producing less of the other. Which arrow shows the flow of income payments? Answer Selected Answer: D Correct Answer: D Answer Feedback: Response Feedback: Correct. Answer Feedback: Response Feedback: Correct. Correct Answer: impact of minimum-wage laws on employment in the fast food industry. there is no way to produce more of one good without producing less of the other. 1 out of 1 points y Question 14 .Figure 2-1 Refer to Figure 2-1. 1 out of 1 points y Question 13 A macroeconomist would study each of the following EXCEPT the Answer Selected Answer: impact of minimum-wage laws on employment in the fast food industry. impact of minimum-wage laws on employment in the fast-food industry.

Answer Feedback: Response Feedback: Correct. the longer he can go without sleep. . 0). (0. What would you say about the relationship between coffee and hours without sleep? Answer Selected Answer: The more coffee a person drinks per day. 0). Correct Answer: (0. the longer he can go without sleep.The ordered pair that represents the origin on a graph is Answer Selected Answer: (0. Correct Answer: The more coffee a person drinks per day. Answer Feedback: Response Feedback: Correct. the longer he can go without sleep. The more coffee a person drinks per day. 0). 1 out of 1 points y Question 15 Figure 2-9 Refer to Figure 2-9.