____ is the fundamental economic problem that human wants exceed the availability of time, goods, and resources. correct answers scarcity
____ is the study of how individuals and society choose to allocate scarce resources to satisfy unlimited wants. correct answers economics
Factors of produ...
ECON 212 CH.1 || QUESTIONS WITH CORRECT
ANSWERS
____ is the fundamental economic problem that human wants exceed the availability of time,
goods, and resources. correct answers scarcity
____ is the study of how individuals and society choose to allocate scarce resources to satisfy
unlimited wants. correct answers economics
Factors of production classified as: land, labor, and capital are also called
. correct answers resources
_____ applies an economywide perspective, which focuses on such issues as inflation,
unemployment, and the growth rate of the economy. correct answers macroeconomics
________ examines small units of an economy, analyzing individual markets such as the
market for personal computers. correct answers microeconomics
A simplified description of reality used to understand and predict economic events is called a
(an) . correct answers model
If the ______ assumption is violated, a model cannot be tested. correct answers ceteris
paribus
_______ is a shorthand expression for any natural resource provided by nature correct
answers land
The physical plants, machinery, and equipment used to produce other goods. Capital goods
are man-made goods that do not directly satisfy human wants is
. correct answers capital
The mental and physical capacity of workers to produce goods and services is
. correct answers labor
______ is the creative ability of individuals to seek profits by combining resources to produce
innovative products. correct answers entrepreneurship
____ is an analysis based on value judgment. correct answers normative economics
. The condition of scarcity:
a. cannot be eliminated.
b. prevails in poor economies.
c. prevails in rich economies.
d. All of the answers above are correct. correct answers D
The condition of scarcity can be eliminated if:
a. people satisfy needs rather than false wants.
, b. sufficient new resources were discovered.
c. output of goods and services were increased.
d. None of the answers above are correct. correct answers D
Which of the following is not a factor of production?
a. A computer chip.
b. The service of a lawyer.
c. Dollars.
d. All of the above are factors of production.
e. None of the answers above are correct. correct answers C
A textbook is an example of:
a. capital.
b. a natural resource.
c. labor.
d. None of the answers above are correct. correct answers A
The subject of economics is primarily the study of:
a. the government decision-making process.
b. how to operate a business successfully.
c. decision-making because of the problem of scarcity.
d. how to make money in the stock market. correct answers C
Which of the following is included in the study of macroeconomics?
a. Salaries of college professors.
b. Computer prices.
c. Unemployment in the nation.
d. Silver prices. correct answers C
Microeconomics approaches the study of economics from the viewpoint of:
a. individual or specific markets.
b. the national economy.
c. government units.
d. economywide markets. correct answers A
The definition of a model is a:
a. description of all variables affecting a situation.
b. positive analysis of all variables affecting an event.
c. simplified description of reality to understand and predict an economic event.
d. data adjusted for rational action. correct answers C
Which of the following is a positive statement?
a. I think we should pass a constitutional amendment to reduce the deficit.
b. President X's way of dealing with the economy is better than President Y's.
c. I hope interest rates come down soon.
d. If taxes are raised, unemployment will drop. correct answers D
"An increase in the federal minimum wage will provide a living wage for the
working poor" is a:
a. statement of positive economics.
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