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Exam (elaborations)

ECON Test 1 Questions & Answers(100% Guaranteed)

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  • Course
  • Econ
  • Institution
  • Econ

Define economics correct answers *allocation of scarce resources The study of economics is primarily concerned with: correct answers *choices that are made seeking the best use of resources What is the economizing problem? correct answers *unlimited needs & wants *scarce resources What...

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  • September 19, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Econ
  • Econ
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sh3rrymagdah
ECON Test 1 Questions & Answers(100% Guaranteed)
Define economics correct answers *allocation of scarce resources


The study of economics is primarily concerned with: correct answers *choices that are made seeking the
best use of resources


What is the economizing problem? correct answers *unlimited needs & wants


*scarce resources


What is purposeful behavior? correct answers *people behave in ways to INCREASE UTILITY


What does utility mean? correct answers *pleasure, satisfaction


How do rational people behave? correct answers *in ways to INCREASE UTILITY or satisfaction


What is the invisible hand? correct answers *self-interest underlies purposeful behavior


What is positive economics? correct answers *FACTS, price goes up for generators when a hurricane
comes


*deals w/what economy is ACTUALLY like


What is normative economics? correct answers *VALUE JUDGEMENT, price shouldn't go up during a
hurricane as that's wrong


*what OUGHT to be


What kind of economics is the state of VA practicing? correct answers *normative economics

, What is macroeconomics? correct answers *examines PERFORMANCE & BEHAVIOR of the economy
as a whole


*study of ENTIRE ECONOMY or aggregate


*focuses attention on:
-economic growth
-business cycle
-interest rates
-inflation
-behavior of gov't, household, and business sectors


What is microeconomics? correct answers *DETAILED, inside of businesses to make them behave in a
certain way


*concerned with DECISION MAKING by individual customers, business firms, and market


What is marginal benefit? correct answers *the desire to go to a movie, the benefit you get out of
something


What is marginal cost? correct answers *how much a movie is, the cost you have to pay to get to the
benefit


What is marginal analysis? correct answers *comparing marginal benefit to marginal cost


Marginal means what? correct answers next


You should go see a movie if:


a.) marginal costs exceed the marginal benefit
b.) marginal benefit exceed the marginal costs correct answers b.) marginal benefit exceed the marginal
costs

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