LUOA Economics Semester Exam Study Guide 2025 Questions and Answers 100% Verified
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LUOA Economics Semester
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LUOA Economics Semester
LUOA Economics Semester Exam Study Guide 2025 Questions and Answers 100% Verified
Economics is the study of how people make choices in the face of . >> Answer>>Scarcity
Which of these is the best example of a bad economic choice a business might make? >> Answer>>Op...
LUOA Economics Semester Exam Study Guide 2025
Questions and Answers 100% Verified
Economics is the study of how people make choices in the face of . >> Answer>>Scarcity
Which of these is the best example of a bad economic choice a business might make? >>
Answer>>Opening a store in a bad location
Match the following terms with their definitions: Macroeconomics >> Answer>>Studies how
economic choices impact the overall economy.
Match the following terms with their definitions: Microeconomics >> Answer>>Studies the
economics choices made individual consumers and businesses
Match the following terms with their definitions: Positive statement >> Answer>>A statement of fact
or a hypothesis
Match the following terms with their definitions: Normative statement >> Answer>>An assertion
that makes a value judgement
Economics in One Lesson was published in the year . >> Answer>>1946
Hazlitt writes in Economics in One Lesson, "The bad economist sees only what immediately strikes the
eye; the good economist also looks ." >> Answer>>Beyond
What was Hazlitt's purpose for writing Economics in One Lesson? >> Answer>>To demonstrate the
fallacies and poor reasoning the American government was using to support bad economic policies.
Which of the following are examples of scarce goods? (choose all that apply) >> Answer>>- Bananas
-Books
-Clean air
The TINSTAAFL Principle states that there is no such thing as a free . >> Answer>>Lunch
If an action has a marginal benefit of $100 and a marginal cost of $25, what is the net benefit? >>
Answer>>$75
, >> Answer>>Trade-off
What is a fallacy? >> Answer>>A mistaken belief based on an illogical argument
Which of the following are examples of the broken window fallacy? (choose all that apply) >>
Answer>>-Earthquakes are good because they create more work for construction firms.
-Wars are good because they create demand for new products that can replace what's been destroyed.
Which of the following are ways that we can increase the amount of natural resources we have
available to us? (choose all that apply) >> Answer>>-Discovering new uses for resources
-Discovering new methods to extract resources
The productive resources used to produce goods and services are collectively known as
. >> Answer>>Factors of productions
Which of the following characteristics does an item need to have to be considered a natural resource?
(choose all that apply) >> Answer>>-It can be used to produce goods and services.
-It is found in nature
What is the process of concentrating on one specific task and becoming skilled in that area? >>
Answer>>Specialization
What was Adam Smith's first work? >> Answer>>The Theory of Moral Sentiments
Adam Smith believed government should take a mostly laissez-faire, or approach to managing
the economy. >> Answer>>Hands-off
According to Adam Smith, a notable advantage of division of labor is that it facilitates
. >> Answer>>The invention of new machinery
What is the title of the first chapter in The Wealth of Nations? >> Answer>>Of the Division of Labor
Which of the following are the three basic economic questions? (choose all that apply) >> Answer>>-
How will these goods and services be produced?
-What goods and services will be produced?
-Who will consume these goods and services?
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