Exam (elaborations)

ECO 213 - test 1 Questions and Correct Answers | Latest Update

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Course
ECO 213

Institution
ECO 213

1) Economics is the study of A) supply and demand. B ) how to make money in a market economy. C) the choices everybody makes to attain their goals, given their scarce resources. D) how to make money in the stock market.  C) the choices everybody makes to attain their goals, given their ...

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eco 213 test 1 questions and correct answers
1 economics is the study of a supply and demand

Institution ECO 213
Course ECO 213

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ECO 213 - test 1 Questions and Correct
Answers | Latest Update
1) Economics is the study of

A) supply and demand.

B ) how to make money in a market economy.

C) the choices everybody makes to attain their goals, given their scarce resources.

D) how to make money in the stock market.

 C) the choices everybody makes to attain their goals, given their scarce

resources.

2) What assumptions about humans do economists make?

A) People are greedy and selfish.

B ) None, because economics takes humans as given.

C) Humans prefer to live in a society that values fairness above all else.

D) People are rational and respond to incentives

 D) People are rational and respond to incentives

3) Scarcity

A) is found only in developing nations.

B ) occurs because there are too many people.

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C) occurs because of unlimited wants and limited resources available to fulfill these wants.

D) is not a problem for the wealthy.

 C) occurs because of unlimited wants and limited resources available to

fulfill these wants.

4) Which of the following best describes the assumption about human behavior that economics

makes?

A) People weigh religious, envy, compassion, anger aspects in all decisions they make.

B ) Assuming rational behavior is useful in explaining choices people make even though they

may not behave rationally all the time.

C) Economics assumes individuals act rationally all the time in all circumstances.

D) None of these describes what economics assumes about human behavior.

 B ) Assuming rational behavior is useful in explaining choices people make

even though they may

not behave rationally all the time.

5) What does the adjective marginal mean in economics?

A) Something done at the edge of a market, like buying a table at a garage sale.

B ) Buying something that is illegal to buy.

C) Incremental, additional, or extra of some action.

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D) None of these illustrate how the word marginal is used in economics.

 C) Incremental, additional, or extra of some action

6) Where are buyers and sellers brought together?

A) Only in cities, towns, and villages.

B ) A market, which can be a location or an electronic connection.

C) A market, which has to be a physical location.

D) Only in shopping malls.

 B ) A market, which can be a location or an electronic connection.

7) What does marginal analysis involve?

A) Comparing total costs to total benefits.

B ) Subtracting total costs from total benefits.

C) Comparing average costs to average benefits.

D) Comparing marginal costs to marginal benefits.

 D) Comparing marginal costs to marginal benefits.

8) What forces humans to make tradeoffs?

A) productive inefficiency

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B ) confusion

C) scarcity

D) more than one political party

 C) scarcity

9) How is the decision about what goods and services will be produced made in a market

economy?

A) What will be produced is determined by what society needs the most.

B ) Producing firms decide to produce only what the boss says must be produced.

C) Lawmakers in the government vote on what will be produced.

D) By consumers, firms, and government choosing which goods and services to buy.

 D) By consumers, firms, and government choosing which goods an d services

to buy.

10) Every society faces economic tradeoffs, which means

A) if one political party controls the government, the other party can't.

B ) some people live better than others do.

C) producing less of one good means more of another good can be produced.

D) none of these.

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