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NVCC ECON201 Test 1 Questions & Answers 2024/2025

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NVCC ECON201 Test 1 Questions &
Answers 2024/2025

Economics may best be defined as: - ANSWERSSocial science concerned with how individuals,
institutions, and society make optimal choices under conditions of scarcity

The economizing problem is one of deciding how to make best use of: - ANSWERSLimited resources to
satisfy virtually unlimited wants.

The main function of an entrepreneur is to: - ANSWERSInnovate

Macroeconomics approaches the study of economics from the viewpoint of: - ANSWERSThe entire
economy

According to economists, economic self interest: - ANSWERSis a reality that underlies economic
behavior.

The assertion that "There is no free lunch" means that: - ANSWERSall production involves the use of
scarce resources and thus the sacrifice of alternative goods.

Al sold gold coins for $1000 that he bought a year ago for $1000. He says, "At least I didn't lose any
money on my

financial investment." His economist friend points out that in effect he did lose money, because he could
have received a 3 percent return on the $1000 if he had bought a bank certificate of deposit instead of
the coins. The economist's analysis in this case incorporates the idea of - ANSWERSopportunity costs

"Economics is concerned with how individuals, institutions, and society make optimal choices under
conditions of

scarcity." This statement is: - ANSWERSpositive and correct.

, Economic models: - ANSWERSemphasize basic economic relationships by purposefully simplifying the
complexities of the real world.

The production possibilities curve illustrates the basic principle that - ANSWERSif all the resources of an
economy are in use, more of one good can be produced only if less of another good is

produced.

Which of the following is an economic explanation for why most college-aged movie stars do not attend
college. - ANSWERSthe opportunity cost in terms of reduced income is too great

Refer to the above table. As compared to production alternative D, the choice of alternative C would: -
ANSWERStend to generate a more rapid growth rate.

A point inside a production possibilities curve best illustrates: - ANSWERSunemployment.

Which of the following will not produce an outward shift of the production possibilities curve? -
ANSWERSthe reduction of unemployment

The simple circular flow model shows that: - ANSWERShouseholds are on the selling side of the resource
market and on the buying side of the product market.

The two basic markets shown by the simple circular flow model are: - ANSWERSproduct and resource.

Refer to the above diagram. Flow (1) represents: - ANSWERSwage, rent, interest, and profit income.

Refer to the above diagram. Flow (2) represents: - ANSWERSland, labor, capital, and entrepreneurial
ability.

In terms of the circular flow diagram, businesses obtain revenue through the _____ market and make
expenditures in

the _____ market. - ANSWERSproduct; resource

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