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ECON 212 CH.1 || QUESTIONS WITH CORRECT ANSWERS
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____ 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...

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  • August 18, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • is the fundamental economic problem that huma

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  • ECON 212
  • ECON 212

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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

______ uses testable statements. correct answers positive economics

_______ 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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