GAEE - Member Of The Global Association Of Economics Education
GAEE - Member of the Global Association of Economics Education
Exam (elaborations)
Economics test questions
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GAEE - Member of the Global Association of Economics Education
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GAEE - Member Of The Global Association Of Economics Education
According to the text, economics is - answer-the science of how and why people, businesses, and governments amke the choices they do.
Which of the following examples falls into the spehre of economics? - answer-the rise and fall of the stock market
a mother's trip to the supermarket
a ...
ECONOMICS TEST QUESTIONS AND ANSWERS
According to the text, economics is - answer-the science of how and why people,
businesses, and governments amke the choices they do.
Which of the following examples falls into the spehre of economics? - answer-the rise
and fall of the stock market
a mother's trip to the supermarket
a university class on business management
Which two basic economic principles create the need for choices? - answer-insatiability
and scarcity
What biblical concept refers to a person's responsibility to make proper choices with his
resources? - answer-stewardship
After twelve years of faithful service, your family's car finally collapses beyond the hope
of repair and must be taken to the junkyard. Which economic term does this vehicle now
best illustrate? - answer-a nuisance good
The economic cost of a good or service is - answer-the value people place on it.
A family must quickly leave its home due to a fire. On her way out the door, the mother
grabs the family photo albums but leaves several expensive paintings behind. What
economic concept do her actions best illustrate? - answer-subjective value
Conservation of nautral resources primarily shows a grasp of which economic concept? -
answer-scarcity
Suppose you have $20. You will receive 6 utils if you spend the money on a new shirt
and 10 utils if you purchase a new album. What will your net utility be if you finally
decide to buy an album? - answer-4 utils
Your family decides to take a trip to Europe this summer instead of next because airline
rates are currently low. What economic concept do the lower airline rates illustrate in our
family's decision-making process? - answer-opportunity benefit
What principle does Henry Hazlitt remind readers of in his story about the broken
window? - answer-hidden costs
Which of the following statements is an example of postitive economics? - answer-The
unemployment rate is 6 percent.
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