Economics Exploration Fundamentals Exam Questions and Answers Latest Update
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Course
Economics
Institution
Economics
Because of scarcity:
a) resources are limitless.
b) wants are limited.
c) choices are unlimited.
d) we face tradeoffs in nearly every choice we make. - Answers d) we face tradeoffs in nearly every choice we make.
What is the main problem addressed with scarcity?
a) Trying to satisfy ...
Economics Exploration Fundamentals Exam Questions and Answers Latest Update
Because of scarcity:
a) resources are limitless.
b) wants are limited.
c) choices are unlimited.
d) we face tradeoffs in nearly every choice we make. - Answers d) we face tradeoffs in nearly every
choice we make.
What is the main problem addressed with scarcity?
a) Trying to satisfy the basic needs of everyone to eliminate poverty.
b) Ensuring that an adequate standard of living is achieved.
c) Making sure that critical resources such as oil and forests are not depleted.
d) Determining how to address unlimited wants with limited resources.
Submit - Answers d) Determining how to address unlimited wants with limited resources.
Submit
Which of the following words best describes what economics is about?
a) Money
b) Happiness
c) Choices
d) Growth - Answers c) Choices
A dozen friends got together to celebrate a birthday. If the cake is cut into 12 pieces of the same size
and each of the 12 party goers gets a slice, this cake distribution is:
a) Efficient, but not equitable
, b) Equitable, but not efficient
c) Efficient and Equitable
d) Equitable - Answers d) Equitable
Which of the following would be most closely related to microeconomics?
a) How rising wages affects the choice of working instead of going to school.
b) The extent to which people leaving the labor force affects unemployment.
c) The effect of improving consumer confidence on economic growth.
d) How rising prices cause standards of living to fall.
e) How much prices rise due to increasing inflation. - Answers b) The extent to which people leaving the
labor force affects unemployment.
Economics is the study of how individuals, firms, and society allocate ________ resources to many
competing wants
a) societal
b) limited
c) company
d) government - Answers b) limited
Economists look for rational responses to:
a) stimuli.
b) insults.
c) incentives.
d) emotions. - Answers c) incentives.
To study the effect of price on Brett's demand for rock climbing lessons, we hold his monthly income
constant. This is an example of a(n) _______ assumption.
a) e pluribus unum
b) ceteris paribus
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