ECON 2010-QUIZ 1 QUESTIONS AND
CORRECT ANSWERS
In every economic system, choices must be made because resources are ________ and our wants
are ________.
A.limited; limited
B.limited; unlimted
C.unlimited; unlimited
D.unlimited; limited ✅✅CORRECT ANSW-B.limited; unlimited
The study of the choices made by individuals is part of the definition of
A.microeconomics.
B.macroeconomics.
C.normative economics.
D.positive economics. ✅✅CORRECT ANSW-A.microeconomics
Which of the following questions is a topic that would be studied by microeconomics?
A.What is the current unemployment rate in the United States?
B.Why did production and the number of jobs shrink in 2009? C.How will a lower price of digital
cameras affect the quantity of cameras sold?
D.Will the current budget deficit affect the well-being of the next generation? ✅✅CORRECT
ANSW-C.How will a lower price of digital cameras affect the quantity of cameras sold?
Economics is best defined as the study of how people, businesses, governments, and societies
A. choose abundance over scarcity.
B.attain wealth.
C.make choices to cope with scarcity.
D.use their infinite resources. ✅✅CORRECT ANSW-C. make choices to cope with scarcity
, Scarcity is a situation in which
A.some people can get all they want and some cannot.
B.people can satisfy all their wants.
C.most people can get only bare necessities.
D.people cannot satisfy all their wants ✅✅CORRECT ANSW-D. people cannot satisfy all their
wants
tIf Taco Bell decides to produce more tacos and fewer burritos, Taco Bell is answering the ________
part of one of the two big economic questions.
A."when"
B."why"
C."what"
D."scarcity" ✅✅CORRECT ANSW-C. "what"
Which of the following statements is correct?
A.The United States produces more goods than services.
B.The United States produces more services than goods.
C.The United States produces an equal amount of goods and services.
D.The percentage of people producing goods in the United States has steadily increased over the last
60 years. ✅✅CORRECT ANSW-B.The United States produces more services than goods.
When a California farmer decides to harvest lettuce using machines instead of by migrant workers,
the farmer is answering the ________ part of one of the two big economic questions.
A."how"
B."scarcity"
C."for whom"
D."what" ✅✅CORRECT ANSW-A."how"
CORRECT ANSWERS
In every economic system, choices must be made because resources are ________ and our wants
are ________.
A.limited; limited
B.limited; unlimted
C.unlimited; unlimited
D.unlimited; limited ✅✅CORRECT ANSW-B.limited; unlimited
The study of the choices made by individuals is part of the definition of
A.microeconomics.
B.macroeconomics.
C.normative economics.
D.positive economics. ✅✅CORRECT ANSW-A.microeconomics
Which of the following questions is a topic that would be studied by microeconomics?
A.What is the current unemployment rate in the United States?
B.Why did production and the number of jobs shrink in 2009? C.How will a lower price of digital
cameras affect the quantity of cameras sold?
D.Will the current budget deficit affect the well-being of the next generation? ✅✅CORRECT
ANSW-C.How will a lower price of digital cameras affect the quantity of cameras sold?
Economics is best defined as the study of how people, businesses, governments, and societies
A. choose abundance over scarcity.
B.attain wealth.
C.make choices to cope with scarcity.
D.use their infinite resources. ✅✅CORRECT ANSW-C. make choices to cope with scarcity
, Scarcity is a situation in which
A.some people can get all they want and some cannot.
B.people can satisfy all their wants.
C.most people can get only bare necessities.
D.people cannot satisfy all their wants ✅✅CORRECT ANSW-D. people cannot satisfy all their
wants
tIf Taco Bell decides to produce more tacos and fewer burritos, Taco Bell is answering the ________
part of one of the two big economic questions.
A."when"
B."why"
C."what"
D."scarcity" ✅✅CORRECT ANSW-C. "what"
Which of the following statements is correct?
A.The United States produces more goods than services.
B.The United States produces more services than goods.
C.The United States produces an equal amount of goods and services.
D.The percentage of people producing goods in the United States has steadily increased over the last
60 years. ✅✅CORRECT ANSW-B.The United States produces more services than goods.
When a California farmer decides to harvest lettuce using machines instead of by migrant workers,
the farmer is answering the ________ part of one of the two big economic questions.
A."how"
B."scarcity"
C."for whom"
D."what" ✅✅CORRECT ANSW-A."how"
