Econ Q1 AND ASWERS FULLY
ANSWERED
two key groups participate in markets. a ___ consists of all individuals in a home. ____
are suppliers of goods and services. we can use a simple economic model called the
____ to see how participants in markets are linked (CORRECT ANSWERS)household,
firms, circular-flow diagram
suppose that there are 3 variables involved in the right. quantity, price, and a third
variable. which of those variables causes teh quantity to change from point C to point D
in the graph (CORRECT ANSWERS)the third variable
what do economists mean by scarcity (CORRECT ANSWERS)economists mean that
unlimited wants exceed limited resources
which of the following is not scarce according to teh economic definition (CORRECT
ANSWERS)none of the above
in economics, the term capital refers to (CORRECT ANSWERS)physical capital comma
such as machinery comma that isphysical capital, such as machinery, that is used to
produce other goods
Even if you are better at unloading the dishwasher than your spouse, you shouldn't
always be the one to unload it because (CORRECT ANSWERS)you may be even better
at some other household task and must consider the opportunity cost.
Microsoft charges a price of $599 for a copy of Windows 7. Is this pricing decision
rational? (CORRECT ANSWERS)When we assume the managers at Microsoft have
used all available information and have weighed all known benefits and costs, we are
assuming rationality.
______is the study of the choices people make to attain their goals, given their scarce
resources. (CORRECT ANSWERS)economics
Which of the following inferences can be drawn from the given information? (CORRECT
ANSWERS)Choco Dream faces increasing marginal opportunity cost in the production
of liquor chocolates.
Consider the graph at right. When the number of dating websites increases, the number
of marriages also increases. From the graph we can conclude (CORRECT ANSWERS)
nothing, since there is likely to be an omitted variable.
Which of the following events would create economic growth, that is, shift the production
possibilities frontier outward? (CORRECT ANSWERS)All of the above.
ANSWERED
two key groups participate in markets. a ___ consists of all individuals in a home. ____
are suppliers of goods and services. we can use a simple economic model called the
____ to see how participants in markets are linked (CORRECT ANSWERS)household,
firms, circular-flow diagram
suppose that there are 3 variables involved in the right. quantity, price, and a third
variable. which of those variables causes teh quantity to change from point C to point D
in the graph (CORRECT ANSWERS)the third variable
what do economists mean by scarcity (CORRECT ANSWERS)economists mean that
unlimited wants exceed limited resources
which of the following is not scarce according to teh economic definition (CORRECT
ANSWERS)none of the above
in economics, the term capital refers to (CORRECT ANSWERS)physical capital comma
such as machinery comma that isphysical capital, such as machinery, that is used to
produce other goods
Even if you are better at unloading the dishwasher than your spouse, you shouldn't
always be the one to unload it because (CORRECT ANSWERS)you may be even better
at some other household task and must consider the opportunity cost.
Microsoft charges a price of $599 for a copy of Windows 7. Is this pricing decision
rational? (CORRECT ANSWERS)When we assume the managers at Microsoft have
used all available information and have weighed all known benefits and costs, we are
assuming rationality.
______is the study of the choices people make to attain their goals, given their scarce
resources. (CORRECT ANSWERS)economics
Which of the following inferences can be drawn from the given information? (CORRECT
ANSWERS)Choco Dream faces increasing marginal opportunity cost in the production
of liquor chocolates.
Consider the graph at right. When the number of dating websites increases, the number
of marriages also increases. From the graph we can conclude (CORRECT ANSWERS)
nothing, since there is likely to be an omitted variable.
Which of the following events would create economic growth, that is, shift the production
possibilities frontier outward? (CORRECT ANSWERS)All of the above.
