Econ 110 Zirlott Test 1 Study Guide Exam
Questions With Correct Answers
economics |- |CORRECT |ANSWER✔✔-the |study |of |how |society |manages |its |scarce |resources
microeconomics |- |CORRECT |ANSWER✔✔-study |of |how |households |and |firms |make |decisions |
and |how |they |interact |in |markets; |ti |examine |behavior |and |operation |of |the |individual |
consumers |and |firms |that |make |up |economy.
macroeconomics |- |CORRECT |ANSWER✔✔-study |of |economy |wide |phenomena, |including |
inflation, |unemployment, |and |economic |growth
equality |/ |equity |- |CORRECT |ANSWER✔✔-the |property |of |distributing |economic |prosperity |
uniformly |among |the |members |of |society
scarcity |- |CORRECT |ANSWER✔✔-the |limited |nature |of |society's |resources
efficiency |- |CORRECT |ANSWER✔✔-the |property |of |society |getting |the |most |it |can |from |its |
scarce |resources
tradeoff |- |CORRECT |ANSWER✔✔-to |achieve |greater |equality. |getting |more |of |one |good |
requires |sacrificing |some |of |the |other
going |to |a |party |the |night |before |your |midterm |leaves |less |time |for |studying |-> |what |is |this |an
|example |of |- |CORRECT |ANSWER✔✔-tradeoff
, having |more |money |to |buy |stuff |requires |working |longer |hours, |which |leaves |less |time |for |
leisure |-> |what |is |this |an |example |of |- |CORRECT |ANSWER✔✔-tradeoff
protecting |the |environment |requires |resources |that |could |otherwise |be |used |to |produce |
consumer |goods |-> |what |is |this |an |example |of |- |CORRECT |ANSWER✔✔-tradeoff
opportunity |cost |- |CORRECT |ANSWER✔✔-whatever |must |be |given |up |to |obtain |some |item
give |an |example |of |opportunity |cost |- |CORRECT |ANSWER✔✔-college |athletes |who |can |earn |
millions |if |they |drop |out |of |school |and |play |professional |sports |are |aware |that |the |opportunity
|cost |of |their |attending |college |is |very |high. |Not |surprising |they |often |decide |that |the |benefit |
of |a |college |education |is |not |worth |the |cost.
rational |people |- |CORRECT |ANSWER✔✔-people |who |systematically |and |purposefully |do |the |
best |they |can |to |achieve |their |objectives
thinking |at |the |margin |- |CORRECT |ANSWER✔✔-make |decisions |by |evaluating |costs |and |
benefits |of |marginal |changes |(incremental |adjustments |to |an |existing |plan)
when |a |student |considers |whether |to |go |to |college |for |an |additional |year, |he |compares |the |
fees |and |foregone |wages |to |the |extra |income |he |could |earn |with |the |extra |year |of |edu. |-> |
what |is |this |an |example |of |- |CORRECT |ANSWER✔✔-thinking |at |the |margin
when |a |manager |considers |whether |to |increase |output, |she |compares |the |cost |of |the |needed |
labor |and |materials |to |the |extra |revenue-> |what |is |this |an |example |of |- |CORRECT |
ANSWER✔✔-thinking |at |the |margin
market |- |CORRECT |ANSWER✔✔-a |group |of |buyers |and |sellers |(need |not |be |a |single |location)
Questions With Correct Answers
economics |- |CORRECT |ANSWER✔✔-the |study |of |how |society |manages |its |scarce |resources
microeconomics |- |CORRECT |ANSWER✔✔-study |of |how |households |and |firms |make |decisions |
and |how |they |interact |in |markets; |ti |examine |behavior |and |operation |of |the |individual |
consumers |and |firms |that |make |up |economy.
macroeconomics |- |CORRECT |ANSWER✔✔-study |of |economy |wide |phenomena, |including |
inflation, |unemployment, |and |economic |growth
equality |/ |equity |- |CORRECT |ANSWER✔✔-the |property |of |distributing |economic |prosperity |
uniformly |among |the |members |of |society
scarcity |- |CORRECT |ANSWER✔✔-the |limited |nature |of |society's |resources
efficiency |- |CORRECT |ANSWER✔✔-the |property |of |society |getting |the |most |it |can |from |its |
scarce |resources
tradeoff |- |CORRECT |ANSWER✔✔-to |achieve |greater |equality. |getting |more |of |one |good |
requires |sacrificing |some |of |the |other
going |to |a |party |the |night |before |your |midterm |leaves |less |time |for |studying |-> |what |is |this |an
|example |of |- |CORRECT |ANSWER✔✔-tradeoff
, having |more |money |to |buy |stuff |requires |working |longer |hours, |which |leaves |less |time |for |
leisure |-> |what |is |this |an |example |of |- |CORRECT |ANSWER✔✔-tradeoff
protecting |the |environment |requires |resources |that |could |otherwise |be |used |to |produce |
consumer |goods |-> |what |is |this |an |example |of |- |CORRECT |ANSWER✔✔-tradeoff
opportunity |cost |- |CORRECT |ANSWER✔✔-whatever |must |be |given |up |to |obtain |some |item
give |an |example |of |opportunity |cost |- |CORRECT |ANSWER✔✔-college |athletes |who |can |earn |
millions |if |they |drop |out |of |school |and |play |professional |sports |are |aware |that |the |opportunity
|cost |of |their |attending |college |is |very |high. |Not |surprising |they |often |decide |that |the |benefit |
of |a |college |education |is |not |worth |the |cost.
rational |people |- |CORRECT |ANSWER✔✔-people |who |systematically |and |purposefully |do |the |
best |they |can |to |achieve |their |objectives
thinking |at |the |margin |- |CORRECT |ANSWER✔✔-make |decisions |by |evaluating |costs |and |
benefits |of |marginal |changes |(incremental |adjustments |to |an |existing |plan)
when |a |student |considers |whether |to |go |to |college |for |an |additional |year, |he |compares |the |
fees |and |foregone |wages |to |the |extra |income |he |could |earn |with |the |extra |year |of |edu. |-> |
what |is |this |an |example |of |- |CORRECT |ANSWER✔✔-thinking |at |the |margin
when |a |manager |considers |whether |to |increase |output, |she |compares |the |cost |of |the |needed |
labor |and |materials |to |the |extra |revenue-> |what |is |this |an |example |of |- |CORRECT |
ANSWER✔✔-thinking |at |the |margin
market |- |CORRECT |ANSWER✔✔-a |group |of |buyers |and |sellers |(need |not |be |a |single |location)
