ECON 101 Exam 1 chapters 1-3 |111 questions and answers

ECON 101 Exam 1 chapters 1-3 |111 questions and answers Macroeconomics is concerned with? - economy-wide variables economics can be defined as the social science that explains the... - choices that we make as we cope with scarcity in part, microeconomics is concerned with the study of.. - the effect government regulation has on the price of a product microeconomics is the study of - the choices that individuals and businesses make economists points out that scarcity confronts.. - the poor and the rich name a microeconomic topic - how rent ceilings impact the supply of apartments scarcity exists because.. - our wants exceed the resources available to satisfy them scarcity is - our inability to satisfy all our wants the study of the choices made by individuals is part of the definition of.. - microeconomics which of the following is a topic that would be studied by microeconomics A. why did the production and the number of jobs shrink in 2009? B. how will a lower price of digital cameras affect the quantity of cameras sold. C.what is the current unemployment rate in the united states D. will the current budget deficit affect the well being of the next generation? - B the branch of economics that deals with the analysis of the whole economy is called - macroeconomics macroeconomics topics include - total, nationwide employment the term human capital refers to - peoples knowledge and skill an outcome is considered efficient if.. - it is not possible to make someone better off without making anyone else worse off Entrepreneurs do all of the following EXCEPT A. bear risk from business decisions B. organize labor, land, and capital C. come up with new ideas about what and how to produce D. own all other resources used in the production process - own all the other resources used in the production process the income earned by the people who sell the services of the factor of production ________ is called ______. - entrepreneurship; profit The US producers decide to produce more compact cars and fewer SUV's as the price of gasoline rises. producers are answering the _______ part of one of the two big economic questions. - "what" the 2010 patient protection and affordable care act (obamacare) contains a provision that may require individuals to either purchase private health insurance or pay a tax. this is an example of.. - a mixed economy 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. - "how" which factors of production earns most income in the Unites States - labor which of the following is not a factor of production.. A. 100 shares of microsoft stock B. mineral resources C. an apartment building D. a university professor - A The "gifts of nature" are included as part of which factor of production? - land a natural resource, such as fishing territories, is considered an example of.. - land only according to economists market capitalism.. - is the best system available and some government intervention and regulation can either help or harm the social interest the opportunity cost of something you decide to get is.. - the highest valued alternative you give up to get it a positive statement is - about what is. a good economic model - includes only those features of the world that are needed for the purpose at hand. which of the following are true regarding "positive" statements A. they describe what ought to be B. they describe what is believed about and how the world appears C. they can be tested as to their accuracy - B and C give an example of a normative statement - you should eat less candy statements about what ought to be are called - normative statements give an example of a positive statement - people buy more of a good or service when its price falls "government should act to produce poverty levels" - this is a normative statement give another example of a positive statement - an increase in the price of pizza will lead fewer students to buy pizza the statement "an increase in the price of gasoline will lead to a decrease in the amount purchased" is - a positive statement normative economic statements - describe what ought to be another example of a positive statement A. we should cut back on our use of carbon based fuels B. every american should have access to health care C. the reserve ought to cut the interest rate D. increasing the minimum wage results in more unemployment. - D which of the following is a positive statement A. minimum wage of $7.50 per hour is a shame for the rich country like the US B. our planet is warming because of an increased carbon dioxide buildup in the atmosphere C. both these statements are positive D. neither of them are positive - B a cost due to increase in the activity is called - marginal cost you have the choice of going to hawaii for a week, staying at work for a week, or spending the week skiing. if you decide to go to hawaii, the opportunity cost is - the value of working or skiing, depending on which you would rather have done if you didnt go to hawaii if the marginal cost of an activity exceeds the marginal benefit, then - an alternative action will be selected you have the choice of going on vacation to florida for on week, staying at work for a week, or spending the week doing fixup project around the house. if you decide to go to florida, the opportunity cost of the trip is - work or doing fixup project, depending on which you would rather do if you did not go to florida opportunity cost means th