ECON 102 Study Guide - Quiz Guide: Human Capital, Money-B, Capital Good

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fuchsiaswan981

3 May 2019

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Practice test 1: scarcity exists because, human wants exceed the resources available to satisfy them, some individuals have low income, the costs of production are high, some people make bad economic decisions, people take too much leisure time. Answer: c: scarcity forces people to, choose among available alternatives, cheat and steal, be unwilling to help others, live at a low standard of living, consume as much as they can as quickly as they can. Economics studies how: to organize production so that scarcity does not occur, firms make profits, we make choices in the face of scarcity, to create incentives so that scarcity does not exist, businesses reach decisions. Answer: c: microeconomics includes the study of the, aggregate effects on the national economy, recessions and inflation in the global economy, choices made by individuals and businesses, reasons why the government changes interest rates, nationwide unemployment rate.

Related Questions

The term scarcity in economics refers to the fact that:

a. Economic wants are limited and resources are abused.

b. Even in the riches country some people go hungry.

c. No country can produce enough products to satisfy everybody's economic wants.

d. It is impossible to produce too much of any particular good or service in a market economy.

mauvemule811

1. A consequence of the economic problem of scarcity is that:

a. Choices have to be made about how resources are used.

b. There is never too much of any good or service produced.

c. The production of goods and services must be controlled by the government.

d. The production-possibilities curve is bowed outward.

2. Microeconomics is concerned with issues such as:

a. The level of inflation in the economy

b. The demand for bottled water by individuals.

c. Maintaining a strong level of economic growth.

d. All of the choices.

3. In economics, scarcity means that:

a. A shortage of a particular good will cause the price to fall

b. A production possibilities curve cannot accurately represent the tradeoff between two goods.

c. Society's desires exceed the want-satisfying capability of the resources available to satisfy those desires.

d. The market mechanism has failed

4. A city's decision to limit smoking in public areas is an example of

a. The invisible hand at work.

b. The market mechanism at work.

c. Market failure.

d. Government intervention

brownsea-lion330

1) Which of the following is the best definition of economics? A) The study of how producers decide what inputs to hire and what outputs to produce. B) The study of how a provincial government allocates tax dollars. C) The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices. D) The study of how consumers spend their income. E) The study of how consumers and producers meet each other at the market.

ECON 102 Study Guide - Quiz Guide: Human Capital, Money-B, Capital Good

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