Posted: August 27th, 2020

Economics question, multiple choice help

Question description

The situation in which there is not enough of something to satisfy all the desires for that thing is called . . .Question 1 options:1) abundance.2) scarcity.3) demand.4) plethora.Save Question 2 (2 points) The study of the behavior of a nation’s economy is called . . .Question 2 options:1) normative economics.2) positive economics.3) macroeconomics.4) microeconomics.Save Question 3 (2 points) The three fundamental production questions of an economic organization are . . .Question 3 options:1) when, for whom, and how.2) what, how, and for whom.3) who, how, and when.4) what, who, why.Save Question 4 (2 points) ________________ is opportunity lost.Question 4 options:1) Opportunity cost2) Efficiency3) Economics4) ScarcitySave Question 5 (2 points) Labor statistics showing men earn more income than women for the same work is an example of . . .Question 5 options:1) normative economics.2) positive economics.3) macroeconomics.4) microeconomics.Save Question 6 (2 points) Feeling that woman should be paid the same as men for the same work is an example of . . .Question 6 options:1) normative economics.2) positive economics.3) macroeconomics.4) microeconomics.Save Question 7 (2 points) A society being on its PPF/PPC implies that the economy is experiencing . . .Question 7 options:1) productive profits.2) productive organs.3) productive equity.4) productive efficiency.Save Question 8 (2 points) Where buyers and sellers interact to set prices and make exchanges:Question 8 options:1) Capital2) Stability3) Market4) SpecializationSave Question 9 (2 points) Consist of land, labor, and capital:Question 9 options:1) Natural Resources2) Property Rights3) Factors of Consumption4) Factors of ProductionSave Question 10 (2 points) Price X Quality = . . .Question 10 options:1) Profit2) Total Revenue3) Marginal Revenue4) Marginal CostSave Question 11 (2 points) Opportunity lost is . . .Question 11 options:1) opportunity cost.2) efficiency3) economics4) scarcitySave Question 12 (2 points) A cost-cutting technological advance in the production of cars will tend to initially cause . . .Question 12 options:1) the demand curve for cars to shift to the left.2) the demand curve for cars to shift to the right.3) the supply curve for cars to shift to the right.4) the supply curve for cars to shift to the left.Save Question 13 (2 points) Wants/needs are to unlimited and resources are . . .Question 13 options:1) unlimited.2) limited.3) not necessary.4) attainable in only large quantities.Save Question 14 (2 points) Not using resources to the fullest corresponds to being inside the PPC/PPF and using resources to the fullest corresponds to . . .Question 14 options:1) being inside the PPC/PPF.2) being outside on the PPC/PPF.3) being on the PPC/PPF.4) being under the PPC/PPF.Save Question 15 (2 points) One company’s economy is microeconomics and one country’s economy is . . .Question 15 options:1) macroeconomics.2) econometrics.3) political science.4) microeconomics.Save Question 16 (2 points) Money going out to pay for energy, rent, raw materials, etc. relates to expenses and money coming in from sales of goods and services relates to . . .Question 16 options:1) profit.2) revenue.3) expenses.4) opportunity cost.Save Question 17 (2 points) The three main categories of resources are . . .Question 17 options:1) revenue, expenses, and profit.2) macroeconomics, microeconomics, and international trade.3) what to produce, how to produce, and for whom to produce.4) land, labor, and capital.Save Question 18 (2 points) A shift to the right of the demand curve for X . . .Question 18 options:1) tends to increase the price of X.2) tends to decrease the price of X.3) tends to lead at no charge in the price of X.4) has no relationship to the price of X.Save Question 19 (2 points) A shift to the right of the supply curve for X . . .Question 19 options:1) tends to increase the price of X.2) tends to decrease the price of X.3) tends to lead at no charge in the price of X.4) has no relationship to the price of X.Save Question 20 (2 points) The two institutions that have played a major role in reducing poverty around the world and have allowed entrepreneurs to provide goods and services in open markets are . . .Question 20 options:1) Wal-Mart and Exxon-Mobile.2) private property rights and rule of law.3) labor and capital.4) supply and demand.

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