Mircoeconomics 2302 – Assessment Quiz

Assessment: Lesson 1 Quiz

Question 1 : “Allocation” is concerned with how we choose to use our ________ resources on some variety of different projects.
Correct answer(s): unlimited
limited
natural
human

Question 2 : Economists seek to optimize the allocation of scarce resources toward the maximum satisfaction possible for __________________________ .
Correct answer(s): individuals
communities
entire societies
all the above

Question 3  The Principles of Economics are the generally accepted theories about ___________.
Correct answer(s): resources allocations
risk management
resource allocation
return on investment

Question 4 : Being “rational” means being able to clearly understand a) what one needs and b) the __________ in gaining the fulfillment of each need. Fi
Correct answer(s): reality of the cost
absence of any risk
absence of any uncertainty
lack of any benefit

Question 5: The “marginal _________” of going to a particular concert is the additional benefit (satisfaction or pleasure) that is gained.
Correct answer(s): cost
utility
peanut butter
road rage

Question 6 : A real cost of choosing to attend a concert is not only the out-of-pocket $ $ $ cost, but also the ________________ (lost wages or maybe extra sleep). Every activity we undertake requires us to not pursue other opportunities.
Correct answer(s):
fasntasy cost
book keeping
opportunity
unreal

Question 7 :
Macroeconomics analyzes how we choose to use our resources on an aggregate (national) level and includes measures of performance such as _________________ .
Correct answer(s): both b. and c. below
inflation
unemployment
consumer utility patterns

Question 8 : The goal of “Growth” is to increase the “real” ( _________________ ) value of GDP in an economy.
Correct answer(s):
products only
investments only
adjusted to not include inflation

Question 9  ______________ is the goal of economics seeking to allocate resources so that an economy does not experience high inflation.

Correct answer(s):
Ecological balance
Social balance
Full Employment
Stability

Question 10 : Ecological balance is the goal that assumes _______________ can achieve balanced economic conditions while maintaining a sustainable, living, planet.
Correct answer(s): only the local community
the national economy
the global economy
only certain countries

Question 11 : ____________ for citizens is a goal of economics within capitalism.

Correct answer(s): Bread and Circuses
Free lunch
A chicken in every pot
Freedom

Question 12 : A balance of responsibilities taken on by all people in each sector of the economy results in ________________ (equity) for all people.
Correct answer(s):
fairness of opportunity
a full shot of adrenaline
a full shot of oxytocin

Question 13 : The amount of emphasis placed on each “Macroeconomic Goal” is determined by the ______________ in a society.
Correct answer(s):
number of math majors
amount of psycho babble
cultural values

Question 14 : There is much _____________ among economists about what goals should be emphasized and how government policy and choices should be made.
Correct answer(s): disagreement
angst
agreement
gnashing of teeth

Question 15 : The statement, “According to a government report, the unemployment rate is at 3%”, is a __________ statement.
Correct answer(s):
Positive economic
Global economic
Normative economic

Question 16 : Over a reasonable period of time a nation must choose to balance its trade ____________ in order to prosper.
Correct answer(s):
within the global markets
with each and every person
with each and every business

Question 17 (5525678): The balance of trade is the difference between the ___________ of the goods and services that a nation exports and the __________ of what it imports.
Correct answer(s): marginal cost
marginal benefit
opportunity cost
monetary cost

Question 18 :
A ________________ exists when we conclude that something that is good for an individual is also good for the entire society.
Correct answer(s):
Marginal Analysis
Ceteris Paribus
Fallacy of Composition

Question 19 :
In the Resource (or Factor) Markets of the Circular Flow model, Households provide __________ to the Business sector in exchange for Interest.
Correct answer(s): Labor
Land (natural resources)
Capital (tools)
Entrepreneurship

Question 20
In the Product Markets of the Circular Flow model, Businesses provide Goods and Services to the ____________ sector in exchange for Consumption Spending (or Revenues)
Correct answer(s): Household
Financial
Foreign Trade