Grantham ECN206 2023 January Week 1 Quiz Latest

ECN206 Macroeconomics

Week 1 Quiz   

Question 1What do economists mean when they state that a good is scarce?

Question 2Economic choice and competitive behavior are the result of

Question 3The expression, "There's no such thing as a free lunch," implies that

Question 4Which one of the following is a positive economic statement?

Question 5The basic difference between macroeconomics and microeconomics is that

Question 6Which of the following sayings best reflects the concept of opportunity cost?

Question 7Which of the following will most likely occur under a system of clearly defined and enforced private property rights?

Question 8If an economy is operating at a point inside the production possibilities curve,

Question 9The primary benefit that results when a nation employs its resources in accordance with the principle of comparative advantage is

Question 10Three basic decisions must be made by all economies. What are they?