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Mircoeconomics 2302 - Assessment: Lesson 1 Quiz

Question # 00014953
Subject: Economics
Topic: Microeconomics
Due on: 05/10/2014
Posted On: 05/10/2014 07:17 AM

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Question 1 (6062899): Ecological balance is the goal that assumes _______________ can achieve balanced economic conditions while maintaining a sustainable, living, planet.
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s): only the local community
the national economy
the global economy
only certain countries
________________________________________
Question 2 (6062880): The “marginal utility” of choosing to go to a particular concert is the ____________ benefit (satisfaction or pleasure) that is gained.
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s): total
additional
none of the above
all of the above
________________________________________
Question 3 (6062891): The amount of goods and services produced is measured by ____________ .
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s): Instant Gratification Index (IGI)
Gross Domestic Product (GDP)
Adrenaline Maximization Product (AMP)
Endorphin Utility Index (EUI)
________________________________________
Question 4 (6062896): Stability is the goal of economics seeking to allocate resources so that an economy does not experience __________________ .
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s): too much endorphin
too little adrenaline
the wrong amount of oxytocin
high inflation
________________________________________
Question 5 (6062904): A _________________ taken on by all people in each sector of the economy results in fairness of opportunity (equity) for all people.
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s): big dose of oxytocin
big dose of adrenaline
balance of responsibilities
none of the above
________________________________________
Question 6 (6062868): Economists are social scientists who seek to __________ the allocation of scarce resources with a goal of bringing at least “basic satisfaction” to all members of a society.
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s): optimize , that is “balance”
minimize, that is “hoard them for later”
sanitize, that is, “make them pollution free”
nationalize, that is “put them under government control”
________________________________________
Question 7 (6062865): “Allocation” is concerned with how we choose to use our scarce resources on ___________________.
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s): an unlimited number of projects
only Normative economic projects
only Positive economic projects
a limited variety of different projects
________________________________________
Question 8 (6062886): ________________ analyzes how we choose to use our resources on an aggregate (national)level and includes measures of performance such as inflation, unemployment, and federal government expenditures.
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s): Normative economics
Microeconomics
Macroeconomics
Positive economics
________________________________________
Question 9 (6062919): In the ____________________ of the Circular Flow model, Households provide Consumption Spending (or Revenues) to the Business sector in exchange for Goods and Services.

Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s): Resource Markets
Financial Markets
Government Markets
Product Markets
________________________________________
Question 10 (6062870): The Principles of Economics are the generally accepted theories about ___________.
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s): uncertainty and probability
risk management
resource allocation
return on investment
________________________________________
Question 11 (6062912): Over a reasonable period of time a nation must choose to balance its trade ____________ in order to prosper.
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s): within its own borders
within the global markets
with each and every person
with each and every business
________________________________________
Question 12 (6062908): The description of an economy by stating “opinions” is called _______________ .
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s): Macroeconomics
Positive economics
Microeconomics
Normative economics
________________________________________
Question 13 (6062917): If you, as an individual, conclude that doubling your pay check is a good thing for you, then it must be a good thing for the entire society.
Type: True or False
Points awarded: 1.00 / 1.00

Correct answer(s): True
False
________________________________________
Question 14 (6062876): Being ________ means being able to clearly understand what one needs and being able to clearly understand the cost of gaining the fulfillment of each need.
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s): good at karate
good at pole vaulting
good at ethnic dancing
rational
________________________________________
Question 15 (6062882): A ________ cost of choosing to attend a concert is not only the out-of-pocket $ $ $ cost, but also the “opportunity cost” (lost wages or maybe extra sleep). Every activity we undertake requires us to not pursue other opportunities.
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s): un-real
book keeping
real
fantasy


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Mircoeconomics 2302 - Assessment: Lesson 1 Quiz with COrrect Answers

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