Question 1

The existence of alternative uses for a resource implies it isn't scarce.

Accepted Answer

A) True 
 B)False

Question 2

Scarcity in economics means:

Accepted Answer

A)  not having sufficient resources to produce all the goods and services we want. 
B)  the wants of people are limited. 
C)  there must be poor people in rich countries. 
D)  economists are clearly not doing their jobs. 
A)  not having sufficient resources to produce all the goods and services we want. 
B)  the wants of people are limited. 
C)  there must be poor people in rich countries. 
D)  economists are clearly not doing their jobs.

Question 3

A theory or model is a simplification of reality, in much the same way that a road map shows only those features needed to get from one point to another.

Accepted Answer

A) True 
 B)False

Question 4

Ceteris paribus means:

Accepted Answer

A)  allowing all other things to change. 
B)  making value judgments. 
C)  all other things unchanged. 
D)  differentiating between macroeconomics and microeconomics. 
A)  allowing all other things to change. 
B)  making value judgments. 
C)  all other things unchanged. 
D)  differentiating between macroeconomics and microeconomics.

Question 5

A term that means "all other things unchanged" is:

Accepted Answer

A)  dependent variable. 
B)  independent variable. 
C)  quid pro quo. 
D)  ceteris paribus. 
A)  dependent variable. 
B)  independent variable. 
C)  quid pro quo. 
D)  ceteris paribus.

The existence of alternative uses for a resource implies it isn't scarce.

Scarcity in economics means:

A theory or model is a simplification of reality, in much the same way that a road map shows only those features needed to get from one point to another.

Ceteris paribus means:

A term that means "all other things unchanged" is:

Demand and Supply

Applications of Supply and Demand

Macroeconomics: the Big Picture

Measuring Total Output and Income

Aggregate Demand and Aggregate Supply

Economic Growth

The Nature and Creation of Money

Financial Markets and the Economy

Monetary Policy and the Fed

Government and Fiscal Policy

Consumption and the Aggregate Expenditures Model

Investment and Economic Activity

Net Exports and International Finance

Inflation and Unemployment

A Brief History of Macroeconomic Thought and Policy

Inequality, Poverty, and Discrimination

Filters

Exam 1: Economics: the Study of Choice

The existence of alternative uses for a resource implies it isn't scarce.

Scarcity in economics means:

A theory or model is a simplification of reality, in much the same way that a road map shows only those features needed to get from one point to another.

Ceteris paribus means:

A term that means "all other things unchanged" is:

Demand and Supply

Applications of Supply and Demand

Macroeconomics: the Big Picture

Measuring Total Output and Income

Aggregate Demand and Aggregate Supply

Economic Growth

The Nature and Creation of Money

Financial Markets and the Economy

Monetary Policy and the Fed

Government and Fiscal Policy

Consumption and the Aggregate Expenditures Model

Investment and Economic Activity

Net Exports and International Finance

Inflation and Unemployment

A Brief History of Macroeconomic Thought and Policy

Inequality, Poverty, and Discrimination

Filters