Question 1

The study of economics arises due to

Accepted Answer

A)  money. 
B)  scarcity. 
C)  greed. 
D)  resources. 
A)  money. 
B)  scarcity. 
C)  greed. 
D)  resources.

Question 2

Suppose that to move more people off the wait list for organ donations,surgeons and hospitals are developing a market for organ swapping.This is an example of a macroeconomics topic.

Accepted Answer

A) True 
 B)False

Question 3

The term "market" refers only to trading arrangements that have been approved by the government.

Accepted Answer

A) True 
 B)False

Question 4

Voluntary exchange increases economic efficiency

Accepted Answer

A)  because neither the buyer nor the seller would agree to a trade unless they both benefit. 
B)  because voluntary exchange only takes place with government permission. 
C)  because it is free and consequently does not cost anything. 
D)  because it allows wealthy individuals to act altruistically and give to the poor. 
A)  because neither the buyer nor the seller would agree to a trade unless they both benefit. 
B)  because voluntary exchange only takes place with government permission. 
C)  because it is free and consequently does not cost anything. 
D)  because it allows wealthy individuals to act altruistically and give to the poor.

Question 5

The cost incurred from the production of an additional unit of a product

Accepted Answer

A)  is a marginal cost to the firm. 
B)  is called a loss. 
C)  is called opportunity cost. 
D)  must be zero for a firm to be efficient. 
A)  is a marginal cost to the firm. 
B)  is called a loss. 
C)  is called opportunity cost. 
D)  must be zero for a firm to be efficient.

Question 6

Who receives the goods and services produced in the United States depends largely on

Accepted Answer

A)  how income is distributed. 
B)  how the goods and services are produced. 
C)  what goods and services are produced. 
D)  government redistribution. 
A)  how income is distributed. 
B)  how the goods and services are produced. 
C)  what goods and services are produced. 
D)  government redistribution.

The study of economics arises due to

Suppose that to move more people off the wait list for organ donations,surgeons and hospitals are developing a market for organ swapping.This is an example of a macroeconomics topic.

The term "market" refers only to trading arrangements that have been approved by the government.

Voluntary exchange increases economic efficiency

The cost incurred from the production of an additional unit of a product

Who receives the goods and services produced in the United States depends largely on

Trade-Offs, comparative Advantage, and the Market System

Where Prices Come From: the Interaction of Demand and Supply

Economic Efficiency, government Price Setting, and Taxes

The Economics of Health Care

Firms, the Stock Market, and Corporate Governance

Comparative Advantage and the Gains From International Trade

Gdp: Measuring Total Production and Income

Unemployment and Inflation

Economic Growth, the Financial System, and Business Cycles

Long-Run Economic Growth: Sources and Policies

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money, banks, and the Federal Reserve System

Monetary Policy

Fiscal Policy

Inflation, unemployment, and Federal Reserve Policy

Macroeconomics in an Open Economy

The International Financial System

Filters

Exam 1: Economics: Foundations and Models

The study of economics arises due to

Suppose that to move more people off the wait list for organ donations,surgeons and hospitals are developing a market for organ swapping.This is an example of a macroeconomics topic.

The term "market" refers only to trading arrangements that have been approved by the government.

Voluntary exchange increases economic efficiency

The cost incurred from the production of an additional unit of a product

Who receives the goods and services produced in the United States depends largely on

Trade-Offs, comparative Advantage, and the Market System

Where Prices Come From: the Interaction of Demand and Supply

Economic Efficiency, government Price Setting, and Taxes

The Economics of Health Care

Firms, the Stock Market, and Corporate Governance

Comparative Advantage and the Gains From International Trade

Gdp: Measuring Total Production and Income

Unemployment and Inflation

Economic Growth, the Financial System, and Business Cycles

Long-Run Economic Growth: Sources and Policies

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money, banks, and the Federal Reserve System

Monetary Policy

Fiscal Policy

Inflation, unemployment, and Federal Reserve Policy

Macroeconomics in an Open Economy

The International Financial System

Filters