Question 1

The problem of scarcity is confronted by:

Accepted Answer

A)  industrialized societies. 
B)  pre-industrialized societies. 
C)  societies governed by communist philosophies. 
D)  all societies. 
A)  industrialized societies. 
B)  pre-industrialized societies. 
C)  societies governed by communist philosophies. 
D)  all societies.

Question 2

The study of a single firm and how it determines prices would fall under:

Accepted Answer

A)  macroeconomics. 
B)  microeconomics. 
C)  the study of inflation. 
D)  normative economics. 
A)  macroeconomics. 
B)  microeconomics. 
C)  the study of inflation. 
D)  normative economics.

Question 3

Whenever a choice is made:

Accepted Answer

A)  the value of all the other choices that could have been made is called opportunity cost. 
B)  normative economics is encountered. 
C)  the problem of "all other things unchanged" results. 
D)  the opportunity cost of that choice is the highest-valued other choice that could have been made. 
A)  the value of all the other choices that could have been made is called opportunity cost. 
B)  normative economics is encountered. 
C)  the problem of "all other things unchanged" results. 
D)  the opportunity cost of that choice is the highest-valued other choice that could have been made.

Question 4

A hypothesis that has been tested extensively without being rejected and has won widespread acceptance is a:

Accepted Answer

A)  model. 
B)  constant. 
C)  variable. 
D)  theory. 
A)  model. 
B)  constant. 
C)  variable. 
D)  theory.

Question 5

A hypothesis is an assertion that can be:

Accepted Answer

A)  proven to be false. 
B)  proven to be true. 
C)  proven to be true or false. 
D)  tested only in the normative sense. 
A)  proven to be false. 
B)  proven to be true. 
C)  proven to be true or false. 
D)  tested only in the normative sense.

The problem of scarcity is confronted by:

The study of a single firm and how it determines prices would fall under:

Whenever a choice is made:

A hypothesis that has been tested extensively without being rejected and has won widespread acceptance is a:

A hypothesis is an assertion that can be:

Confronting Scarcity: Choices in Production

Demand and Supply

Applications of Supply and Demand

Elasticity: a Measure of Response

Markets, Maximizers, and Efficiency

The Analysis of Consumer Choice

Production and Cost

Competitive Markets for Goods and Services

Monopoly

The World of Imperfect Competition

Wages and Employment in Perfect Competition

Interest Rates and the Markets for Capital and Natural Resources

Imperfectly Competitive Markets for Factors of Production

Public Finance and Public Choice

Antitrust Policy and Business Regulation

International Trade

The Economics of the Environment

Inequality, Poverty, and Discrimination

Filters

Exam 1: Economics: The Study of Choice

The problem of scarcity is confronted by:

The study of a single firm and how it determines prices would fall under:

Whenever a choice is made:

A hypothesis that has been tested extensively without being rejected and has won widespread acceptance is a:

A hypothesis is an assertion that can be:

Confronting Scarcity: Choices in Production

Demand and Supply

Applications of Supply and Demand

Elasticity: a Measure of Response

Markets, Maximizers, and Efficiency

The Analysis of Consumer Choice

Production and Cost

Competitive Markets for Goods and Services

Monopoly

The World of Imperfect Competition

Wages and Employment in Perfect Competition

Interest Rates and the Markets for Capital and Natural Resources

Imperfectly Competitive Markets for Factors of Production

Public Finance and Public Choice

Antitrust Policy and Business Regulation

International Trade

The Economics of the Environment

Inequality, Poverty, and Discrimination

Filters