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When economists speak of scarcity, they are referring to the
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Entrepreneurship is
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Chapter 01
ECON Ch. 1
| Question | Answer |
|---|---|
| When economists speak of scarcity, they are referring to the | condition in which people's wants outstrip the limited resources available to satisfy those wants. |
| Entrepreneurship is | the talent for organizing the use of land, labor and capital, among other things. |
| The headline in the newspaper reads "County Supervisors Debate Building New Schools." The headline relates closest to which economic concept? | choice |
| It usually takes less time to buy a six-pack of 7-Up, a loaf of bread, and a half-gallon of ice cream at a small than at a large, full-service grocery store. Which persons is most likely to buy these items at a convenience store? convenience store. | a person with high opportunity cost of time |
| Attempts to determine "what is" are part of __________ economics. | positive |
| Which of the following is a normative macroeconomics statement? | The central bank should increase the nation's money supply. |
| The latest Lady Gaga album is available to be downloaded for $12.99. Is this price a rationing device? | Yes, because the album will only be purchased by people who are willing and able to pay $12.99. |
| In all cases, microeconomics deals with | relatively small units in the economy. |
| In economics, a synonym for utility is | satisfaction. |
| Several years ago, a bookstore chain extended its closing time from 9 p.m. to 10 p.m. Now it is considering a further extension to 11 p.m. In making this marginal decision, the results of having gone from 9 p.m. to 10 p.m. are | no longer relevant to the current decision. |
| Most states have instituted mandatory seatbelt laws to reduce traffic fatalities. An economist may point out that an unintended effect of these laws is | an increase in risky driving behavior, increasing fatalities. |
| Which of the following would NOT be considered a macroeconomic topic? | the reasons for a decline in the price of crude oil |
| The opportunity cost of attending college | consists of the tuition costs only. |
| The study of an economy's price level is explicitly a part of | macroeconomics. |
| If variable X goes down as variable Y goes down, then X and Y are | directly related. |
| Two variables are independent if as one variable __________, the other variable __________. | changes; does not change. |
| Scarcity is defined as the condition in which | wants are infinite and resources finite. |
| Something that provides disutility is called a | bad. |
| "If you hadn't gone to dinner with your friends, you would have stayed home and surfed the Internet." It follows that | surfing the Internet is the opportunity cost of having dinner with your friends. |
| The cost of building a new interstate highway system is reported to be high at $25 billion. Does it necessarily follow that the interstate highway is not worth building? | No, because the benefits of building a new interstate highway system may be greater than $25 billion. |
| Which of the following statements is false? | Positive and normative economics both address what should be. |
| In general, there is a ______________ relationship between the number of hours spent studying for a test and the grade earned on the test. | direct |
| Which of the following is a possible rationing device? | a, b, and c |
| Refer to Exhibit 1-1. The student whose study habits are illustrated here will maximize the net benefits of studying when she has studied | 6 hours |
| Ceteris paribus means | all other things held constant or nothing else changes. |
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