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Arnold Economics 1 Test

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1.
What is cost?
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2.
A resource is also known as an _____ or a ______.
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3.
Macroeconomics
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4.
Name the four major catagories of resources.
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5.
The condition whereby our desire for goods and services exceeds our ability to produce goods and services.
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6.
Economic efficiency occurs when marginal benefits _____ marginal costs.
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7.
What happens to marginal benefits as the quantity (of the action) increases?
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8.
True or False: "As the cost of an action increases, you will be more likely to do the action."
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9.
A _____ is anything that gives a person utility or satisfaction. It is something that people want more of.
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10.
True or False: "If automobile seatbelt usage increases then there would be fewer and less severe injuries from automobile accidents."
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11.
True or False: "If the government increases the minimum wage that must be paid to all workers then the incomes of workers will increase."
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12.
What does it mean to say that "there is no such thing as a free lunch?"
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13.
What does in mean to make "decisions at the margin"?
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14.
Identify three implications of scarcity.
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15.
A _____ is something that gives people disutility or dissatisfaction. It is something that people want less of.
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16.
What does it mean to say "there are no $10 bill on the sidewalk"?
A.
Scarcity
B.
equals
C.
bad
D.
good
E.
False because some workers may not be hired (and their income will fall).
F.
(1) we are forced to make choices, (2) we need a rationing device, and (3) the existence of competition
G.
Marginal benefits decrease.
H.
input or a factor of production
I.
The area of economics that studies relativly large units such as the whole economy or major sectors of the economy.
J.
False, you will be less likely as the cost increases.
K.
It means that actions have costs.
L.
Land (natural resources), labor, capital, entrepreneurship
M.
False because automobile drivers may drive more recklessly or less careful (because they feel safer).
N.
If there is a net benefit from an activity then people will pursue it until it no longer exists.
O.
The highest valued foregone alternative.
P.
You continue an action as long as the marginal benefits > marginal costs (you do not do an additional action if the marginal benefits < marginal costs)
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17.
_____ is the satisfaction one receives from a good or service.
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18.
A ______ is anything used to produce a good or service.
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19.
What happens to marginal costs as the quantity (of the action) increases?
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20.
_____ is the dissatisfaction one receives from a good or service.
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21.
A _____ is a mechanism or means for deciding who gets what.
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22.
The study of "what should be" in economics (value judgements that can not be tested).
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23.
The additional costs of an action (the change in total costs for one more unit of the action)
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24.
The area of economics that studies relativly small units such as the individual or the firm.
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25.
The study of "what is" in economics (causal relationships that can be tested).
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26.
The additional benefits of an action (the change in total benefits for one more unit of the action)

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