Economics is a social science devoted to the study of
Question 1 options:
a)
politics and money
b)
events of the past
c)
the interactions of people and societies
d)
how people allocate scarce resources within an economic system
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Question 2 (1 point) Question 2 Unsaved
Scarcity is the condition that exists when unlimited wants exceed ____.
Question 2 options:
a)
limited resources
b)
unlimited resources
c)
limited factory workers
d)
the factories needed to produce goods
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Question 3 (1 point) Question 3 Unsaved
Ben decides to open a pet grooming business. He hires Joe as a groomer, Stacy as a receptionist, buys grooming equipment, and rents land to run his business from.
In the same order, Ben, Joe and Stacy, grooming equipment, and the property represent ____.
Question 3 options:
a)
capital, labor, entrepreneurship, land
b)
entrepreneurship, capital, labor, land
c)
entrepreneurship, labor, capital, land
d)
land, capital, labor, entrepreneurship
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Question 4 (1 point) Question 4 Unsaved
Opportunity cost is best described as ____.
Question 4 options:
a)
sum of all production costs
b)
value of the next best alternative given up when a choice is made
c)
the most expensive resource used in production
d)
monetary value of all alternatives foregone when decisions occur
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Question 5 (1 point) Question 5 Unsaved
The subjective satisfaction gained from a good or service is known as ____.
Question 5 options:
a)
utility
b)
productivity
c)
marginal analysis
d)
happiness measure
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Question 6 (1 point) Question 6 Unsaved
Carlos realizes that if he studies an extra hour for his test, he will score five points higher. For each extra hour spent studying, he is getting one hour less of sleep.
When deciding whether to spend an additional hour studying or sleeping, Carlos is engaged in what economic activity?
Question 6 options:
a)
trade negotiations
b)
bartering
c)
marginal analysis
d)
market transactions
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Question 7 (1 point) Question 7 Unsaved
When people use their resources so that the marginal benefits are equal to or exceed the marginal costs, they have made ____.
Question 7 options:
a)
decisions that eliminate scarcity
b)
rational economic decisions
c)
decisions that fail to use resources efficiently
d)
irrational economic decisions
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Question 8 (1 point) Question 8 Unsaved
Janice decides to spend $20 on a ticket to a concert instead of buying a new blouse. What is the opportunity cost of her decision?
Question 8 options:
a)
the benefit of having a new blouse
b)
the opportunity to go out with friends
c)
$20
d)
the enjoyment of the concert