Quiz 1- Microeconomics

Only available on StudyMode
  • Download(s) : 1765
  • Published : January 31, 2013
Open Document
Text Preview
Return to Site
Assessment: Lesson 1 Quiz
Instructions
You have completed this quiz.
Assessment Score
Attempt Score: 14.00 out of a possible 15.00 (93.3%)
Assessment Score: 14.00 out of a possible 15.00 (93.3%)
Assessment Time: 19 minutes
|
Question 1:| A ________ cost of choosing to attend a concert is not only the out-of-pocket $ $ $ cost, but also the “opportunity cost” (lost wages or maybe extra sleep).  Every activity we undertake requires us to not pursue other opportunities.| Type:| Multiple Choice|

Points awarded:| 1.00 / 1.00|
Your answer(s):| •real|
Correct answer(s):| un-real
book keeping
 real 
fantasy|
|
Question 2:| There is much _____________ among economists about what goals should be emphasizedand how government policy and choices should be made.| Type:| Multiple Choice|
Points awarded:| 1.00 / 1.00|
Your answer(s):| •disagreement|
Correct answer(s):|  disagreement 
angst
agreement
gnashing of teeth|
|
Question 3:| The Principles of Economics are the generally accepted theories about ___________.| Type:| Multiple Choice|
Points awarded:| 1.00 / 1.00|
Your answer(s):| •resource allocation|
Correct answer(s):| uncertainty and probability
risk management
 resource allocation 
return on investment|
|
Question 4:| “Allocation” is concerned with how we choose to use our ________ resources on some variety of different projects.| Type:| Multiple Choice|
Points awarded:| 1.00 / 1.00|
Your answer(s):| •limited|
Correct answer(s):| unlimited
 limited 
natural
human|
|
Question 5:| Ecological balance is the goal that assumes the global economy can achieve balanced economic conditions ___________________ .| Type:| Multiple Choice|
Points awarded:| 1.00 / 1.00|
Your answer(s):| •while maintaining a sustainable, living planet| Correct answer(s):| only if pollution is kept at zero
only if inflation is maximized
only if unemployment is minimized
 while maintaining a sustainable, living planet |
|
Question 6:| A Fallacy of Composition exists when we conclude that something that is good for ___________ is also good for the entire society.| Type:| Multiple Choice|
Points awarded:| 1.00 / 1.00|
Your answer(s):| •an individual|
Correct answer(s):| a female
a male
 an individual 
none of the above|
|
Question 7:| A balance of responsibilities taken on by all people in each sector of the economy results in ________________ (equity) for all people.| Type:| Multiple Choice|
Points awarded:| 1.00 / 1.00|
Your answer(s):| •fairness of opportunity|
Correct answer(s):| fairness of results
 fairness of opportunity 
a full shot of adrenaline
a full shot of oxytocin|
|
Question 8:| ___________________ a nation must choose to balance its trade within the global markets in order to prosper.| Type:| Multiple Choice|
Points awarded:| 1.00 / 1.00|
Your answer(s):| •Over a reasonable period of time |
Correct answer(s):|  Over a reasonable period of time  
Every year
Once each month
There is never a time when|
|
Question 9:| __________ is the goal which seeks increases in goods and services produced.| Type:| Multiple Choice|
Points awarded:| 0.00 / 1.00|
Your answer(s):| •Full Employment|
Correct answer(s):|  Growth 
Full Employment
Stability
Ecological Balance|
|
Question 10:| The “marginal _________” of going to a particular concert is the additional benefit (satisfaction or pleasure) that is gained.| Type:| Multiple Choice|
Points awarded:| 1.00 / 1.00|
Your answer(s):| •utility|
Correct answer(s):| cost
 utility 
peanut butter
road rage|
|
Question 11:| _____________ are “social scientists”(concerned with human behavior and cultural values) who seek to optimize the allocation of scarce resources toward the maximum satisfaction possible for individuals, communities, and entire...
tracking img