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1.Economics is best defined as the study of A) financial decision-making.B) how consumers make purchasing decisions.C) choices made by people faced with scarcity.D) inflation, unemployment, and economic growth.Points Earned: 0.4/0.4Correct Answer(s): C 2.Scarcity can best be defined as a situation in whichA) there are no buyers willing to purchase what sellers have produced.B) there are not enough goods to satisfy all of the buyers' demand.C) the resources we use to produce goods and services are limited.D) there is more than enough money to satisfy consumers' wants.Points Earned: 0.4/0.4Correct Answer(s): C 3.An arrangement that allows buyers and sellers to exchange things is calledA) a contract.B) a market.C) money.D) efficient.Points Earned: 0.4/0.4Correct Answer(s): B 4.Tradeoff isA) allowing the government and other organizations to choose for us.B) sacrificing one thing for another.C) deciding who consumes the products produced in an economy.D) holding other variables fixed.Points Earned: 0.0/0.4Correct Answer(s): B 5.Which of the following is a question answered with positive economic analysis?A) Should the college reduce tuition for out-of-state residents?B) Should the college charge higher tuition for part-time students?C) If the college increased its eligibility requirements for enrollment, will class sizes decline?D) Should the college eliminate its athletic program to cut its costs?Points Earned: 0.4/0.4Correct Answer(s): C 6.Deciding if a company will produce automobiles by robotics or manual labor answers the economicquestion of A) who consumes the products produced.B) what products will be produced.C) where will the products be consumed.D) how will the products be produced.Points Earned: 0.4/0.4Correct Answer(s): D 7.To make things simpler and focus attention on what really matters, economists wouldA) use assumptions.B) ignore all variables.C) think at the margin.D) respond to incentives.Points Earned: 0.0/0.4Correct Answer(s): A 8.The Latin phrase...
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