Quiz Essay - 1087 Words

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†¦show more content†¦He decidesto study an extra hour for his philosophy exam. This is an example of A) thinking at the margin.B) using assumptions to simplify.C) ceteris paribus.D) caveat emptor.Points Earned: 0.4/0.4Correct Answer(s): A 10.When economists assume that people are rational and respond to incentives, they meanA) people act with kindness.B) people are altruistic.C) people act in their own self-interest.D) people are selfish.Points Earned: 0.4/0.4Correct Answer(s): C 11.Macroeconomics is best described as the study of A) very large issues.B) the choices made by individual households, firms, and governments.C) the nations economy as a whole.D) the relationship between inflation and wage inequality.Points Earned: 0.4/0.4Correct Answer(s): C 12.Which of the following is a microeconomic question?A) Should companies pay for employees health insurance?B) Why do some countries have higher economic growth rates than other countries?C) Should Congress and the president take action to reduce the unemployment rate?D) Should the Fed attempt to influence the interest rate to control potential inflation?Points Earned: 0.4/0.4Correct Answer(s): A 13.There is a positive relationshipShow MoreRelatedEssay The Quiz Show1015 Words   |  5 Pages The film, â€Å"The Quiz Show† is about the famous public revealing of a rigged television production called Twenty-One during the 1950s. 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