Question1 of 50 Economics is the study of how people make money. preferences are determined. psychology influences preferences..people make choices.
Question 2 of 50 In economics, all items that people would consume if they had unlimited income is known as wants.
Question 3 of 50 The issues that an economic system attempts to solve include what to produce. and how to produce items. for whom items are produced.All of the above
Question 4 of 50 The assumption that people do not intentionally make decisions that would leave them worse off is known as the rationality assumption.the microeconomic assumption.the ceteris paribus assumption.the normative assumption.
Question 5 of 50 Economic models is used to simplify reality to predict outcomes. exactly replicate reality. and predict all possible outcomes of a study. determine the thoughts of individuals.
Question 6 of 50 The opportunity cost of attending college might best be described as the money that must be paid in order to attend college.the lowest-valued alternative use of the student’s time.the highest-valued alternative use of the student’s time.the value that the student attaches to not working.
Question 7 of 50 If an economy is operating at a point inside the production possibilities curve, society’s resources are being inefficiently utilized. the curve will move to the left. society’s resources are being used to produce too many consumer goods. economic policy must be implemented to further slow the growth of the economy.
Question 8 of 50 Which of the following will most likely happen when better technology is used in production?An upward movement along the production possibilities curve. An outward shift of the production possibilities curve. An inward shift of the production possibilities curve. A downward movement along the production possibilities curve
Question 9 of 50 Comparative advantage is defined as which of the following?When a country can produce a good at a lower opportunity cost compared to other countries. When a country can produce all goods more quickly than any other country. When the production possibilities curve shifts outward to the right. Only for individuals and not countries
Question 10 of 50 Absolute advantage is defined as producing at a lower opportunity cost. producing a good by using the fewest inputs. producing a good only when demand is high.producing a good that requires imported components.
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