19:12 1! ← ECON-100 MC Questions-22 DEC 2022 - Rea READ-ONLY - This is an older file for... 1) In economics, choices must be made because we live in a world of A) unemployment. B) scarcity. (78¹4 C) greed. D) unlimited resources. 2) Which of the following statements is true about scarcity? A) Scarcity refers to the situation in which unlimited wants exceed limited resources. B) Scarcity is not a problem for the wealthy. C) Scarcity is only a problem when a country has too large a population. D) Scarcity arises when there is a wide disparity in income distribution. 3) The basic economic problem of has always existed and will continue to exist. A) scarcity B) efficiency C) inflation D) recession 4) By definition, economics is the study of A) how to make money in the stock market. B) how to make money in a market economy. C) the choices people make to attain their goals, given their scarce resources. D) supply and demand. 5) An economic is a simplified version of some aspect of economic life used to analyze an economic issue. A) market B) trade-off C) variable D) model 6) The term a product and the arrangement by which they come together to trade. A) collective B) cooperative C) market D) trade-off in economics refers to a group of buyers and sellers of 7) Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? A) marginal revenue B) gross earnings C) pure profit D) marginal costs 8) Economists reason that the optimal decision is to continue any activity up to the point where the A) marginal benefit is zero. B) marginal benefit is greater than the marginal cost. C) marginal cost is zero. D) marginal benefit equals the marginal cost.
19:12 1! ← ECON-100 MC Questions-22 DEC 2022 - Rea READ-ONLY - This is an older file for... 1) In economics, choices must be made because we live in a world of A) unemployment. B) scarcity. (78¹4 C) greed. D) unlimited resources. 2) Which of the following statements is true about scarcity? A) Scarcity refers to the situation in which unlimited wants exceed limited resources. B) Scarcity is not a problem for the wealthy. C) Scarcity is only a problem when a country has too large a population. D) Scarcity arises when there is a wide disparity in income distribution. 3) The basic economic problem of has always existed and will continue to exist. A) scarcity B) efficiency C) inflation D) recession 4) By definition, economics is the study of A) how to make money in the stock market. B) how to make money in a market economy. C) the choices people make to attain their goals, given their scarce resources. D) supply and demand. 5) An economic is a simplified version of some aspect of economic life used to analyze an economic issue. A) market B) trade-off C) variable D) model 6) The term a product and the arrangement by which they come together to trade. A) collective B) cooperative C) market D) trade-off in economics refers to a group of buyers and sellers of 7) Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? A) marginal revenue B) gross earnings C) pure profit D) marginal costs 8) Economists reason that the optimal decision is to continue any activity up to the point where the A) marginal benefit is zero. B) marginal benefit is greater than the marginal cost. C) marginal cost is zero. D) marginal benefit equals the marginal cost.
Chapter1: Introducing The Economic Way Of Thinking
Section: Chapter Questions
Problem 16SQ
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ECON-100 MC Questions-22 DEC 2022 - Rea
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←
READ-ONLY - This is an older file for...
1) In economics, choices must be made because we live in a world of
A) unemployment.
B) scarcity.
C) greed.
D) unlimited resources.
2) Which of the following statements is true about scarcity?
A) Scarcity refers to the situation in which unlimited wants exceed limited
resources.
B) Scarcity is not a problem for the wealthy.
C) Scarcity is only a problem when a country has too large a population.
D) Scarcity arises when there is a wide disparity in income distribution.
3) The basic economic problem of
has always existed and will
continue to exist.
A) scarcity
B) efficiency
C) inflation
D) recession
4) By definition, economics is the study of
A) how to make money in the stock market.
B) how to make money in a market economy.
C) the choices people make to attain their goals, given their scarce resources.
D) supply and demand.
5) An economic
78
life used to analyze an economic issue.
A) market
B) trade-off
C) variable
D) model
6) The term
is a simplified version of some aspect of economic
(0) T1.
in economics refers to a group of buyers and sellers of
a product and the arrangement by which they come together to trade.
A) collective
B) cooperative
C) market
D) trade-off
7) Which of the following is a term used by economists to describe the money
received from the sale of an additional bag of potatoes?
A) marginal revenue
B) gross earnings
C) pure profit
D) marginal costs
8) Economists reason that the optimal decision is to continue any activity up
to the point where the
A) marginal benefit is zero.
B) marginal benefit is greater than the marginal cost.
C) marginal cost is zero.
D) marginal benefit equals the marginal cost.
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