economics midterm

Front

According to the text, economics is: The science of how and why people, businesses, and government make the choices they do

Back

The science of how and why people, businesses, and government make the choices they do.

Front

Which of the following examples falls into the sphere of economics?
Options:
the rise and fall of the stock market,
a mothers trip to the supermarket,
a university class on business management,
all of the above

Back

all of the above

Front

According to the text, which of the following is not a reason that economics is considered a science? Options: economists being with observation, economists deal with logical processes, Economics use their findings to predict outcomes , economists use their knowledge to control outcomes

Back

economists deal with logical processes

Front

Conservation of natural resources primarily shows a grasp of which economic concept?

Back

scarcity

Front

The economic cost of a good or service is

Back

The value people place on it

Front

According to the Austrian economist Carl Menger, what determines the value of an object? Options: The labor of the producer, The quality of the raw materials, The utility for the user, The public good accomplished

Back

The utility for the user

Front

Your family decides to take a trip to Europe this summer instead of next because airline rates are currently low. What economic concept do the lower airline rates illustrate in your decision-making process?

Back

Opportunity benefit

Front

What principle does Henry Hazlitt remind readers of in his story about the broken window?

Back

hidden cost

Front

Which of the following statements is an example of positive economics?

1. The unemployment rate is 6%

,

1. Unemployment is worse than inflation

,

1. The major economic goal of our nation should be a low level of unemployment

,

1. We need to pray every day that God will protect us from unemployment

Back

The unemployment rate is 6%.

Front

What approach to economic study focuses on value judgments?

Back

Normative economics