quiz cua duy dep trai

The households and societies face many decisions because

• a. resources are scarce.

• b. goods and services are not scarce.

• c. incomes fluctuate with business cycles.

• d. people, by nature, tend to disagree.

The study of how society manages its scarce resources is known as:

• a. production methods.

• b. Economics.

• c. how households decide who performs which tasks.

• d. the interaction of business and government.

The word "equality" is used to describe a situation in which

• a. cach member of society has the same income.

• . each member of society has access to abundant quantities. of goods and services, regardless of his or her income.

• society is getting the maximum benefits from its scarce resources

• d. society's resources are used efficiently.

The property of society getting the most it can from its. scarce resources is called

• . equity.

• efficiency.

• c. equality.

• d. efficacy.

People say that "There is no such thing as a free lunch," means

• even people on welfare have to pay for food.

• the cost of living is always increasing.

• people face tradeoffs.

• all costs are included in the price of a product.

The term opportunity cost is known as:

• . the number of hours needed to earn money to buy the item.

• b. what you give up to get that item.

• usually less than the dollar value of the item.

• d. the dollar value of the item.

rational decision maker takes an action only if the

• marginal benefit is less than the marginal cost.

• marginal benefit is greater than the marginal cost.

• average benefit is greater than the average cost.

• marginal benefit is greater than both the average cost and the marginal cost.

When the price of an apple rises, people decide to eat fewer apples" mean people respond to

• laws.

• . incentives.

• c. punishments more than rewards.

• d. rewards more than punishments.

Which of the following statements about trade is true EXCEPT?

• a. Trade increases competition.

• b. With trade, one country wins and one country loses.

• c. Bulgaria can benefit, potentially, from trade with any other country.

• . Trade allows people to buy a greater variety of goods and services at lower cost.

The invisible hand is found by

• a. Isaac Newton.

• b. Adam Smith.

• c. Philip Kotler.

• d. Karl Marx