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Macro Chapter 1 - Terms

Authored by Kenneth Kunkel

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University

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Macro Chapter 1  - Terms
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of economics?

The study of weather patterns

The study of how people choose to use resources

The study of animal behavior

The study of ancient civilizations

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes a person who systematically and purposefully does the best they can to achieve their objectives?

Rational person

Economist

Producer

Consumer

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is economic surplus?

The amount by which benefits exceed costs

The total amount of money in circulation

The difference between imports and exports

The total value of all goods produced

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does opportunity cost refer to?

The cost of producing one more unit

The value of the next best alternative forgone

The total cost of all resources used

The price paid for a product

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines sunk cost?

A cost that can be recovered

A cost that has already been incurred and cannot be recovered

The cost of future investments

The cost of labor

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Marginal cost is:

The total cost of all units produced

The cost of producing one additional unit of a good

The cost of the first unit produced

The average cost per unit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is marginal benefit?

The benefit received from consuming one more unit of a good or service

The total benefit from all units consumed

The benefit from the first unit only

The average benefit per unit

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