Microeconomics Chapters 1 & 2
Authored by Jillian Sanchez
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29 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For economists, the word "utility" means
versatility and flexibility.
rationality
pleasure or satisfaction.
purposefulness.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When economists refer to scarcity, they are referring to
a situation where what we want of something exceeds what we have of that thing.
a situation where what we have of something exceeds what we want of that thing.
any situation where an item is limited in amount.
the want-satisfying properties of a good or service.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics may best be defined as the
interaction between macro and micro considerations.
social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity.
empirical testing of value judgments through the use of logic.
study of why people are rational.
4.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
The economic principle that the "unemployment rate will tend to increase as the economy moves into a recession" is an example of
a normative statement.
an assumption.
loaded terminology.
a generalization.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The scientific method is
not applicable to economics because economics deals with human beings.
also known as the economic perspective.
employed to form hypotheses out of existing laws and theories.
used by economists and other social scientists, as well as by physical scientists and life scientists, to formulate and test hypotheses.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Latin term "ceteris paribus" means
that if event A precedes event B, A has caused B.
that economics deals with facts, not values.
other things equal.
prosperity inevitably follows recession.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The basic purpose of the other-things-equal assumption is to
allow one to reason about the relationship between variables X and Y without the intrusion of variable Z.
allow one to focus upon micro variables by ignoring macro variables.
allow one to focus upon macro variables by ignoring micro variables.
determine whether X causes Y or vice versa.
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