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WorksheetsEconomics Definitions
Total questions: 12
Worksheet time: 6mins
Scarcity exists because:
most people do not use their own personal resources as efficiently as possible
out ability to produce goods and services is limited compared to society's wants and needs
the government taxes income away from some sectors of the economy and transfers it to other sectors, leaving those that have been taxed with fewer resources
consumers want to pay the lowers price possible and producers want to make the highest profit possible.
Which of the following topics would be studied in macroeconomics?
The profit potential of a start-up technology firm in Dallas, Texas
The reaction of one firm to an increase in the price of health insurance
The effect of a tax cut on broad population consumer spending.
The determination of payments made to professional athletes.
"No one should be hungry in a country as wealthy as the United States" is what kind of statement:
Positive, what is.
Normative, what should be.
Futurist, what will be.
Microeconomic, specialized.
True or False: Labor is the mental and physical talents of people use to produce goods and services.
True
False
Potato
Microeconomics focuses primarily on:
economic growth and price stability within a country.
The behavior of consumers and how they are affected by government policies.
large scale economic aggregates, such as unemployment rates, inflation and economic growth.
government policy as it relates to fundamental economic questions.
Which of the following represents a positive statement? (What is.)
No one should be unemployed in Dallas.
Scarcity forces all societies to address the question of what to produce.
Wealthy people in the U.S. do not pay their fair share of taxes.
An equal distribution of income is the best distribution of income.
True or false: In terms of the product market, firms fall on the demand side and consumers fall on the supply side.
True
False
Bruh
All of these are examples of resources, except:
The Dallas ISD computer system
A factory worker
Mineral deposits
A bank account.
Frank left his job as a production engineer to start his own consulting business. He took $20,000 out of savings to rent an office and hired his sister to be his assistant. Frank is best described as which factor of production?
Land
Labor
Capital
Entrepreneurship
True or false: the impact of an increase in the price of personal computers on small businesses is most likely to be discussed in a macroeconomics course.
True
False
Orly
The purpose of a good theory or model is to:
predict the future with perfect accuracy
explain real world relationships
explain fictional relationships
make things more complicated than they are in the real world
Money is the most important form of capital:
True
False
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