Font size
WorksheetsHIST 151 - 3wk
Total questions: 21
Worksheet time: 16mins
In the Keynesian equation: (a) = C + I + G + NX
A (a) is a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services and can be physical or digital
Which of the following is a term in economics that states that people know what they like and can rank different things.
Utility
Completeness
Non-satiation
Transitivity
None of these
Which of the following is a term in economics that states that preferences extend to other items. If I like A>B and B>C then you can guess that I would like A>C
Utility
Completeness
Non-satiation
Transitivity
None of these
Which of the following is a term in economics that states that more is always better than less
Utility
Completeness
Non-satiation
Transitivity
None of these
Which of the following is under-supplied by a free market?
Private Goods
Club Goods
Public Goods
Common Resources
All of these
A market (a) is the economic situation defined by an inefficient distribution of goods and services in the free market. Examples of this are externalities and information asymmetries.
If prices in a market are very high, this is a market failure.
True
False
Externalities are included in the price of an item.
True
False
The following is a positive economic statement: Women must make the same income as men.
True
False
The following is a normative economic statement: Since Covid, the government really needs to help reduce poverty by helping tourism sector employees.
True
False
Economic (a) is the worth of a good or service determined by people's preferences and the trade-offs they choose given their scarce resources or utility. If it is higher than price, people will buy it.
(a) is the accumulated assets of an economic actor that can be used to generate income for the business or individual.
Economic (a) are the things that motivate you to engage in certain behavior because they are the path towards achieving your preferences, such as wealth or social status.
Land, labor, capital, and human capital (entrepreneurialism) are the necessary conditions known as the factors of (a) .
Information (a) is when the buyer and seller know different amounts of information about a good or service in a market
Rational choices are always the correct choice to make.
True
False
In the Keynesian equation, what does the variable I stand for?
(a)
Coercion increase market efficiency.
True
False
(a) increases market efficiency.
A rational person will take an action if the marginal ______ < the marginal _______.
(a)
