WorksheetsMang. Econ C1
Total questions: 25
Worksheet time: 18mins
Scarcity is an economical concept where
society will NEVER have enough resources to produce the goods and services to satisfy all people's desires
society has enough resources to produce the goods and services to satisfy all people's needs
society may have enough resources to produce the goods and services to meet all people's needs FOR NOW
society needs to find other means of resources to produce the goods and services to meet all of people's desires
Scarcity happens because
people's desires are unlimited
people's desires are subjective/not easily understandable and industries waste too much time and resources trying to justify them
people did not use resources wisely
Economics is the study of how a) ... manages b) ... to fulfill c) ...
a) society
b) its scarce resources
b) people's unlimited needs
a) an organization
b) its operational orders
c) consumers' desires
a) individuals
b) resources
c) people's needs
Trade-off means
giving up one thing for another thing of equal value
presenting new bonds on the primary bond markets
trading a stock for a bond
Highest-valued alternate option that must be given up to get something is
(a)
there are ... principles of economics
(a)
people make decisions by comparing costs and benefits is economically called
(a)
In economics it is always assumed that a)............... and b)
a) rational behavior will lead to the best possibly market outcome
b) both consumers and producers behave
rationally
a) both consumers and producers behave
rationally
b) rational behavior will lead to the best possibly market outcome
a) rational people think at the margin
b) both consumers and producers behave
rationally
a) rational behavior will lead to the best possibly market outcome
b) rational people think at the margin
a) both consumers and producers behave
rationally
b) rational people think at the margin
Society utilizing its scarce resources to their best potential is called (a) ... while distributing the advantages from the utilization fairly among members of society is called (b) ...
a) efficiency
b) equity
a) equity
b) efficiency
small adjustments to a plan is called:
(a)
The invisible hand is a theory developed by
(a)
The invisible hand theory said "when people act in self-interest, they benefit society as a whole" therefore its lead to good allocation/distribution of resources
Correct
Incorrect
Trade makes everyone better-off because
allows parties to specialize in their expertise
allows greater varieties of goods/services at lower costs
lowers costs of living and increases standards of living
allows exploitation of other countries' economies
twerk
the government cannot interfere even if the allocation of resources is not sufficient enough to promote efficiency and equity. this is the 7th economic principle called "governments cannot improve market outcomes"
Correct
Incorrect
The 7th economic principle will come into effect when ... happens, which is the inability to allocate resources optimally.
(a)
impact of a firm's actions on a third party unrelated to its goods/services is called
(a)
A party that has the ability to singlehandedly influence market prices has:
(a)
A market economy is
an economy that allocates resources through (a) of many firms
and households.
the 9th economic principle is growth of money leads to ...
(a)
Markets are usually a good way to organize economic activity because
market economy distributes resources through decentralized decisions of firms and households
monopoly is not guaranteed, therefore no firms can take absolute advantage of the industry
they provide categories for easier inspections
The 1st economic principle is
People face trade-offs
Society faces a short-run tradeoff between Inflation and unemployment
Trade can make everyone better off
Rational people think at the marginal cost and marginal revenue
Growth of money leads to inflation
"Rational people think at the margin" is the ... economic principle
2nd
3rd
5th
7th
The 2nd economic principle is
The cost of something is what you give up getting it
A country's standard of living depends on its ability to produce goods and services
People respond to incentives
People face trade-offs
Markets are usually a good way to organize economic activity
A country's ... depends on its ability to produce goods and services
(a)
"Society faces a short-run tradeoff between Inflation and unemployment" is the ... economic principle
first
last
seventh
not a principle
sixth
