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WorksheetsEcon 1.7
Total questions: 10
Worksheet time: 10mins
Unlimited wants, limited resources
Revenue
Scarcity
Marginal Cost
Opportunity Cost
The study of choices a society makes in response to scarcity
Marginal Cost
Utility
Trade-offs
Economics
What would a microeconomist most likely study?
The relationship between the size of the money supply and the rate of inflation.
The effects of aggregate consumer debt on overall consumption spending.
The effects of an income tax reduction on the size of the national budget deficit.
How consumers respond to a change in gasoline prices.
Which of the following is an example of a positive economic statement?
The U.S. public should devote more resources to education
The poor should pay lower taxes and the rich should pay higher taxes.
Soap operas should be taken off television
If you drop a ball from the top of a building, it will fall to the ground
Which of the following is the best example of a microeconomics topic?
the study of how prices are determined in the computer industry
the study of unemployment in the economy
the study of how changes in the nation's money supply affect the nation's output
the study of inflation in the economy
Which of these statements is an example of normative economics?
"Taxes ought to be lowered."
"Inflation is higher this year."
"The bond market is in decline."
"Speculation caused a recession."
