Economics 231 1. Economics is a The study of how choices are made because of sca

Question

Economics 231 1. Economics is a The study of how choices are made because of scarcity b. The study of how the values and preferences of human decision makers are formed c. Interesting but not applicable to the real world d. The study of how to make money in business The economizing problem is essentially one of deciding how to make the best use of a· Limited resources to satisfy limited wants b. Unlimited resources to satisfy limited wants c. Limited resources to satisfy virtually unlimited wants d. Virtually unlimited resources to satisfy virtually unlimited wants The opportunity cost of choosing an alternative is a. The cost of the lowest valued alternative not chosesn b. The amount of tieme spent on whatever is chosen c. The highest valued alternative foregone as the result of the choice d. The money cost of the option 2. 3. 4. Decision making at the margin means a. Focusing only upon how to spend money b. Considering the choice between a little more of this and a little less of that C. That alternatives are ignored d. That benefts and costs are ignored Economists understand that people respond to 5. b. Incentives c. d. Threats more than rewards Positives, but not negatives 6. When economists say an individual displays economizing behavior, they simply mean that she is Making a lot of money a. b. c. d. Buying only those products that are cheap and of low quality Learning how to run a business more effectively Making choices that yield specific benefits at the least cost 7. Reliance upon the market to allocate resources is likely to produce a. Rationing of goods b. Inefficient production methods c. An efficient variety of goods and services, with some exceptions d. Good employment opportunities for central planners Economists use models in order to 8. a. Learn how the economy works b. Make their profession appear more precise c. Make economics difficult for students Make sure that all of the details of the eccnomy are included in their analysis d. Factors of production are a. Used to produce goods and services b. Owned by firms c. Abundant in most economies d. Used by both firms and households 9.

Explanation / Answer

1) The asnwer is A -) The study of how choice are made because of scarcity .

because economics is the concept who deal with the society problems and as well as the economy as a whole. with the scarcity of resources, the economics tells us the way how to produce efficiently.

2) THe asnwer is C -) Limited resources to satisfy virtually unlimited wants.

3) The answer is C-) The highest value of the alternative foregone as the result of the choices.

because opportunity cost the value of the foregone alternative after choosing another event.

4)

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