Economics Multiple choice questions. 1.Economics is primarily about A. Social In

Question

Economics Multiple choice questions.

1.Economics is primarily about A. Social Institutions B. Human Behavior C. making allocation choices. D. Social Rules and Regulations

2. Models are A. stylized, simple representations of reality that can lead to important insights B. useless because they are too simple C. useful only if they are complex D. exact, careful representations of reality

3. All of the following are considered human capital, EXCEPT: A. working in a factory. B. obtaining a college education. C receiving training for another area in a current job. D. completing a professional development course

4. Making a trade-off at the margin means A.comparing the costs and benefits of doing a little bit more of something versus doing a little bit less. B. making a decision without considering the opportunity cost. C. acquiring information that will help with a future decision. D. making a decision without considering the alternatives.

5.People make trade-offs because: A. they usually don't know the costs and benefits of their decisions. B. resources are scarce. C. they are usually unaware of the opportunity costs of their decisions. D. they are concerned about the well-being of others more so than about their own well-being.

6. Which of the following is an example of an inferior good? A. gasoline B. T-bone steak C. city bus D. clothing

7.At any price below the equilibrium price: A. the quantity demanded equals the quantity supplied in the market. B the quantity demanded exceeds the quantity supplied in the market. C demand exceeds supply in the market. D the quantity demanded is less than the quantity supplied in the market

Explanation / Answer

1, C. making allocation choices.

2. A. stylized, simple representations of reality that can lead to important insights

3. A. working in a factory.

4. A.comparing the costs and benefits of doing a little bit more of something versus doing a little bit less.

5. B. resources are scarce

6. C. city bus

7.   B the quantity demanded exceeds the quantity supplied in the market.

If you don't understand anything then comment, I'ill revert back on the same, :)

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.