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Date Submitted: 10/21/2014 09:53 AM
Chapter 1
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Top of FormChapter 1 Preliminary QuizMultiple Choice Questions:Enter your answer to each of the questions in the blank to the left of the question. Be sure to use lowercase letters only! | 1. Economics is the study of how societies use __________ resources to produce __________ and distribute them among different people.
a. abundant; tires
b. scarce; commodities
c. scarce; tires
d. abundant; commodities | |
| 2. The situation in which there is not enough of something to satisfy all the desires for that thing is called:
a. abundance.
b. scarcity.
c. demand.
d. plethora. | |
| 3. The situation in which limited resources are being used most effectively is called:
a. efficient.
b. economic.
c. abundant.
d. scarce. | |
| 4. The study of the behavior of firms, individual markets, and households is called:
a. normative economics.
b. positive economics.
c. macroeconomics.
d. microeconomics. | |
| 5. The study of the behavior of the overall economy is called:
a. normative economics.
b. positive economics.
c. macroeconomics.
d. microeconomics. | |
| 6. Adam Smith wrote _______; John Maynard Keynes wrote _______.
a. The Wealth of Nations; The General Theory of Employment, Interest and Money.
b. The General Theory of Employment, Interest and Money; The Wealth of Nations.
c. The Wealth of Nations; How the Business Cycle Works.
d. The Invisible Hand; The General Theory of Employment, Interest and Money. | |
| 7. If we believed that event b occurs simply because it follows event a, then we would be trapped by the:
a. failure to hold other things equal.
b. fallacy of composition.
c. post hoc fallacy.
d. Adam Smith syndrome. | |
| 8. The three fundamental questions of economic organization are:
a. when, for whom, and how.
b. how, what, and for whom.
c. who, how, and when.
d. what, who, and why. | |
| 9. Economic questions that can be...