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Site Title: The Economics Place Summary of Results

Book's Title: Economics
100% Correct of 20 items:
Book's Author: Parkin 20 correct: 100%
Location on Home > Student Resources > Chapter 1: 0 incorrect: 0%
Site: What is Economics? > Diagnostic Quizzes > More information about scoring
Level 1: Definitions and Concepts
Date/Time December 13, 2022 at 1:05 AM (UTC/GMT)
Submitted:

1. Economics can be defined as the social science that explains _____________.

Your Answer: the choices that we make as we cope with scarcity

2. Scarcity is a situation in which ______________________.

Your Answer: we are unable to satisfy all our wants

3. Macroeconomics is the study of ________________________.

Your Answer: the national economy and the global economy

4. Microeconomic choices can be summarized in three big questions:

_____________________ goods and services are produced?

Your Answer: What, how, and for whom

5. Factors of production include all of the following except ___________________.

Your Answer: capital and money

6. The income earned by the people who sell the services of the factor of production
_______ is called _______________.

Your Answer: capital; interest

7. When the government chooses to spend the tax dollars that it collects on homeland
security, its choice ___________________.

Your Answer: involves a tradeoff of other goods and services such as education for
more homeland security
8. An example of a macroeconomic tradeoff is the tradeoff of
__________________________.

Your Answer: less current consumption and leisure for a higher future standard of living

9. By remaining in school, you are paying an opportunity cost that includes

___________________.

Your Answer: the wages you could earn if you took a job

10. Making a choice at the margin means ____________________.

Your Answer: deciding to do a little bit more or a little bit less of an activity

11. Suppose that for the past year, you have played tennis one a month. You now decide to
play tennis twice a month. For the past year, your _________________________.

Your Answer: marginal benefit from a game of tennis must have been greater than its
marginal cost

12. If the cost of textbooks rises by a large amount, you have an incentive to
__________________.

Your Answer: buy fewer books and share with your friends

13. The statement that ________________ is a positive statement?

Your Answer: U.S. sugar farmers receive higher subsidies from the government than do
Australian sugar farmers

14. The task of economic science is to _________________________.

Your Answer: help us understand how the economic world works

15. Economists make progress by ________________________.

Your Answer: building and testing economic models

16. Economic theory _________________________.

 Your Answer: is the bridge between an economic model and the real world

17. The term ceteris paribus means ____________________________.

Your Answer: other things being equal

18. Which statement is an example of the post hoc fallacy?

Your Answer: Christmas shopping causes Christmas.

19. The statement that ___________________ is an example of the fallacy of composition.

Your Answer: if one fishing boat limits its catch, more fish will survive.

20. Economists generally agree that ____________________________.

Your Answer: rent ceilings cut the availability of housing

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