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Question 1
1 out of 1 points

Economics deals primarily with the concept of

Answer Selected Answer:

scarcity.
Correct Answer:

scarcity.
Answer Feedback: Response Feedback:

Correct. scarcity.
1 out of 1 points

Question 2

The adage, "There is no such thing as a free lunch," means

Answer Selected Answer:

to get something we like, we usually have to give up another thing we like.

Correct Answer:

to get something we like, we usually have to give up another thing we like.

Answer Feedback: Response Feedback:

Correct. to get something we like, we usually have to give up another thing we like.
1 out of 1 points

Question 3

The opportunity cost of an item is

Answer Selected Answer:

what you give up to get that item.

Correct Answer:

what you give up to get that item.

Answer Feedback: Response Feedback:

Correct. what you give up to get that item.

1 out of 1 points

Question 4

Economists understand that people respond to

Answer Selected Answer:

incentives.
Correct Answer:

incentives.
Answer Feedback: Response Feedback:

Correct. incentives.
1 out of 1 points

Question 5

Benefits from trade would NOT include

Answer Selected Answer:

less competition.
Correct Answer:

less competition.
Answer Feedback: Response Feedback:

Correct. less competition.

1 out of 1 points

Question 6

Which of the following is the best statement about markets?

Answer Selected Answer:

Markets are usually a good way to organize economic activity.

Correct Answer:

Markets are usually a good way to organize economic activity.

Answer Feedback: Response Feedback:

Correct. Markets are usually a good way to organize economic activity.

1 out of 1 points

Question 7

An example of an externality is the impact of

Answer Selected Answer:

pollution from a factory on the health of people in the vicinity of the factory.
Correct Answer:

pollution from a factory on the health of people in the vicinity of the factory.

Answer Feedback: Response Feedback:

Correct. pollution from a factory on the health of people in the vicinity of the factory.
1 out of 1 points

Question 8

When economists attempt to simplify the real world and make it easier to understand they make
Answer Selected Answer:

assumptions.
Correct Answer:

assumptions.
Answer Feedback: Response Feedback:

Correct. assumptions.
1 out of 1 points

Question 9

Economists use models in order to

Answer Selected Answer:

learn how the economy works.

Correct Answer:

learn how the economy works.

Answer Feedback: Response Feedback:

Correct. learn how the economy works.

1 out of 1 points

Question 10

Which of the following would NOT be considered a factor of production?

Answer Selected Answer:

money
Correct Answer:

money
Answer Feedback: Response Feedback:

Correct. money
1 out of 1 points

Question 11

Figure 2-1

Refer to Figure 2-1. Which arrow shows the flow of income payments?
Answer Selected Answer:

D
Correct Answer:

D
Answer Feedback: Response Feedback:

Correct. D
1 out of 1 points

Question 12

If an economy is producing efficiently

Answer Selected Answer:

there is no way to produce more of one good without producing less of the other.
Correct Answer:

there is no way to produce more of one good without producing less of the other.
Answer Feedback: Response Feedback:

Correct. there is no way to produce more of one good without producing less of the other.
1 out of 1 points

Question 13

A macroeconomist would study each of the following EXCEPT the

Answer Selected Answer:

impact of minimum-wage laws on employment in the fast food industry.

Correct Answer:

impact of minimum-wage laws on employment in the fast food industry.

Answer Feedback: Response Feedback:

Correct. impact of minimum-wage laws on employment in the fast-food industry.

1 out of 1 points

Question 14

The ordered pair that represents the origin on a graph is

Answer Selected Answer:

(0, 0).
Correct Answer:

(0, 0).
Answer Feedback: Response Feedback:

Correct. (0, 0).

1 out of 1 points

Question 15

Figure 2-9

Refer to Figure 2-9. What would you say about the relationship between coffee and hours without sleep?
Answer Selected Answer:

The more coffee a person drinks per day, the longer he can go without sleep.
Correct Answer:

The more coffee a person drinks per day, the longer he can go without sleep.
Answer Feedback: Response Feedback:

Correct. The more coffee a person drinks per day, the longer he can go without sleep.