Question 1 (6062899): Ecological balance is the goal that assumes _______________ can achieve balanced economic conditions while maintaining a sustainable, living, planet.Type: Multiple ChoicePoints awarded: 1.00 / 1.00Correct answer(s): only the local communitythe national economythe global economyonly certain countries________________________________________Question 2 (6062880): The “marginal utility” of choosing to go to a particular concert is the ____________ benefit (satisfaction or pleasure) that is gained.Type: Multiple ChoicePoints awarded: 1.00 / 1.00Correct answer(s): totaladditionalnone of the aboveall of the above________________________________________Question 3 (6062891): The amount of goods and services produced is measured by ____________ .Type: Multiple ChoicePoints awarded: 1.00 / 1.00Correct answer(s): Instant Gratification Index (IGI)Gross Domestic Product (GDP)Adrenaline Maximization Product (AMP)Endorphin Utility Index (EUI)________________________________________Question 4 (6062896): Stability is the goal of economics seeking to allocate resources so that an economy does not experience __________________ .Type: Multiple ChoicePoints awarded: 1.00 / 1.00Correct answer(s): too much endorphintoo little adrenalinethe wrong amount of oxytocinhigh inflation________________________________________Question 5 (6062904): A _________________ taken on by all people in each sector of the economy results in fairness of opportunity (equity) for all people.Type: Multiple ChoicePoints awarded: 1.00 / 1.00Correct answer(s): big dose of oxytocinbig dose of adrenalinebalance of responsibilitiesnone of the above________________________________________Question 6 (6062868): Economists are social scientists who seek to __________ the allocation of scarce resources with a goal of bringing at least “basic satisfaction” to all members of a society.Type: Multiple ChoicePoints awarded: 1.00 / 1.00Correct answer(s): optimize , that is “balance”minimize, that is “hoard them for later”sanitize, that is, “make them pollution free”nationalize, that is “put them under government control”________________________________________Question 7 (6062865): “Allocation” is concerned with how we choose to use our scarce resources on ___________________.Type: Multiple ChoicePoints awarded: 1.00 / 1.00Correct answer(s): an unlimited number of projectsonly Normative economic projectsonly Positive economic projectsa limited variety of different projects________________________________________Question 8 (6062886): ________________ analyzes how we choose to use our resources on an aggregate (national)level and includes measures of performance such as inflation, unemployment, and federal government expenditures.Type: Multiple ChoicePoints awarded: 1.00 / 1.00Correct answer(s): Normative economicsMicroeconomicsMacroeconomicsPositive economics________________________________________Question 9 (6062919): In the ____________________ of the Circular Flow model, Households provide Consumption Spending (or Revenues) to the Business sector in exchange for Goods and Services.Type: Multiple ChoicePoints awarded: 1.00 / 1.00Correct answer(s): Resource MarketsFinancial MarketsGovernment MarketsProduct Markets________________________________________Question 10 (6062870): The Principles of Economics are the generally accepted theories about ___________.Type: Multiple ChoicePoints awarded: 1.00 / 1.00Correct answer(s): uncertainty and probabilityrisk managementresource allocationreturn on investment________________________________________Question 11 (6062912): Over a reasonable period of time a nation must choose to balance its trade ____________ in order to prosper.Type: Multiple ChoicePoints awarded: 1.00 / 1.00Correct answer(s): within its own borderswithin the global marketswith each and every personwith each and every business________________________________________Question 12 (6062908): The description of an economy by stating “opinions” is called _______________ .Type: Multiple ChoicePoints awarded: 1.00 / 1.00Correct answer(s): MacroeconomicsPositive economicsMicroeconomicsNormative economics________________________________________Question 13 (6062917): If you, as an individual, conclude that doubling your pay check is a good thing for you, then it must be a good thing for the entire society.Type: True or FalsePoints awarded: 1.00 / 1.00Correct answer(s): TrueFalse________________________________________Question 14 (6062876): Being ________ means being able to clearly understand what one needs and being able to clearly understand the cost of gaining the fulfillment of each need.Type: Multiple ChoicePoints awarded: 1.00 / 1.00Correct answer(s): good at karategood at pole vaultinggood at ethnic dancingrational________________________________________Question 15 (6062882): A ________ cost of choosing to attend a concert is not only the out-of-pocket $ $ $ cost, but also the “opportunity cost” (lost wages or maybe extra sleep). Every activity we undertake requires us to not pursue other opportunities.Type: Multiple ChoicePoints awarded: 1.00 / 1.00Correct answer(s): un-realbook keepingrealfantasy
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