Ec2050 Macroeconomics Chapter 1 Quiz

Your quiz has been submitted successfully.Question 12 / 2 pointsScarcity exists becauseA) the costs of production are high.B) people take too much leisure time.C) some individuals have low income.D) human wants exceed the resources available to satisfy them.E) some people make bad economic decisions.Question 20 / 2 pointsMacroeconomics is the study ofA) the actions of individual consumers.B) the actions of individual businesses.C) national or global economies.D) how ceteris paribus affects causation.E) the government.Question 30 / 2 pointsWhen a third string NFL quarterback earns more than a police officer, society answers the ________ question.A) whyB) whatC) howD) social interest vs. self-interestE) for whomQuestion 42 / 2 pointsThe question "Should we produce houses using bricks or wood?" is an example of a ________ question.A) for whomB) whatC) howD) whereE) whyQuestion 52 / 2 pointsAn opportunity cost isA) whatever is paid out and cannot be reduced or reversed.B) anything the decision maker believes costs to be.C) the benefits of the highest-valued alternative forgone.D) the dollar amount that is paid.E) another term for all the sunk costs.Question 62 / 2 pointsSuppose that, instead of taking this test, you could either have worked