1) What basic economic problem has always existed and will continue to exist?
2) By definition, economics is the study of __________.
A) how to make money in the stock market
B) how to make money in a market economy
C) the choices people make to attain their goals, given their scarce resources D) supply and demand
3)What term in economics refers to a group of buyers and sellers of a product and the arrangement by which they come together to trade?
4)Suppose that some teachers have decided that economic and financial uncertainty have made the prospect of retiring more risky, and therefore carry a higher cost than not retiring. By using all available information as they act to achieve their goals, these teachers are exemplifying the economic idea that________.
A) people are rational
B) people respond to economic incentives
C) optimal decisions are made at the margin
D) equity is more important than efficiency
5)In economics, what term means ‘additional’ or ‘extra‘?
6)The highest valued alternative that must be given up to engage in an activity is the definition of __________.
A) economic equity
B) marginal benefit
C) opportunity cost
D) marginal cost
7) Who receives the most of what is produced in a market economy?
A) Lawmakers and other politically favoured groups
B) Those who are willing and able to buy them
C) People who earn the highest incomes
D) Everyone receives an equal amount
8) Which of the following are positive economic statements and which are normative
a. An increase in the price of petrol will decrease the quantity of petrol purchased.
b. The government should eliminate the minimum wage.
c. All states should raise the minimum wage to at least $10 per hour.
d. The government should scrap its current income tax structure in favour of a flat tax.
e. Unemployment has increased since the onset of the recession.
f. The government should not bail out investment banks during a financial crisis.
9) Macroeconomics is the study of________.
A) how households make choices
B) how firms make choices
C) how households and firms make choices
D) the economy as a whole
10) What is the branch of economics which studies how households and firms interact in markets?
C) Positive economics
D) Normative economics
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