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What is? economics

Assignment Help Macroeconomics
Reference no: EM133311736

Questions

1. Which of the following is an example of a? tradeoff?

A. A school board spends less on teachers and less on computers.

B. A school board spends more on teachers and more on computers.

C. A school board spends the same amount on teachers and computers.

D. A school board spends more on teachers and less on computers.

2. What is? Economics?

Economics is? _______.

A. a subject that teaches us how to eliminate scarcity

B. a subject that tells governments what they must do

C. a subject that tells countries what goods they must trade

D. a subject that is divided into microeconomics and macroeconomics

3. Choose the correct statement.

A. Governments can make better decisions by using the tools of? economics, but businesses require the tools of business? administration, not economics.

B. Economics can help with the normative part of a policy goal.

C. Policy questions involve a blend of positive and normative questions.

D. For a given? goal, economics compares the total benefit from achieving the goal with its total cost to find the best use of the available resources.

4. What does it mean to say that a person is making a rational? choice?

A rational choice? _______.

A. has the lowest opportunity cost

B. is always the best choice for society

C. achieves the greatest benefit over cost for the person making the choice

D. will turn out to have been the best choice after the event

5. What does it mean do say that you make a choice in your? self-interest?

When you make a choice in your? self-interest, _______.

A. that choice is the one you think is best for everyone including yourself

B. that choice is the one you think is best for others but not for you

C. that choice may also be the best choice for society

D. that choice is a selfish choice if it requires production by someone else

6 _______ is an example of a good.? _______ is an example of a service.

A) Ski coaching; A haircut

B) A gold ball; A haircut

C) Drycleaning; A hockey puck

D) Teaching; A cookie

Reference no: EM133311736

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