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Principles of Economics I (ECO121_261)

Principles of Economics I (ECO121_261)

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How does the "invisible hand" direct economic activity?

through central planning

through government regulations

through advertising

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When is a good considered scarce in a society?

when only the richest people in the economy can buy all they want of the good

when the government restricts production of the good

when everyone in that society cannot have all they want of the good

when more output of the good is possible

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Which of the following is NOT included in the decisions that every society must make?

what goods will be produced

who will produce the goods

who will consume the goods

what determines consumer preferences

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What does economics study?

How firms make profits

the government\'s role in society

how society manages its scarce resources

how to increase production

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What does efficiency mean?

Society is getting the most it can from its scarce resources.

Society has lessened its dependence on foreign energy sources.

Society is conserving resources in order to save them for the future.

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For most students, what is the largest single cost of a university education?

transportation, parking, and entertainment

tuition, fees, and books

the wages given up to attend schoo

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In which of the following situations would economists use the word equity?

Those in society who have the least will receive the most.

Society is getting the most it can from its scarce resources.

The benefits of society\'s resources are distributed fairly among society\'s members.

Each member of society has the same income.

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When does a rational decision maker take an action?

only if the marginal benefit is less than the marginal cost

only if the marginal benefit is greater than both the average cost and the marginal cost

only if the average benefit is greater than the average cost

only if the marginal benefit is greater than the marginal cost

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Which of the following is NOT a major area of study for economists?

how forces and trends affect the overall economy

how people interact with each other

how people make decisions

how countries choose national leaders

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When society requires that firms reduce pollution, what happens?

There is a tradeoff only if some firms are forced to close.

There is no tradeoff for society as a whole, since the cost of reducing pollution falls only on the firms affected by the requirements.

There is no tradeoff, since everyone benefits from reduced pollution.

There is a tradeoff because of reduced incomes to the firms\' owners, workers, and customers

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