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18//22 Chapter 1 Economics Test Questions!

16 Questions
Economics Quizzes & Trivia

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Questions and Answers
  • 1. 
    • A. 

      Normative economics

    • B. 

      Positive economics

    • C. 

      Macroeconomics

    • D. 

      Microeconomics

  • 2. 
    What approach to economic study focuses on value judgements?
    • A. 

      Normative economics

    • B. 

      Positive economics

    • C. 

      Macroeconomics

    • D. 

      Microeconomics

  • 3. 
    Which of the following statements is an example of normative economics?
    • A. 

      "Americans do not save enough of their income."

    • B. 

      "The Japanese save more of their income than Americans."

    • C. 

      "Americans save about 3% pf their income."

    • D. 

      "Americans lead the Japanese in grain production."

  • 4. 
    Which of the following satements is an example of positive economics?
    • A. 

      "The unemployment rate is 6%."

    • B. 

      "Unemployment is worse than inflation."

    • C. 

      "The major economic goal of our nation should be a low level of unemployment."

    • D. 

      "We need to pray every day that God will protect us from unemployment."

  • 5. 
    What level of economic study is concerned primarily with large-scale economic choices and issues?
    • A. 

      Normative economiccs

    • B. 

      Positive economics

    • C. 

      Macroeconomics

    • D. 

      Microeconomics

  • 6. 
    • A. 

      Normative economiccs

    • B. 

      Positive economics

    • C. 

      Macroeconomics

    • D. 

      Microeconomics

  • 7. 
    • A. 

      What percentage of his income should a person save?

    • B. 

      Which country in Latin America has the worst economy?

    • C. 

      What is the average cost of a house in a community?

    • D. 

      How will the location of a new drugstore affect its success?

  • 8. 
    What is oppurtunity cost?
    • A. 

      The satisfaction a person recieves from a choice

    • B. 

      Choosing a good with negative price tag

    • C. 

      The satisfaction aperosn gives up for not choosing what was second best

    • D. 

      The intristic value of a good that is chosen

  • 9. 
    What is an oppurtunity benefit?
    • A. 

      The satisfaction a person recieves froma choice

    • B. 

      Choosing a good with a negative price tag

    • C. 

      The satisfaction aperosn gives up for not choosing what was second best

    • D. 

      The intristic value of a good that is chosen

  • 10. 
    Which of the following words is least related to the view that economics is dismal science?
    • A. 

      Insatiablility

    • B. 

      Scarcity

    • C. 

      Utility

    • D. 

      Opportunity cost

  • 11. 
    Which of the following is a nuisance good?
    • A. 

      Eyeglasses

    • B. 

      Toxic waste

    • C. 

      A musical concert

    • D. 

      A abnk account

  • 12. 
    The opposite of a nuisance good is a(n)_______good
    • A. 

      Economic

    • B. 

      Scarce

    • C. 

      Free

    • D. 

      Subjective

  • 13. 
    What is a nuisance good?
    • A. 

      Something that bears apositive economic cost

    • B. 

      Something that bears a negative economic cost

    • C. 

      Something that bears zero economic cost

    • D. 

      Something that evryone needs

  • 14. 
    To an economist, which of the following is unlimited?
    • A. 

      Time

    • B. 

      Money

    • C. 

      Natural resources

    • D. 

      Wants

  • 15. 
    Which of the following statements about insatiability is true?
    • A. 

      Everyone has unlimited wants

    • B. 

      Everything is in short supply

    • C. 

      Material wealth is the product of ourown labors

    • D. 

      Chritians should seek material wealth

  • 16. 
    As a science, economics always begins with
    • A. 

      Hypotheses

    • B. 

      Predictions

    • C. 

      Observations

    • D. 

      Manipulative of variables