Econ102: Microeconomics Vocabulary Quiz!

55 Questions | Attempts: 91

Econ102: Microeconomics Vocabulary Quiz! - Quiz


Questions and Answers
  • 1. 
     What is the study of how people/society allocate their limited/scarce resources in an attempt to satisfy unlimited wants?
  • 2. 
    What is anything available that could be used to produce goods or services to satisfy people's wants?
  • 3. 
    What are rewards for engaging in a particular behavior called?
  • 4. 
    What is the term for to behave rationally, we expect people to make choices that maximize their happiness?
  • 5. 
    What is the term for all other things being equal called?
  • 6. 
    What is the term for getting the most out of a resource; using it in the most productive way?
  • 7. 
    What is the term for distributing economic prosperity fairly between members of society?
  • 8. 
    What is the term for when a free functioning market does not maximize society's welfare?
  • 9. 
     Adam Smith (1776) -- People acting in their own self-interest are lead as if by an invisible hand to do what is in the best interest of society is called?
  • 10. 
    A situation in which the ingredients for producing the things that people desire are insufficient to satisfy all wants is called what?
  • 11. 
    Any activity that results in the conversion of resources into products that can be used for consumption is called?
  • 12. 
    * This one requires two terms, so when doing it, denote a comma to separate the two terms * Resources available from nature (earn rent) and human effort (earns wages) are called:
  • 13. 
    Factories, equipment, goods used to make other goods (earn interest):
  • 14. 
    Risk-taking and management (earns profit):
  • 15. 
    The highest valued, next best alternative that must be sacrificed when an activity is chosen is called:
  • 16. 
      a curve representing all possible combinations of total output that could be produced -- shows opp. cost and scarcity -- shift out is economic growth
  • 17. 
    When one agent can produce more:
  • 18. 
    When one agent has a lower opp. cost -- specialize according to comp. adv.
  • 19. 
    What must be voluntary and mutually beneficial?
  • 20. 
    The amount of a good that buyers are willing to purchase at a given price?
  • 21. 
    The quantities that buyers are willing to purchase at all prices (a curve):
  • 22. 
    As the price of a good rises the quantity demanded falls:
  • 23. 
    Income is fixed so as prices rise, we can afford less:
  • 24. 
    As the price of one good rises we will substitute toward other, relatively lower-priced goods:
  • 25. 
    What does the list below demonstrate? shift the entire demand curve - increase or decrease quantities overall prices -Income -Tastes -Prices of related goods (complements and substitutes) -Number of buyers -Expected Price/Expectations
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