microeconomics 1-3 - Assignment Essays %

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economics may best be defines as the:

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social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity.

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for economics the world utility means:

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pleasure of satisfaction

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Suppose ASUB decides to spend $1 milli to build a new building on the Ag farm rather than spend $1 milli to expand parking for students. this example illustrates:

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opportunity costs

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an example of purposeful behavior with businesses/firms is:

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having the rational goal of maximizing profits

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macroeconomics approaches the study of economics from the viewpoint of:

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the entire economy

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microeconomics is examining:

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an individual consumer, household, or industry.

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the scarcity problem:

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persists because economic wants exceeds available productive resources.

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which of the following is a labor resource:

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a teacher

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which of the following is a capital resource?

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a computer used by a firm.

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the four factors of production are:

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land, labor, capital, and entrepreneurial ability

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money is not an economic resource because:

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money, as such, does not produce anything

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an economic system

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is a particular set of institutional arrangements and a coordinating mechanism used to respond and solve economic problems and situations.

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economic systems differ according to which two main characteristics?

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who owns the factors of production, and the methods used to coordinate economic activity.

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advanced technology and capital goods are encouraged because:

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the promote fast, more efficient production of goods and services.

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all of the following occur in a market system except ______

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central planners coordinate and direct economic activity

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private property encourages all except:

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competition

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a market:

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is an institution that brings together buyers and sellers

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the law of demand states that, other things equal:

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price and quantity demanded are inversely related

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which statement best illustrates the concept of diminishing marginal utility?

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a typical consumer will receive less satisfaction from consuming the fourth hamburger per week than the third hamburger per week.

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the law of supply indicates that, other things equal:

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producers will offer more of a product at high prices than at low prices.

1 of 20

question

economics may best be defines as the:

answer

social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity.

question

for economics the world utility means:

answer

pleasure of satisfaction

question

Suppose ASUB decides to spend $1 milli to build a new building on the Ag farm rather than spend $1 milli to expand parking for students. this example illustrates:

answer

opportunity costs

question

an example of purposeful behavior with businesses/firms is:

answer

having the rational goal of maximizing profits

question

macroeconomics approaches the study of economics from the viewpoint of:

answer

the entire economy

question

microeconomics is examining:

answer

an individual consumer, household, or industry.

question

the scarcity problem:

answer

persists because economic wants exceeds available productive resources.

question

which of the following is a labor resource:

answer

a teacher

question

which of the following is a capital resource?

answer

a computer used by a firm.

question

the four factors of production are:

answer

land, labor, capital, and entrepreneurial ability

question

money is not an economic resource because:

answer

money, as such, does not produce anything

question

an economic system

answer

is a particular set of institutional arrangements and a coordinating mechanism used to respond and solve economic problems and situations.

question

economic systems differ according to which two main characteristics?

answer

who owns the factors of production, and the methods used to coordinate economic activity.

question

advanced technology and capital goods are encouraged because:

answer

the promote fast, more efficient production of goods and services.

question

all of the following occur in a market system except ______

answer

central planners coordinate and direct economic activity

question

private property encourages all except:

answer

competition

question

a market:

answer

is an institution that brings together buyers and sellers

question

the law of demand states that, other things equal:

answer

price and quantity demanded are inversely related

question

which statement best illustrates the concept of diminishing marginal utility?

answer

a typical consumer will receive less satisfaction from consuming the fourth hamburger per week than the third hamburger per week.

question

the law of supply indicates that, other things equal:

answer

producers will offer more of a product at high prices than at low prices.

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