G09 - SOC

The analysis of the behavior of individual decision-making units is the definition of

• Microeconomics

• Macroeconomics

• Negative Economics

• Normative Economics

When an economy produces more houses and fewer typewriters, it is answering the _____ part of the three economic questions.

• "What"

• "How"

• "Where"

• "For Whom"

Opportunity cost means the

• Accounting cost minus the marginal cost

• Monetary cost of an activity

• Highest-valued alternative forgone

• Accounting cost minus the marginal benefit

Which of the following is a macroeconomics issue?

• How federal government budget deficit affects interest rates

• The cause of a decline in the price of peanut butter

• What determines the amount a firm will produce

• How a rise in the price of sugar affects the market for sodas

Autoworker is considered _______ and earns ________.

• Labor; wages

• Labor; rent

• Capital; Interest

• Labor; Capital

When firms in an economy start producing more computers and fewer televisions, they are answering the ______ question.

• "Where"

• "When"

• "What"

• "For Whom"

To answer the "for whom" question, we study

• Business Cycles

• Technological Change

• Global economy

• Income Differences

Economic is best defined as the study of how people, businesses, governments and society

• Make choices to cope with scarcity

• Attain wealth

• Choose abundance over capacity

• Use their infinite resources

Which of the following is a macroeconomic topic?

• The impact of non-government regulation of markets

• Total nationwide employment

• Studying what factors influence the price and quantity of automobiles

• Studying the determination of wages and production costs in the software industry

Which of the following is NOT a factor of production?

• The water used to cool a nuclear power plant

• The wages paid to workers

• The effort of farmers raising cattle

• The management skill of a small business owner