Macroeconomics 2105 Chapter 1+2 Quiz

In economics, the pleasure, happiness, or satisfaction received from a product is called:

A person should consume more of something when its marginal:

When economists say that people act rationally in their self-interest, they mean that individuals:

Normative statements are concerned with:

According to economists, economic self-interest:

Which of the following most closely relates to the idea of opportunity costs?

Economics may best be defined as the:

The Latin term "ceteris paribus" means:

Microeconomics is concerned with:

A positive statement is on of which is:

The economizing problem is one of deciding how to make the best use of:

The four factors of production are:

The production possibilities curve illustrates the basic principle that:

Refer to the above diagram. Other things equal, this economy will achieve the most rapid rate of growth if:

Refer to the above diagram. This economy will experience unemployment if it produces at point:

Which of the following is a distinguishing feature of a command system?

Of the following countries, which one best exhibits the characteristics of a market economy?

Command systems are also know as:

A fundmental difference between the command systems and laissez-faire capitalism is that in command systems:

Which of the following is a fundamental characteristic of a market system?

Broadly defined, competition involves?

The use of money contributes to economic efficiency because?

Michael says that "Gas prices are rising because there aren't enough oil refineries." Hillary argues that "Gas prices are rising because of the growing demand for gasoline in China and India." We can conclude that:

The production possibilities curve illustrates the basic principle that:

The advent of DVDs has virtually erased the market for videocassettes. This is an example of: