1.Elasticity of demand measures: a. how many more we would buy if the price falls. b. how many less we would buy if the price rises. c. the intensity of consumers' response to a price change.

2.What are the three major tasks of economics, and how can these tasks help to address healthcare concerns?

3.A basic difference between microeconomics and macroeconomics is that microeconomic examines the choices made by individual participants in an economy, whereas macroeconomics considers the economy's...

4.Economics is primarily concerned with the study of: a. how new wants and economic resources are produced. b. allocating scarce resources to satisfy unlimited wants.

5.The subject matter of microeconomics includes the study of: a. a particular market for a given commodity. b. an individual consumer. c. the operation of a firm. d. all of the above

6.Economic decision making recognizes that: a) all choices have benefits and costs b) benefits are largely free while costs are not c) costs are controllable but benefits are not measurable

7.Why do you think economics is part of some class' curriculum? How can economics help you in everyday life?

8.What's Economics in general? What does this definition mean to you with respect to your individual life/daily events and decision making and to work?

9.Microeconomics, unlike macroeconomics, focuses on: a. individual households and businesses and how they make decisions. b. households and businesses as groups and their relationship to other households.

10.What are diminishing marginal returns as they relate to costs?

11.Why should someone study economics? Explain how the knowledge of economics benefits an earner, a consumer and a citizen.

12.Explain how economists are both scientists and policymakers.

13.Boylan Company manufactures two products - long dash toaster ovens and bread machines. The following data are available: Toaster Ovens Bread Machines Sales price $70 $150 Variable costs $40 $70. Find changes in the price ratio.

14.Economics is: a. a precise or "hard" science, like physics or chemistry. b. a purely mathematical science. c. a social science, like sociology or psychology. d. a branch of the humanities.

15.The correct definition of economics is: a. the study of money. b. the study of exchange under conditions of uncertainty. c. the study of the allocation of scarce resources.

16.Why do you think price stability is such an important macroeconomic goal? Discuss the consequences of inflation.

17.Define: a. Minimum wage law b. Labor unions c. Life Expectancy D. Infant mortality

18.Explain the differences between microeconomics and macroeconomics.

19.Differentiate between microeconomics and macroeconomics. Identify and describe three differences between macroeconomics and microeconomics.

20.Economics is best defined as the study of: a. how society manages its scarce resources. b. how to run a business most profitably. c. how to predict inflation, unemployment, and stock prices.

21.Why are economic theories and principles imprecise? Shouldn't they apply to everyone?

22.Labor economists have recently begun focusing on a new area referred to as personnel economics. Describe what personnel economics might study. Personnel economics examines all of the following issues.

23.The use of theory and observation is more difficult in economics than in sciences such as physics due to the difficulty in A. formulating theories about economic events. B. analyzing available data.

24.Using economic concepts, explain why people buy the things they buy. What influences you to purchases a product, especially as it relates to online purchases?

25.Economics can best be described as the study of: a. how scarce resources are produced and distributed. b. supply and demand for a firm. c. how people make money. d. how government controls the money.

26.Adam Smith believed that the basic motivation of human beings was: a. self-interest. b. a desire for meditative contemplation. c. concern for one's fellow humans. d. desire for the social good.

27.In a few simple sentences, define economics.

28.__________ is concerned with the branch of economics relating the behavior of principals and their agents. Select correct option: a. Financial management. b. Profit maximization. c. Agency theory

29.Explain the term "welfare economics" and apply it to the allocation of resources and its effects on today's society.

30.The study of economics centers around: a. how to solve the problem of scarcity. b. how to make good choices given the mismatch between resources and human wants. c. how to increase the productivity.

31.State true or false and justify your answer: Economics is the study of how fairly goods and services are distributed within society.