Help help 1) in economics all the items that people would consume if they had unlimited income are know as? A) needs B) outputs C) wants D) Aggregates 2) the only variable that can affect a movement along the demand curve is? A) the price of the good itself B) the number of buyers C) income levels D) the number of substitutes 3) economic is the study of? A) how people allocate their limited resources to satisfy their unlimited wants B) how people spend their income C) why people want certain foods and services rather other goods and services D) how to get rich 4) macroeconomics deals with A) specific sectors within the economy B) aggregates wishing the economy C) decision's made by firms D) the retail industry only 5) the question that an economic system attempts to solve include A) how to produce items B) what to produce C) all of above D) for whom items are produced 6) what is the type of economic systems that relies on one central authority to make economic decisions? A) mixed economic system B) free market C) command and control D) price system 7) the United States is best known as a ? A) dictatorship B) pure market system C) command and control system D) mixed economic 8) economists assume people behave rationally which means that people ? A) never make a mistake B) do not intentionally make a decisions that make themselves worse off C) have the necessary information to always make correct decisions D) always understand the consequences of their decisions 9) the term ceteris paribus means? A) all other things remaining constant or equals B) the greatest good for all C) value free and testable D) the study of scarcity and choice 10) the hypothesis that people are nearly but not fully rational cannot possibly fully examine every available choice and utilize simple rules of thumb in making decisions is know as the? A) bounded rationality hypothesis B) ceteris paribus hypothesis C) individual aggregation hypothesis D) irrationality hypothesis 11) which of the following statements is positive economic statement? A) the government should eliminate poverty in the country B) government programs to help the poor are just making Problems worse C) the number of families living in poverty in the United States is too high D) the one in every five children in the United States is living in poverty 12) normative economics involves A) a statement of "what should be" B) a statement of "what is" C) a statement that is purely descriptive D) a statement of fact 13) the conversion of resources into consumer goods or services is called ? A) human capital B) production C) opportunity cost D) consumption 14) in the economic terminology the accumulated training and education that workers receive to increase their productivity is referred to as? A) entrepreneurship B) physical capital C) labor D) human capital 15) the difference between scarcity and a shortage is that ? A) scarcity always is part of human life while shortages usually are temporary B) shortages are always part of human life while scarcity is usually temporary C) scarcity is caused by poverty and shortages are caused by natural disasters D) shortages are a type of scarcity by natural disasters while scarcity is caused by human errors 16) the problem with economic scarcity applies A) to the economies of all nations, regardless of their leveled of development B) only in developed countries because there are no productive resources in these nations C) only in countries with no markets to meet peoples wants D) only in nations with few resources 17) Juanita had just opened a new business selling pet supplies through the internet A)Juanita is not an entrepreneur since there are other businesses that sell pet supplies B) Juanita is not providing economic goods since pet supplies are not being sold in a store C) Juanita is not providing economic goods since people purchase the goods D) Juanita is an entrepreneur 18) natural gas found in Oklahoma is an example of? A) labor B) land C) human capital D) physical capital 19) the value of the best alternative sacrificed to obtain something you want is referred to as? A) explicit cost B) tangible cost C) accounting cost D) opportunity cost