Question 1

1pts

If the government provides more education for more people, the cost will be equal to __________.

Group of answer choices

the value of future output minus education costs and time lost from employment

the value of the other goods that are forgone in order to provide more education

the amount of income those educated people will make in the future

the amount of future output minus the cost of future benefits

Flag question: Question 2

Question 2

1pts

Rideshare, an on-demand transportation company, offers free rides to political marches for its ridership. This decision is a __________ issue.

Group of answer choices

command economy

microeconomic

normative economy

macroeconomic

Flag question: Question 3

Question 3

1pts

When economists proclaim that "wants are unlimited," they actually mean that most people __________.

Group of answer choices

just want more than the next individual has

want more of some goods, but not more of everything

want more of everything

are satisfied with what they have as long as they can survive

Flag question: Question 4

Question 4

1pts

Which of the following would most likely embodyentrepreneurshipas it is defined by an economist?

Group of answer choices

the owner of a dry-cleaning business

a professor

a pediatric oncology physician

a coal miner

Flag question: Question 5

Question 5

1pts

If left alone, a market-directed economy will __________.

Group of answer choices

invariably provide the correct economic choices

generally protect consumers from monopoly

provide the correct economic choices in many but not all cases

avoid the production problems encountered in other economies

Flag question: Question 6

Question 6

1pts

Productive resources include __________.

Group of answer choices

land, capital, and labor

labor, goods, and services

land, labor, and services

goodwill, entrepreneurship, and goods

Flag question: Question 7

Question 7

1pts

The directing function of prices ensures that __________.

Group of answer choices

prices will always move in the right direction

consumers and businesses participate in proper markets

production will increase for goods with more intense demands

consumers know how to get correct market information

Flag question: Question 8

Question 8

1pts

Following economic theory, demand for a good will always rise when __________.

Group of answer choices

the price of a substitute good falls

the price of a complementary good falls

the price of all goods falls

the price of the good falls

Flag question: Question 9

Question 9

1pts

Following the law of demand, if the U.S. Postal Service raises the price of first-class mail,ceteris paribus, what will happen to the demand for postage stamps?

Group of answer choices

Demand will increase.

Demand will be unchanged, but quantity demanded will rise.

Demand will decrease.

Demand will be unchanged, but quantity demanded will fall.

Flag question: Question 10

Question 10

1pts

Which one of the following does NOT affect demand for a good?

Group of answer choices

expectations about future prices

expectations about future income

the costs of productive resources

the price of other goods