Question 1

Which of the following is TRUE of scarcity?

Group of answer choices

A.It primarily affects poor countries.

B. It affects all countries.

C. It only applies to manufactured goods.

D. It only applies to raw materials.

Question 2

Which of the following would most likely be regarded as a macroeconomic issue?

Group of answer choices

A. the number of retirees in the steel industry

B. the price of spaghetti sauce

C. the number of SUVs manufactured

D. the growth rate of total product output

Question 3

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

Group of answer choices

A. just want more than the next individual has

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

C. want more of everything

D. want more of some goods, but not more of everything

Question 4

In an economic system, which of the following is NOT a typical government activity?

Group of answer choices

A. stabilization

B. allocation

C.redistribution

D. privatization

Question 5

Another term fordivision of laboris __________.

Group of answer choices

A. growth

B. specialization

C. equilibrium

D. exchange

Question 6

Which of the following is NOT a benefit of specialization and trade?

Group of answer choices

A. Resources are used in a better manner.

B. People become less dependent on each other.

C. The real income of individuals can be increased.

D. People can take full advantage of their talents and skills.

Question 7

In economic terms, what are coffee and tea vis--vis each other?

Group of answer choices

A. unrelated goods

B. substitutes

C. complements

D. nonmarket goods

Question 8

When there is an equilibrium price for a certain soccer ballas determined by the intersection of the demand and supply curves for that soccer balleveryone who __________.

Group of answer choices

A. wants to sell a higher quality but slightly more expensive soccer ball will be able to sell it

B. is willing to pay that price or more will get a soccer ball, and everyone who is willing to provide a soccer ball for that price or less will be able to sell it

C. wants to buy a soccer ball will be able to get it

D. wants to sell a soccer ball will be able to sell it

Question 9

The directing function of prices ensures that __________.

Group of answer choices

A. consumers and businesses participate in proper markets

B. production will increase for goods with more intense demands

C. prices will always move in the right direction

D. consumers know how to get correct market information

Question 10

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

Group of answer choices

A. expectations about future prices

B. the costs of productive resources

C. the price of other goods

D. expectations about future income