Question 6 (1 point)

"Which government policy would most efficiently reduce obesity" is an example of Macroeconomics.

Question 6 options:

	True
	False

Question 7 (1 point)

Saved

The Graphs of Economic Relationships Always Straight Lines.

Question 7 options:

	True
	False

Question 8 (1 point)

Positive analysis is concerned with the present situation while theNormative analysis is concerned with what should be.

Question 8 options:

	True
	False

Question 9 (1 point)

The increased cost of flying these days might want you to reduce the number of days in the vacation and visit a couple of places less than you previously planned. This is an example of..

Question 9 options:

	Busgeting restriction
	None of the given.
	Economic planning
	Opportunity cost

Question 10 (1 point)

Economic variables are something measurable that can have different values, such as the number of people employed in manufacturing.

Question 10 options:

	True
	False

Question 11 (1 point)

Identify some typical "economics" questions. Select all correct ones.

Question 11 options:

	How are the prices of goods and services determined?
	How do the politicians win the elections?
	Why do organizations import goods instead of making locally?
	Why the real estate costs are going up recently?

Question 12 (1 point)

Scarcity is..

Question 12 options:

	A situation in which unlimited wants exceed the unlimited resources available to fulfill those wants.
	A situation in which unlimited wants exceed the limited resources available to fulfill those wants.
	A situation in which limited wants exceed the unlimited resources available to fulfill those wants.
	A situation in which limited wants exceed the limited resources available to fulfill those wants.

Question 13 (1 point)

Regarding the economic models, 'Testability' is..

Question 13 options:

	models generating testable predictions which can be verified or rejected using the data.
	models generating testable predictions which can not be verified or rejected using the data.

Question 14 (1 point)

Identifying the factors contributing to inflation is part of Macroeconomics.

Question 14 options:

	True
	False

Question 15 (1 point)

A situation in which a good or service is produced at the lowest possible cost is..

Question 15 options:

	Productive efficiency
	None of the given
	Economic efficiency
	Allocative efficiency

Question 16 (1 point)

While walking aound the street, you see the 'discounts' in front of a store. You are tempted to go inside and have a look. Identify which assumption is at use in this situation.

Question 16 options:

	People Are Rational.
	People compare prices.
	People respond to economic incentives.
	People seek variety in life.

Question 17 (1 point)

Microeconomics is the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth.

Question 17 options:

	True
	False

Question 18 (1 point)

Economics is..

Question 18 options:

	the study of the choices institutions make to attain their goals, given their scarce resources.
	the study of the choices people make to attain their goals, given their scarce resources.
	the study of the choices companies make to attain their targets, given their scarce resources.
	the study of the choices people make to attain their goals, given their unlimited resources.

Question 19 (1 point)

Apple assembles most iPhones in China because the lower wages earned by Chinese workers and their experience in electronics manufacturing reduce the costs of assembling iPhones. This is an example of Apple reacting to which of the three key economic ideas?

Question 19 options:

	People are rational
	Firms attempt to maximize revenues
	People respond to economic incentives

Question 20 (1 point)

In analyzing markets, identify the incorrect assumption.

Question 20 options:

	People respond to economic incentives.
	People are rational.
	People love to follow rules.
	Optimal decisions are made at the margin.

Question 21 (1 point)

An economy in which most economic decisions result from the interaction of buyers and sellers in markets but in which the government plays a significant role in the allocation of resources is..

Question 21 options:

	Mixed economy
	Planned economy
	Market economy
	Cebtrally planned economy

Question 22 (1 point)

An economy in which the decisions of households and firms interacting in markets allocate economic resources is..

Question 22 options:

	Planned economy
	Centrally planned economy
	Mixed economy
	Market economy

Question 23 (1 point)

A situation that occurs in markets when both the buyer and the seller of a product are made better off by the transaction is..

Question 23 options:

	Legal exchange
	Special exchange
	Routine exchange
	Voluntary exchange

Question 24 (1 point)

Equity relates to the fair distribution of economic benefits.

Question 24 options:

	True
	False