This type of economics focuses on analysis that studies the behavior of the economy as a whole.

Question 1 options:

Microeconomics

Macroeconomics

positive economics

normative economics

Question 2

The theory that states individuals look out for their own benefits first describes what concept?

Question 2 options:

rationality assumption

realistic economics

self interest behavior

incentives and disincentives

Question 3

If a person decides to take a new job offer based only on a salary increase this would be an example of what type of decision making?

Question 3 options:

normative

positive

microeconomics

macroeconomics

Question 4

This factor of production focuses on the education and training of workers.

Question 4 options:

land

entrepreneurship

labor

human capital

Question 5

This concept focuses on the fact that we do not have enough of everything to satisfy our unlimited wants.

Question 5 options:

scarcity

shortage

opportunity cost

self interest behavior

Question 6

The value of the next best alternative is described as what?

Question 6 options:

needs

opportunity cost

scarcity

rational economic behavior

Question 7

This concept involves working at a well-defined, limited endeavor.

Question 7 options:

comparative advantage

entrepreneurship

specialization

opportunity cost

Question 8

The amount that firms will produce and offer for sale under certain conditions during a specific time period describes...

Question 8 options:

supply

demand

consumer goods

market demand

Question 9

A situation in which the market economy leads to too few or too many resources going to a specific economic activity.

Question 9 options:

externality

positive externality

market failure

negative externality

Question 10

This form of taxation focuses on as income increases a higher percentage of the additional income is paid as taxes.

Question 10 options:

proportional taxation

regressive taxation

marginal taxation

progressive taxation