Microeconomics Quiz # 1

Instructions
Quiz: Microeconomics Quiz # 1
Subject: Method Of Economics
Total Questions: 30 MCQs
Time: 30 Minutes

Note

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  • Results along with correct answers will be shown at the end of the test.
Microeconomics Quiz # 1
Question 1 of 30
00:00
  • The total amount, such as the aggregate level of output

  • ________ is When one event brings about another event

  • Ceteris paribus is Holding all other things _____

  • _______ is When two events occur together

  • The economic problem is The fact that _____ forces us to choose

  • The study of choices we make among our many wants and desires given our limited resources is called

  • Empirical analysis is The use of data to test ___

  • The ______ view that what is true for the individual is always true for the group is called Fallacy of composition

  • Hypothesis is A testable ______

  • The study of household and firm behavior and how they interact in the marketplace is known as

  • Normative statement is a subjective, _____statement that attempts to describe what should be done.

  • An objective, testable statement that describes what happens and why it happens is ______statement.

  • _____ used to produce goods and services are called resources.

  • The situation that exists because our unlimited wants exceed our limited resources is ______.

  • Theories and models are simplified versions of the _____used to explain and predict behavior.

  • Bads are Items that we do not desire or want such as terrorism, smog, or poison

  • The equipment and structures used to produce goods and services is called _____.

  • ______advantage that occurs when a person, a region, or country can produce a good or service at a lower opportunity cost than others.

  • Economic goods are goods that are desirable but ____ in supply.

  • The economy’s ability to produce more goods and services is economic _____.

  • When an economy gets the most out of its scarce resources is called______.

  • Entrepreneurial ability is an ability to develop new products or _____existing products and/or production processes.

  • Those who combine labor, and capital to produce services are called

  • A benefit from consumption that spills over to those who are not consuming the good is called

  • Items we value or desire are called Goods

  • Goods that we cannot reach out and touch are called

  • Labor is the _______ effort used in the production of goods and services

  • ______ is the natural resources used in the production of goods

  • Marginal thinking is Focusing on the ____ choices

  • When the economy fails to allocate resources efficiently on its own is called