Microeconomics Quiz # 1
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The total amount, such as the aggregate level of output
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________ is When one event brings about another event
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Ceteris paribus is Holding all other things _____
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_______ is When two events occur together
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The economic problem is The fact that _____ forces us to choose
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The study of choices we make among our many wants and desires given our limited resources is called
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Empirical analysis is The use of data to test ___
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The ______ view that what is true for the individual is always true for the group is called Fallacy of composition
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Hypothesis is A testable ______
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The study of household and firm behavior and how they interact in the marketplace is known as
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Normative statement is a subjective, _____statement that attempts to describe what should be done.
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An objective, testable statement that describes what happens and why it happens is ______statement.
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_____ used to produce goods and services are called resources.
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The situation that exists because our unlimited wants exceed our limited resources is ______.
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Theories and models are simplified versions of the _____used to explain and predict behavior.
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Bads are Items that we do not desire or want such as terrorism, smog, or poison
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The equipment and structures used to produce goods and services is called _____.
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______advantage that occurs when a person, a region, or country can produce a good or service at a lower opportunity cost than others.
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Economic goods are goods that are desirable but ____ in supply.
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The economy’s ability to produce more goods and services is economic _____.
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When an economy gets the most out of its scarce resources is called______.
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Entrepreneurial ability is an ability to develop new products or _____existing products and/or production processes.
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Those who combine labor, and capital to produce services are called
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A benefit from consumption that spills over to those who are not consuming the good is called
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Items we value or desire are called Goods
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Goods that we cannot reach out and touch are called
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Labor is the _______ effort used in the production of goods and services
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______ is the natural resources used in the production of goods
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Marginal thinking is Focusing on the ____ choices
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When the economy fails to allocate resources efficiently on its own is called