Microeconomics Quiz # 8

Instructions
Quiz: Microeconomics Quiz # 8
Subject: International Finance
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 # 8
Question 1 of 30
00:00
  • Purchasing-power-parity theory is about how exchange rates move to equalize the purchasing power of different______.

  • The main economic problem is that ______ causes us to choose from so many competing options that it is difficult to make the correct choice.

  • Which of the following is an accurate statement about scarcity?

  • Economists assume that most individuals act as if they are motivated by ______.

  • Our benevolent actions for others are influenced by our own ______ and ______.

  • According to economists, people make decisions with ______ in mind.

  • Theories and models are ______ of the real world.

  • Which of the following is an accurate statement about an economic hypothesis?

  • Which of the following would best enable an economist to discern general patterns of action?

  • Which of the following enables economists to focus on the effects of two variables on each other?

  • Which of the following is the term used when one event brings about another?

  • Which of the following is the term used when two events occur together?

  • Which of the following is an accurate statement about economists?

  • A ______ is untestable.

  • Currently, many economists believe the United States should substitute a national ______ for the current income tax.

  • Which of the following is probably the most objective?

  • Office buildings, machines, and factories are all considered what type of economic resource?

  • A person who combines the resources of labor, land, and capital to produce goods and services is called a(n) ______.

  • Which of the following items is considered an economic good?

  • In economic decision making, the term opportunity cost refers to ______.

  • In economics, the idea that people make the best choice they can, based on their values, information, and circumstances, is called ______.

  • Economists consider the concept of need difficult to define because ______.

  • In economic decision making, the difference between expected marginal benefits and expected marginal costs is known as the ______.

  • Which of the following statements about incentives is most accurate?

  • The voluntary exchange of goods and services is called ______.

  • Production of citrus crops in Florida demonstrates what concept in economics?

  • In a market economy, most of the resources are owned by ______.

  • What type of market failure occurs when a single seller dominates a market and excludes others from participating in mutually beneficial exchange?

  • In a market economy, a trade-off often exists between the size of the economic pie and how it is divided, or between ______.

  • Inflation is defined as ______.