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ECON 101 Survey of Economics Chapter 1 Quiz

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ECON 101 Survey of Economics Chapter 1 Quiz

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Questions and Answers

Economics is best defined as the study of:

Financial decision-making

Inflation, unemployment, and economic growth

Choices made by people faced with scarcity (correct)

How consumers make purchasing decisions

What is economics the study of?

How society uses limited resources (correct)

How government officials decide which goods and services are produced

How to invest in the stock market

The role of money in markets

An arrangement that allows buyers and sellers to exchange things is called:

A contract

A market (correct)

Efficient

Money

Which of the following is NOT an accurate definition of economics?

The study of how individuals allocate their income to maximize utility Signup and view all the answers

Which of the following best characterizes the concept of scarcity in economics?

The limited nature of available resources relative to unlimited wants Signup and view all the answers

Scarcity can best be defined as a situation in which:

The resources we use to produce goods and services are limited Signup and view all the answers

What is the result of limited resources according to the given information?

People must make choices. Signup and view all the answers

Which of the following is NOT a characteristic of resources?

Unlimited and in abundance. Signup and view all the answers

What does the term 'tradeoff' mean in the context of economics?

Sacrificing one thing for another. Signup and view all the answers

What is the main concern mentioned in the article about labor shortages in China?

Potential impact on China's competitiveness in global markets. Signup and view all the answers

How have minimum wages changed in big cities in China over the past three years?

Increased by roughly 25%. Signup and view all the answers

What could rising wages lead to, according to the article?

Increased demand for imports. Signup and view all the answers

What trend has been observed in the number of people enrolling in Chinese colleges and universities?

It has increased by more than 250% since 1999. Signup and view all the answers

What effect could labor shortages and rising costs have on manufacturing in China?

Shift away from the production of lower-end products. Signup and view all the answers

What is one potential consequence of labor shortages in China?

Shift of factories to countries with lower costs. Signup and view all the answers

What are international manufacturers considering due to rising costs in Chinese manufacturing?

Moving factories to other countries with lower costs. Signup and view all the answers