Economic Choices and Social Interest Quiz
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Questions and Answers

What does a two-variable graph in economics use to represent the vertical and horizontal lines?

  • Curved lines
  • Wavy lines
  • Dotted lines
  • Scale lines (correct)

    • In economics, what is a positive relationship between two variables called?

  • Inverse relationship
  • Irrelevant relationship
  • Complex relationship
  • Direct relationship (correct)

    • Which type of relationship is indicated by variables that move in opposite directions on a graph in economics?

  • Complex relationship
  • Irrelevant relationship
  • Negative relationship (correct)
  • Maximum relationship

    • What characterizes a linear relationship in economics when represented on a graph?

    <p>A straight line</p> Signup and view all the answers

    Which type of relationship is shown when variables have a maximum or minimum in economics?

    <p>Optimal relationship</p> Signup and view all the answers

    What type of relationship is depicted by a line sloping downward in a graph?

    <p>Negative relationship</p> Signup and view all the answers

    In economic models, what do maximum and minimum relationships exhibit?

    <p>Positive and negative relationships in different ranges</p> Signup and view all the answers

    When two variables are said to be unrelated in economics, what does this mean?

    <p>There is no relationship between the variables</p> Signup and view all the answers

    Which type of graph would represent variables having a maximum and minimum relationship?

    <p>A curved line</p> Signup and view all the answers

    What kind of relationship is illustrated by two variables moving in opposite directions in economics?

    <p>Negative relationship</p> Signup and view all the answers

    In economics, what is the main focus of microeconomics?

    <p>The study of choices that individuals and businesses make in markets</p> Signup and view all the answers

    Which economic question summarizes the determination of what, how, and for whom goods and services get produced?

    <p>How do choices determine what, how, &amp; for whom goods &amp; services are produced?</p> Signup and view all the answers

    What is an example of a macroeconomic study according to the text?

    <p>Studying why inflation is low in a specific country like Qatar</p> Signup and view all the answers

    What are goods and services in economics?

    <p>Items that people value and produce to satisfy human wants</p> Signup and view all the answers

    Which economic question deals with the relationship between self-interest and social interest?

    <p>When do choices in self-interest also promote social interest?</p> Signup and view all the answers

    What is the main concern addressed by economists regarding individual choices?

    <p>If individual choices can have positive outcomes for both individuals and society.</p> Signup and view all the answers

    In the context of the text, how do globalization and information-age monopolies relate to social interest?

    <p>Both globalization and information-age monopolies can promote social interest through certain aspects.</p> Signup and view all the answers

    How does increased production, mentioned in the text in relation to climate change, intersect with social interest?

    <p>Increased production can provide goods while also harming the environment, affecting social interest.</p> Signup and view all the answers

    What was the consequence of high-risk mortgages in the global economic crisis of 2008 as discussed in the text?

    <p>High-risk mortgages played a role in causing the global economic crisis of 2008.</p> Signup and view all the answers

    In the context of economics, how do personal loans for buying homes relate to economic instability?

    <p>Personal loans for homes can lead to economic instability when associated with high-risk mortgages.</p> Signup and view all the answers

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