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Economics Eighth Edition Chapter 1 Quiz

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Questions and Answers

What does economics study?

The process of selling computers in the 1970s and 80s

The choices people make to attain their goals with limited resources (correct)

The history of computer manufacturing in the United States

The design and assembly of products like the iPhone

Which term refers to a situation in which unlimited wants exceed limited resources?

Abundance

Scarcity (correct)

Excess

Surplus

What are economic models used for?

To predict future sales of electronic devices

To analyze real-world economic situations (correct)

To design new products like the iPhone

To analyze historical manufacturing techniques

Where are most iPhones assembled?

China Signup and view all the answers

Why do people make choices according to the text?

Because they live in a world of scarcity Signup and view all the answers

What does it mean when economists assume that people are rational?

People weigh the benefits and costs of each action to make the best decision possible. Signup and view all the answers

What was the initial location of Apple's computer manufacturing in the 1970s and 80s?

United States Signup and view all the answers

What do economists generally assume about people's response to economic incentives?

As incentives change, people's actions also change. Signup and view all the answers

In what way did the introduction of DNA submission requirement for convicted felons demonstrate people's response to economic incentives?

It reduced repeat convictions by serious violent offenders. Signup and view all the answers

What is the potential effect of a Congressional bill proposing to tax firms an amount equal to the government assistance received by their workers?

Firms may increase wages to avoid the tax. Signup and view all the answers

What is a key characteristic of a market according to the text?

A market is a group of buyers and sellers of a good or service. Signup and view all the answers

Why do firms engage in international trade according to the text?

To benefit from selling goods and services in foreign markets. Signup and view all the answers

What does it mean when economists say optimal decisions are made at the margin?

Decisions should be made by comparing additional benefits and costs. Signup and view all the answers

What is a characteristic of economic agents interacting with each other in markets?

Economic agents interact with each other in buying and selling goods and services. Signup and view all the answers

Why do some firms keep their workers' wages low according to the text?

To ensure that their workers remain eligible for government assistance. Signup and view all the answers