15 Questions
Which of the following is NOT a factor of production according to the text?
Money
In economics, what is the difference between positive and normative economics?
Positive economics deals with economic facts, while normative economics deals with subjective perspectives of the economy.
What is the budget line in economics?
The line that shows the maximum amount of a good that can be consumed with limited income.
What is the fallacy of composition?
The assumption that something is true of the whole just because it is true of some part of the whole
What is the post hoc fallacy?
The incorrect belief that a certain event necessarily caused another event
What is loaded language?
Rhetoric used to influence an audience by using words and phrases with strong connotations
Which of the following is a key assumption in economics?
Economic wants exceed productive capacity
What is the primary concern of economics?
Making optimal choices under conditions of scarcity
What is the difference between microeconomics and macroeconomics?
Microeconomics studies individual markets, while macroeconomics studies the economy as a whole
What is the term used to describe the assumption that all other relevant factors remain unchanged when analyzing the effect of a specific change in a particular variable in economics?
Ceteris paribus
What term is used to describe a statement or proposition that seems self-contradictory or absurd but in reality expresses a possible truth in economics?
Paradox
What is the term used to describe the graphical representation of the relationship between two variables, with one variable on the x-axis and the other variable on the y-axis in economics?
Scatter plot
What is the term used to describe the concept where individuals must choose between different options because resources are limited in economics?
Opportunity cost
What is the term used to describe the set of all possible combinations of goods and services that an individual can purchase with a limited income in economics?
Budget line
What is the term used to describe the concept where individuals must give up some of one good or service to obtain more of another good or service in economics?
Trade-offs
Test your knowledge of economics and its principles with this quiz! From defining economic wants to understanding the difference between microeconomics and macroeconomics, this quiz will cover a range of topics to help you brush up on your economic knowledge. Get ready to answer questions on economic principles, graphical expressions, decision making, and more.
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