Understanding Basic Macroeconomic Principles
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Questions and Answers

Which of the following best defines economics?

  • The study of how governments distribute goods and services
  • The study of how people make choices in a world of scarcity (correct)
  • The study of how factors of production are used
  • The study of how people spend money

    • What are the fundamental economic questions?

  • How to consume, what to consume, and for whom to consume
  • How to save, what to save, and for whom to save
  • How to produce, what to produce, and for whom to produce (correct)
  • How to distribute, what to distribute, and for whom to distribute

    • What is scarcity?

  • The absence of resources and wants
  • The unlimited availability of resources compared to limited wants
  • The limited availability of resources compared to unlimited wants (correct)
  • The equal availability of resources and wants

    • What is opportunity cost?

    <p>The value of the next best alternative that is given up when a choice is made</p> Signup and view all the answers

    What do factors of production refer to?

    <p>Resources used to produce goods and services</p> Signup and view all the answers

    An economy uses factors of production to produce goods and services, which are then distributed to various economic ______ in the economy.

    <p>agents</p> Signup and view all the answers

    Money facilitates the ______ of goods and services.

    <p>distribution</p> Signup and view all the answers

    We will spend lots of time looking at topics related to ______ in later lectures.

    <p>money</p> Signup and view all the answers

    Factors of productions will be introduced in the next ______.

    <p>segment</p> Signup and view all the answers

    Economics is a social science that examines how people choose among the ______ available to them.

    <p>alternatives</p> Signup and view all the answers

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