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 (C)</p>
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What do factors of production refer to?

<p>Resources used to produce goods and services (D)</p>
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An economy uses factors of production to produce goods and services, which are then distributed to various economic ______ in the economy.

<p>agents</p>
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Money facilitates the ______ of goods and services.

<p>distribution</p>
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We will spend lots of time looking at topics related to ______ in later lectures.

<p>money</p>
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Factors of productions will be introduced in the next ______.

<p>segment</p>
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Economics is a social science that examines how people choose among the ______ available to them.

<p>alternatives</p>
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