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QUIZ WITH ANSWERS ROUND 1 1) What is economics o Economics is the study of the ALLOCATION of SCARCE resources to meet UNLIMITED human wants. 2) What is microeconomics? o concerned with decision-making by individual economic agents such as firms and consumers. 3) Why do firms advertise? Even when goods are interchangeable?
1. Economics Defined - Economics is the study of the allocation of SCARCE resources to meet unlimited human wants. a. Microeconomics - is concerned with decision-making by individual economic agents such as firms and consumers. b. Macroeconomics - is concerned with the aggregate performance of the entire economic system. c. Empirical economics ...
8/29 Voluntary exchange and characteristics of the American economy notes 8/30 TEST TODAY UNIT 1. chpt_2_economic_systems.ppt: File Size: 380 kb: File Type: ppt: ... unit_3_notes-1.pdf: File Size: 900 kb: File Type: pdf: Download File. ... Intro to Trade quiz Notes on Chinese economy, reading on pollution in China Exam review
This course will answer those questions and introduce you to the nature of economics, demand and supply theories, theories of consumer, production, cost, market structure and fundamental concepts of macroeconomics at large.
Test 1: Decide whether each of the following is a macroeconomic or a microeconomic statement. “Last year, IBM was the U.S. business with the most patents registered with the U.S. government.” “The U.S. economy grew at an annual rate of 4.2 percent last year.”
Unit 1- Introduction to economics Test - Free download as Word Doc (.doc), PDF File (.pdf), Text File (.txt) or read online for free. 1) The document is an economics test with 8 questions. Question 1a asks to construct a production possibility frontier (PPF) diagram using data provided in a table.
This document contains a 10 question quiz on introductory economics concepts. The questions cover topics such as the definition of economics, the nature of scarcity, opportunity costs, microeconomics vs macroeconomics, and positive vs normative statements.
