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Q 1/20
Score 0
Macroeconomics is the study of how households and firms make decisions and how they interact in markets
45
True
False
Q 2/20
Score 0
All societies face three basic economic questions about the use of resources. What are they?
45
What, How, Why
What, Why, Where
What, When, Why
What , How, Whom
20 questions
Q.
Macroeconomics is the study of how households and firms make decisions and how they interact in markets
1
45 sec
Q.
All societies face three basic economic questions about the use of resources. What are they?
2
45 sec
Q.
A need is a basic requirement for survival, and a want is something we would like to have that is not necessary for survival.
3
45 sec
Q.
Goods can be categorized into durable, nondurable, consumer, and practical goods.
4
45 sec
Q.
Economics describes economic activity using measures such as gross domestic product (GDP).
5
45 sec
Q.
Command economies include communism and socialism
6
45 sec
Q.
The basic question of economics is...
7
45 sec
Q.
Economics analyzes economic activity to discover why things work and how things happen.
8
45 sec
Q.
Economic growth occurs when a nation’s total ____________ of goods and services ___________ over time
9
45 sec
Q.
Economics explains how and why an economy works, allowing economic problems to be addressed more easily in the future.
10
45 sec
Q.
Economics predicts what may happen in the future, based on current events and trends.
11
45 sec
Q.
Wealth is an accumulation of goods and services
12
45 sec
Q.
Economics is the science of ______________. It is the study of how people try to satisfy their __________ and wants through the careful use of relatively scarce resources.
13
45 sec
Q.
Capitalism is an economic system in which the means of productions of goods or services are privately owned and operated for a profit
14
45 sec
Q.
The primary disadvantage of a traditional economy is that it tends to encourage new ideas and new ways of thinking.
15
45 sec
Q.
In a traditional economy, resource use and social behavior are dictated by...
16
45 sec
Q.
The main advantages of a command economy are they can change direction quickly and allow for many citizens goods and services they couldn't normally afford
17
45 sec
Q.
What is the benefit of a cost-benefit analysis?
18
45 sec
Q.
Scarcity are limited quantities of resources to meet unlimited wants
