ECON 2301 Test 1

Richland Community College ECON 2301 Test 11. Economics is the study of the ……………that
we make in the allocation of scarce resources.
2.In ……………..
whether or not to go to a particular concert … if the…………………………the marginal cost, then it would
be “rational” to go.
3.A real cost of ……………….to
attend a concert is not only the out-of-pocket $ $ $ cost, but also the………………(lost wages or maybe extra
sleep). Every activity we undertake
requires us to not pursue other opportunities.
4. ……………is when more money is paid for
the same amount of goods and services than in a previous time period.
5.In the Resource (or Factor) Markets of the Circular
Flow model, Households provide …………………….. to
the Business sector in exchange for Profits.
6.In the Product Markets of the Circular Flow model, Households provide ……………………..to
the Business sector in exchange for Goods and Services.
7.Over a
reasonable period of time…………..must ……………….to
balance its trade within the global markets in order to prosper.
8. ……………is concerned with how we …………..to use our scarce resources
on a limited variety of projects.
9. …………….is the goal of economics seeking
to allocate resources so that an economy does not experience high inflation.
10.Critical reasoning in economics is an activity
which considers alternative courses of action and the expected results
(benefits) relative to the…………….of each action.
11.Full Employment is the goal seeking the full use of
all available ………………….
12.There are many variables which determine(s) how
much individuals are able to make during their careers and (using “ceteris
paribus” based studies) the major variable turns out to be their………………….
13.In the Resource (or Factor) Markets of the Circular
Flow model, Households provide…………………..)to the Business
sector in exchange for Rent.
14.The……………….of Economics are the generally
accepted theories about resource allocation.
15.In ……………
whether or not to go to a particular concert … if the marginal cost is less
than the marginal benefit (marginal utility) gained, then it would be
“rational”…………..to the concert.
16The statement, “The government …………..a policy to create a lower rate of inflation”, is a………………statement.
17.A balance of responsibilities taken on by all
people in each sector of the economy results in……………… for all people.
18.Freedom for citizens is a goal of economics within………………
19.Microeconomics analyzes how we ………….. to use our resources on a smaller scale and includes
measures of performance such as both b. and c. (business costs, consumer utility
patterns)
20.In order to evaluate the …………..that must be made toward providing value for people,
it is assumed that all parties to the processare …………….
21. ………… Economics is the application of
the Principles of Economics to decision making……………. by the various arms of the
government.
22.Economics is the study of the ……………. we make in the………….. of scarce resources.
23.In ………….
whether or not to go to a particular concert … if the marginal cost is
greater than the marginal benefit (marginal utility) gained, then it would be
“rational”……………. to the concert.
24.Critical reasoning in economics is the ability to
analyze the allocation process logically and evaluate the……………… expected from alternative
courses of action.
25.A…………… taken on by all people in each sector of the
economy results in fairness of opportunity (equity) for all people.
26.In the Resource (or Factor) Markets of the Circular
Flow model, Households provide………….. to the Business
sector in exchange for Wages.
27.……………..a nation must ……………to balance its trade within
the global markets in order to prosper.
28.“Allocation” is concerned with how we …………….to use our………….. resources on some variety of
different projects.
29.The Principles of Economics are the generally
accepted theories about…………….
30. In the Resource (or Factor) Markets
of the Circular Flow model, Households provide……………….. to the Business sector in exchange for Interest
31.In order to evaluate the………………that must be made toward
providing value for people, it is assumed that all parties to the process are
rational.
32.The actual goal of……………is to have an optimum (balanced)
level of employment which will be discussed in a later lesson.
33. Growth and Full employment are ……………..economic
goals.
34.The goals of Macroeconomics relate to the
allocation of resources to achieve a …………………………….standard of living for a nation.
35.Economists emphasize the importance of changing
only one variable at a time. This is
called ………………..
36.The ……………is the difference between the monetary cost of the
goods and services that a nation exports and the monetary cost of what it
imports.
37.Anytime we receive a benefit from the allocation of
a(n) …………..
it comes
at a cost because we could have allocated that …………..toward another opportunity.
38.The concept of scarcity implies that we have …………..amount of all resources (or
assets) compared to our desire to have more of everything which they can
provide.
39.Growth and Stability are ………….. economic
goals.
40.Inflation is when more money is paid for the same
amount of……………..than in a previous time period.