Chapter 1 Preliminary Quiz.docVIP

窗体顶端 Chapter 1 Preliminary Quiz 1. Economics is the study of how societies use __________ resources to produce __________ and distribute them among different people.a. abundant; tiresb. scarce; commoditiesc. scarce; tiresd. abundant; commodities 2. The situation in which there is not enough of something to satisfy all the desires for that thing is called:a. abundance.b. scarcity.c. demand.d. plethora. 3. The situation in which limited resources are being used most effectively is called:a. efficient.b. economic.c. abundant.d. scarce. 4. The study of the behavior of firms, individual markets, and households is called:a. normative economics.b. positive economics.c. macroeconomics.d. microeconomics. 5. The study of the behavior of the overall economy is called:a. normative economics.b. positive economics.c. macroeconomics.d. microeconomics. 6. Adam Smith wrote _______; John Maynard Keynes wrote _______.a. The Wealth of Nations; The General Theory of Employment, Interest and Money.b. The General Theory of Employment, Interest and Money; The Wealth of Nations.c. The Wealth of Nations; How the Business Cycle Works.d. The Invisible Hand; The General Theory of Employment, Interest and Money. 7. If we believed that event b occurs simply because it follows event a, then we would be trapped by the:a. failure to hold other things equal.b. fallacy of composition.c. post hoc fallacy.d. Adam Smith syndrome. 8. The three fundamental questions of economic organization are:a. when, for whom, and how.b. how, what, and for whom.c. who, how, and when.d. what, who, and why. 9. Economic questions that can be answered by examining data and making observations are part of:a. normative economics.b. positive economics.c. macroeconomics.d. microeconomics. 10. Economic questions that can be answered through political debate and decisions are part of:a. normative economics.b. positive economics.c. macroeconomics.d. mic