Question 1 The statement that \"increases in the tax on gasoline increase the pr

Question

Question 1

The statement that "increases in the tax on gasoline increase the price of gasoline" is an example of a

marginal statement.

ceteris paribus statement.

macroeconomic statement.

normative statement.

positive statement.

1 points   

Question 2

Which of the following is a normative statement?

An increase in the supply of computers has caused computer prices to fall.

Hurricanes strike mainly Florida and North Carolina.

Recessions lead to increases in the unemployment rate.

Flood victims should pay for their own rebuilding.

When the price of kiwi fruit increases, fewer people eat kiwi fruit.

1 points   

Question 3

In the circular flow model, goods and services are bought and sold in the

financial market.

government market.

monetary flows.

resource/factor market.

product market.

1 points   

Question 4

A statement that "All children should receive free health care" is an example of what kind of statement?

a positive statement

a natural experiment statement

a fair statement

a statement on the margin

a normative statement

1 points   

Question 5

Scarcity

applies only to people living in poverty.

used to exist everywhere but has been eliminated in advanced economies.

is the inability to satisfy all our wants.

is not something that affects very rich people.

1 points   

Question 6

Which of the following statements is a positive statement?

We need to spend less on luxury items for the wealthy, and more on necessities for the less fortunate.

There should be a computer in every elementary school classroom.

Too many people are unemployed.

Our country needs to increase military spending.

Online shopping increased by 50 percent this Christmas season.

1 points   

Question 7

The tools, skills, and equipment used to produce a good or service is called

captial.

labor.

entrepreneural skills and ability.

land or natural resources.

1 points   

Question 8

Scarcity requires that we

make choices about what goods and services to produce.

produce efficiently.

learn to limit our wants.

have the most rapid economic growth possible.

have unlimited resources.

1 points   

Question 9

In the circular flow model, labor is bought and sold in the

government market.

product market.

monetary flows.

financial market.

resource/factor market.

1 points   

Question 10

Which branch of economics studies the decisions of individual consumers and individual firms?

marginal economics

normative economics

macroeconomics

positive economics

microeconomics

marginal statement.

ceteris paribus statement.

macroeconomic statement.

normative statement.

positive statement.

Explanation / Answer

1 ) ceteris Paribus stqatement.

2) Flood victims should pay for their own rebuilding. (since in is subjective in nature and hence normative)

3) monetary flows

4) Normative statement.

5 ) is inability to satisfy all our wants

6) online shopping has increased by 50 percent in this christmas season

7) Capital

8) learn to limit our wants.

9) Resource / factor market

10 ) Micro-economics

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