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9 Cards in this Set

  • Front
  • Back
Suppose you observe that the sun sets every evening after the six o'clock business report. If you concluse that the six o'clock business reports makes the sun set, you are guily of the fallacy of:

a.) division
b.) composition
c.) false cause
d.) social science
e.) cavalier comparison
c.) false cause
Inefficient productions exists when the economy is ____________ the production possibilities curve.

a.) operating inside
b.) operating on
c.) operating outside
d.) moving along
e.) moving beyond
a.) operating inside
If a production possibilities curve were bowed in or convex to the origin of a graph, it would demonstrate:
a.) increasing costs
b.) decreasing costs
c.) constant costs
d.) fluctuating costs
e.) zero costs
b.) decreasing costs
Normative economics is based on:

a.) The determiniation of "what is"
b.) positive statements
c.) untestable assertions
d.) economic principles
e.) objective facts
c.) untestable assertions
The principle stating that, for virtually all goods and services, there is a negative relationship between price and quantity demanded, ceterus parabus, is the "Law of":

a.) scarcity
b.) increasing costs
c.) variable proportions
d.) supply
e.) demand
e.) demand

**missed on quiz 1
The difference between iron ore depositis and the stell produced from these deposits that is later used to make factory equipment illustrates the difference between:

a.) labor and natural resources
b.) labor and capital
c.) natural resources and capital
d.) natural resources and entrepreneurship
e.) labor and entrepreneurship
c.) natural resources and capital
Macroeconomics s most likely to be concerned with:

a.) amount of unemployment in a specific industry.
b.) economic behavior of a particular household
c.) economic behavior of specific parts of the economy
d.) "Forest" of economic behaviro, rather than the indiviual "trees"
e.) "trees" of economic behavior rather than the entire "forest"
d.) "Forest" of economic behaviro, rather than the indiviual "trees"

**missed on quiz 1
Economics is different from other social sciences because it's primarily concerned with the study of ________; it is similar to other social sciences because they are all concerned with the study of __________;

a.) unlimited resources; economic systems
b.) human interactions; limited resources
c.) social behavior; scarcity
d.) scarcity; human interactions
e.) people; unlimited resources
d.) scarcity; human interactions

**missed on quiz 1
The relationship between 2 variables that move in opposite directions is said to be:

a.) independent
b.) neutral
c.) positive
d.) direct
e.) negative
e.) negative

**missed on quiz 1