Assignment
Question 1
The New York Stock Exchange is a ____________ of our economy.
microcosm
microsystem
microduct
All of the above
Only A and B
Question 2
The basic reasons countries trade are to:
get items cheaper than they can produce them.
to be international players.
to sell items that they are good at producing.
both 1 and 3.
both 1 and 2.
Question 3
The ____________ is what you give up to get it.
Cost of Goods Sold
The Ten Principles
Seller's Example
Cost of Something
None of the above
Question 4
Rational people think at the ______________.
rational time.
economics level.
margin.
both 1 and 2.
both 2 and 3.
Question 5
___________ can change human behavior. A sale sign in a window is an example.
Incentives
Super goals
The desire to spend more
False economics
Question 6
______________ are the means by which goods and services are rationed.
Incentives
Adjustments
Prices
Question 7
Government might intervene in Markets when the Markets:
are not the way they like.
fail to allocate resources effectively.
fail to allocate resources fairly.
both 2 and 3.
Question 8
A place where people make exchanges is called a ____________.
exchange forum
market
exchange system
price place
Only 1 and 2
Question 9
People make a decision to do something when the marginal __________ exceeds the marginal __________.
benefit; cost
cost; benefit
time; opportunity
opportunity; time
Question 10
___________ creates something that has an impact beyond the immediate buyer and seller of the product.
Economics
Externality
Incentives
Margins
Only 1 and 2.