 |
| 1 . |
|
Economics can be defined as the science that explains _____________.
|
|
| 2 . |
|
Scarcity is a situation in which ______________________.
|
|
| 3 . |
|
The five big economic questions are __________.
|
|
| 4 . |
|
Goods and services are ___________________.
|
|
| 5 . |
|
When the government chooses to spend the tax dollars that it collects on national defense, it’s choice ___________________.
|
|
| 6 . |
|
Making a choice at the margin means ____________________.
|
|
| 7 . |
|
If the cost of textbooks rises by a large amount, you have an incentive to __________________.
|
|
| 8 . |
|
In ___________ some people give orders and other people obey those orders.
|
|
| 9 . |
|
Market failure occurs when ____________.
|
|
| 10 . |
|
For the economy as a whole, total expenditure on goods and services __________ total income.
|
|
| 11 . |
|
An increase in __________ brings an improvement in living standards.
|
|
| 12 . |
|
Macroeconomics is the study of ________________________.
|
|
| 13 . |
|
A major task of economic science is to _________________________.
|
|
| 14 . |
|
The statement that ________________ is a positive statement.
|
|
| 15 . |
|
Economists make progress by ________________________.
|
|
| 16 . |
|
Economic theory _________________________.
|
|
| 17 . |
|
The term ceteris paribus, means ____________________________.
|
|
| 18 . |
|
The statement ___________________ is an example of the fallacy of composition.
|
|
| 19 . |
|
The statement _____________ is an example of the post hoc fallacy?
|
|
| 20 . |
|
Economists generally agree that ____________________________.
|
|
|
Answer choices in this exercise are randomized and will appear in a different order each time the page is loaded.
|
