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ECON 2301 Test 1

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Question;Richland Community College ECON 2301 Test 11. Economics is the study of the ?????that;we make in the allocation of scarce resources.;2.In ?????..;whether or not to go to a particular concert... if the??????????the marginal cost, then it would;be ?rational? to go.;3.A real cost of ??????.to;attend a concert is not only the out-of-pocket $ $ $ cost, but also the??????(lost wages or maybe extra;sleep). Every activity we undertake;requires us to not pursue other opportunities.;4. ?????is when more money is paid for;the same amount of goods and services than in a previous time period.;5.In the Resource (or Factor) Markets of the Circular;Flow model, Households provide ????????.. to;the Business sector in exchange for Profits.;6.In the Product Markets of the Circular Flow model, Households provide ????????..to;the Business sector in exchange for Goods and Services.;7.Over a;reasonable period of time????..must ??????.to;balance its trade within the global markets in order to prosper.;8. ?????is concerned with how we ????..to use our scarce resources;on a limited variety of projects.;9. ?????.is the goal of economics seeking;to allocate resources so that an economy does not experience high inflation.;10.Critical reasoning in economics is an activity;which considers alternative courses of action and the expected results;(benefits) relative to the?????.of each action.;11.Full Employment is the goal seeking the full use of;all available ???????.;12.There are many variables which determine(s) how;much individuals are able to make during their careers and (using ?ceteris;paribus? based studies) the major variable turns out to be their???????.;13.In the Resource (or Factor) Markets of the Circular;Flow model, Households provide???????..)to the Business;sector in exchange for Rent.;14.The??????.of Economics are the generally;accepted theories about resource allocation.;15.In ?????;whether or not to go to a particular concert... if the marginal cost is less;than the marginal benefit (marginal utility) gained, then it would be;?rational?????..to the concert.;16The statement, ?The government ????..a policy to create a lower rate of inflation?, is a??????statement.;17.A balance of responsibilities taken on by all;people in each sector of the economy results in?????? for all people.;18.Freedom for citizens is a goal of economics within?????...;19.Microeconomics analyzes how we ????.. to use our resources on a smaller scale and includes;measures of performance such as both b. and c. (business costs, consumer utility;patterns);20.In order to evaluate the ????..that must be made toward providing value for people;it is assumed that all parties to the processare ?????.;21. ???? Economics is the application of;the Principles of Economics to decision making?????. by the various arms of the;government.;22.Economics is the study of the ?????. we make in the????.. of scarce resources.;23.In ????.;whether or not to go to a particular concert... if the marginal cost is;greater than the marginal benefit (marginal utility) gained, then it would be;?rational??????. to the concert.;24.Critical reasoning in economics is the ability to;analyze the allocation process logically and evaluate the?????? expected from alternative;courses of action.;25.A????? taken on by all people in each sector of the;economy results in fairness of opportunity (equity) for all people.;26.In the Resource (or Factor) Markets of the Circular;Flow model, Households provide????.. to the Business;sector in exchange for Wages.;27.?????..a nation must ?????to balance its trade within;the global markets in order to prosper.;28.?Allocation? is concerned with how we ?????.to use our????.. resources on some variety of;different projects.;29.The Principles of Economics are the generally;accepted theories about?????.;30. In the Resource (or Factor) Markets;of the Circular Flow model, Households provide??????.. to the Business sector in exchange for Interest;31.In order to evaluate the??????that must be made toward;providing value for people, it is assumed that all parties to the process are;rational.;32.The actual goal of?????is to have an optimum (balanced);level of employment which will be discussed in a later lesson.;33. Growth and Full employment are ?????..economic;goals.;34.The goals of Macroeconomics relate to the;allocation of resources to achieve a ???????????.standard of living for a nation.;35.Economists emphasize the importance of changing;only one variable at a time. This is;called ??????..;36.The ?????is the difference between the monetary cost of the;goods and services that a nation exports and the monetary cost of what it;imports.;37.Anytime we receive a benefit from the allocation of;a(n) ????..;it comes;at a cost because we could have allocated that ????..toward another opportunity.;38.The concept of scarcity implies that we have ????..amount of all resources (or;assets) compared to our desire to have more of everything which they can;provide.;39.Growth and Stability are ????.. economic;goals.;40.Inflation is when more money is paid for the same;amount of?????..than in a previous time period.

 

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