GRD 500 QUIZ 6 MODULE 6

Question 1
1.    The New York Stock Exchange is a ____________ of our economy.
 
    microcosm
 
    microsystem
 
    microduct
 
    All of the above
 
    Only A and B
10 points  
Question 2
1.    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.
10 points  
Question 3
1.    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
10 points  
Question 4
1.    Rational people think at the ______________.
 
    rational time.
 
    economics level.
 
    margin.
 
    both 1 and 2.
 
    both 2 and 3.
10 points  
Question 5
1.    ___________ can change human behavior. A sale sign in a window is an example.
 
    Incentives
 
    Super goals
 
    The desire to spend more
 
    False economics
10 points  
Question 6
1.    ______________ are the means by which goods and services are rationed.
 
    Incentives
 
    Adjustments
 
    Prices
10 points  
Question 7
1.    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.
10 points  
Question 8
1.    A place where people make exchanges is called a ____________.
 
    exchange forum
 
    market
 
    exchange system
 
    price place
 
    Only 1 and 2
10 points  
Question 9
1.    People make a decision to do something when the marginal __________ exceeds the marginal __________.
 
    benefit; cost
 
    cost; benefit
 
    time; opportunity
 
    opportunity; time
10 points  
Question 10
1.    ___________ creates something that has an impact beyond the immediate buyer and seller of the product.
 
    Economics 
 
    Externality
 
    Incentives
 
    Margins
 
    Only 1 and 2