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nearly twice as much as people without college degrees. Q. According to the text, over their lifetimes college-educated people earn to understand why the real world is what it is. Q. According to the text, the objective of economics is that people behave in ways that make themselves happier. Q. According to the text, there are some fundamental regularities of human behavior. One such regularity is 50 Q. According to the text, only about ____ percent of all Americans aged 18 to 22 are currently attending college. (college-educated workers ) False Q. On average, college-educated workers in the United States earn 10 times as much lifetime income as those without a college degree. economics. Q. In the United States, the social science associated with the highest-paying jobs is business, banking, education, the non-profit sector, all of these areas, and more. Q. Earning a bachelor's degree in economics is good preparation for a career in (...lowest paid field) False Q. Economics ranks among the lowest-paid fields in the social sciences. the logic of economics. Q. Even though the public often hears of economists' disagreements, economists agree on a wide variety of topics. Particularly, economists tend to agree on E) All of these. Q. Which of the following statements is true? A). One definition of economics provided in the text is that economics is the study of intended consequences. B). Although there is wide agreement concerning the logic of economics, economists often disagree about the results of that logic. C). In studying the world, economists recognize that every action has costs. D). If the United States spends more on war, it must give up some domestic spending. E). All of these. people always want more goods and services than they have or can purchase with their incomes. Q. By the statement "people have unlimited wants," the author of the text means scarce resources combined with unlimited wants. Q. Economics is concerned with the problem of ... not enough of it is available to satisfy people's wants at a zero price. Q. To say that something is scarce means that the good is scarce. Q. A positive (nonzero) price for a good means is not scarce. Q. A free good is a good that Stocks and bonds Q. In economics, which of the following is not considered capital? Offices, warehouses, stocks and bonds, machinery, factories, equiptment the money used to purchase physical capital. Q. Economists refer to financial capital and physical capital. Financial capital is are limited in quantity. Q. An economy's resources choices must be made. Q. Scarcity is a concept that implies that ... (...the result of an unfair distribution of income) False Q. Scarcity is the result of an unfair distribution of income. the allocation of scarce resources and scarce time, and of the ways in which people utilize those resources or that time. Q. Economics is the study of the allocation of... capital. Q. The hardware and software used to design and maintain a webpage for a business are examples of art history. Q. According to the article in the text, the major with the highest debt load among recent graduates was 32 percent. Q. According to the text, over the past 10 years, the number of college-trained workers in the United States has grown by will not necessarily make others happy. Q. According to the text, actions that make one person happy are motivated by self-interest. Q. Rational behavior in economics assumes that individuals individuals make choices that provide them with the greatest satisfaction. Q. Rational self-interest implies that is exercising rational self-interest by choosing the option that gives him or her the greatest satisfaction. Q. A person who chooses not to wear a seat belt when driving an automobile individual entities within the economy. Q. Microeconomics focuses on How to maintain or improve the profits of a particular firm Q. Which of the following is a microeconomic concern? individuals make their economic decisions. Q. Microeconomics is concerned primarily with how ... (...behaving out of greed) False Q. When an individual is behaving according to "rational self-interest," he or she is acting out of greed. (...the study of how people and institutions should behave.) False Q. Positive economics is the study of how people and institutions should behave. a normative statement. Q. "Inflation is a more serious problem than education." This statement is an example of (techniques of economic analysis ) False Q. Whether to have more or less government involvement in the overall economy is essentially a political issue, and therefore, the techniques of economic analysis are not applicable.