Allocation of Scarce Resources
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Allocation of Scarce Resources Toward the Maximum Satisfaction
Assessment: Lesson 1 Quiz
Question 1 : “Allocation” is concerned with how we choose to use our ________ resources on some variety of different projects.
Correct answer(s): unlimited
Question 2 : Economists seek to optimize the allocation of scarce resources toward the maximum satisfaction possible for __________________________ .
Correct answer(s): individuals
all the above
Question 3 The Principles of Economics are the generally accepted theories about ___________.
Correct answer(s): resources allocations
return on investment
Question 4 : Being “rational” means being able to clearly understand a) what one needs and b) the __________ in gaining the fulfillment of each need. Fi
Correct answer(s): reality of the cost
absence of any risk
absence of any uncertainty
lack of any benefit
Question 5: The “marginal _________” of going to a particular concert is the additional benefit (satisfaction or pleasure) that is gained.
Correct answer(s): cost
Question 6 : A real cost of choosing 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.
Question 7 :
Macroeconomics analyzes how we choose to use our resources on an aggregate (national) level and includes measures of performance such as _________________ .
Correct answer(s): both b. and c. below
consumer utility patterns
Question 8 : The goal of “Growth” is to increase the “real” ( _________________ ) value of GDP in an economy.
adjusted to not include inflation
Question 9 ______________ is the goal of economics seeking to allocate resources so that an economy does not experience high inflation.
Question 10 : Ecological balance is the goal that assumes _______________ can achieve balanced economic conditions while maintaining a sustainable, living, planet.
Correct answer(s): only the local community
the national economy
the global economy
only certain countries
Question 11 : ____________ for citizens is a goal of economics within capitalism.
Correct answer(s): Bread and Circuses
A chicken in every pot
Question 12 : A balance of responsibilities taken on by all people in each sector of the economy results in ________________ (equity) for all people.
fairness of opportunity
a full shot of adrenaline
a full shot of oxytocin
Question 13 : The amount of emphasis placed on each “Macroeconomic Goal” is determined by the ______________ in a society.
number of math majors
amount of psycho babble
Question 14 : There is much _____________ among economists about what goals should be emphasized and how government policy and choices should be made.
Correct answer(s): disagreement
gnashing of teeth
Question 15 : The statement, “According to a government report, the unemployment rate is at 3%”, is a __________ statement.
Question 16 : Over a reasonable period of time a nation must choose to balance its trade ____________ in order to prosper.
within the global markets
with each and every person
with each and every business
Question 17 (5525678): The balance of trade is the difference between the ___________ of the goods and services that a nation exports and the __________ of what it imports.
Correct answer(s): marginal cost
Question 18 :
A ________________ exists when we conclude that something that is good for an individual is also good for the entire society.
Fallacy of Composition
Question 19 :
In the Resource (or Factor) Markets of the Circular Flow model, Households provide __________ to the Business sector in exchange for Interest.
Correct answer(s): Labor
Land (natural resources)
In the Product Markets of the Circular Flow model, Businesses provide Goods and Services to the ____________ sector in exchange for Consumption Spending (or Revenues)
Correct answer(s): Household
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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