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Prof.Richley CrapoProfessor
Utah State University
USA
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1.1 What economics is and why it's important Read Online
1.2 Microeconomics and macroeconomics Read Online
1.3 How economists use theories and models to understand economic issues Read Online
1.4 How economies can be organized: an overview of economic systems Read Online
To post or not to post? Every day we are faced with a myriad of decisions, from what to have for breakfast, to which route to take to class, to the more complex—“Should I double major and add possibly another semester of study to my education?” Our response to these choices depends on the information we have available at any given moment; information economists call “imperfect” because we rarely have all the data we need to make perfect decisions. Despite the lack of perfect information, we still make hundreds of decisions a day.
And now, we have another avenue in which to gather information—social media. Outlets like Facebook and Twitter are altering the process by which we make choices, how we spend our time, which movies we see, which products we buy, and more. How many of you chose a university without checking out its Facebook page or Twitter stream first for information and feedback?
As you will see in this course, what happens in economics is affected by how well and how fast information is disseminated through a society, such as how quickly information travels through Facebook. “Economists love nothing better than when deep and liquid markets operate under conditions of perfect information,” says Jessica Irvine, National Economics Editor for News Corp Australia.
This leads us to the topic of this chapter, an introduction to the world of making decisions, processing information, and understanding behavior in markets —the world of economics. Each chapter in this book will start with a discussion about current (or sometimes past) events and revisit it at chapter’s end—to “bring home” the concepts in play.
In this chapter, you will learn about:
What is economics and why should you spend your time learning it? After all, there are other disciplines you could be studying, and other ways you could be spending your time. As the Bring it Home feature just mentioned, making choices is at the heart of what economists study, and your decision to take this course is as much as economic decision as anything else.
Economics is probably not what you think. It is not primarily about money or finance. It is not primarily about business. It is not mathematics. What is it then? It is both a subject area and a way of viewing the world.
In this assignment you will learn the characteristics of economic systems.
You will become familiar with concepts such as use rights, ownership, and division of labor, that govern the production of economic goods and services.
You will learn about the basic forms of distribution: reciprocity, redistribution, and markets.
You will examine the differences in consumption in societies that are based on subsistence economies and in societies that generate status income.
Finally, you will learn the mechanisms by which societies of differing complexity control their economic systems.
Download MCQ Assignment PDF eBook
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Prof.Richley CrapoProfessor
Utah State University
USA
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Question: Which of the following is true of subsistence economies?
Choices:
They usually give rise to major differences in wealth.
The work of food producers is the basis for calculating the wealth of non-food commodities.
They involve producing primarily for one’s own consumption.
They are least common in bands
Question: Which of the following is NOT a necessary part of a definition of economics?
Choices:
production
distribution
buying and selling
consumption
Question: Which of the following is true of the concept of “supply and demand”?
Choices:
It is the only force that controls prices and wages in the United States.
It is unrelated to cultural values.
It has prevented discrimination in wages in the United States.
It is as much a value statement as it is a description of economic processes.
Question: Which of the following is true of ownership?
Choices:
It is a synonym for use rights.
It implies the right to use a resource and to deny its use to other.
It is based on social status such as rank, age, or sex.
It implies the right to deny its use to others who have use rights.
Question: Which of the following is NOT true of Kwakiutl exchanges?
Choices:
Honor is an important factor in bargaining.
Paying too low a price could mark one as poor.
Selling high can mark one as stingy.
Both the buyer and seller attempt to maximize their immediate material benefit.
Question: Which of the following is NOT one of the basic systems of distribution?
Choices:
reciprocity
redistribution
markets
barter
Question: a system of distribution for goods and services based primarily on the use of established locations for the exchange
Choices:
economics
commodities
ownership
unskilled laborers
pink-collar occupations
blue-collar workers
white-collar occupations
professionals
reciprocity
generalized reciprocity
redistribution
bigmanship
chief
market
barter
money
general-purpose money
consumption
subsistence economy
subsistence income
status income
feminization of poverty
conspicuous consumption
corporation
consumer market
means of production
Question: Which of the following best characterizes reciprocity?
Choices:
direct exchange
gift giving
bargaining
barter
Question: Which of the following is true of the profit motive?
Choices:
People work to maximize their material benefits in any exchange.
The benefits sought in an exchange may include intangible ones.
It is the only factor that determines the true value of commodities.
It is not influenced by cultural values.
Question: Which of the following is necessarily true of money?
Choices:
Its value is based on its usefulness as a commodity.
It is always valuable in its own right.
Its value is based on mutual agreement.
It is of no value in and of itself.
Question: Which of the following is true of division of labor in bands?
Choices:
Specialization is based on one’s birth family.
Voluntary differences based on the differing interests of individuals.
Age and gender are the fundamental criteria for specialization.
Kinship roles determine the specializations of individuals.
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