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Eco312 quiz 1




Question;Question;1.1.(TCO;1) The general concern of economics is with the study of the (Points: 1);degree of competition in stock;and bond markets in the economy.efficient use of limited;productive resources to satisfy economic wants.issue of equality in the;distribution of income and wealth among households.budget deficits in the domestic;economy and trade deficits in the international economy.;Question;2.2.(TCO;1) The basic economic problem is essentially one of deciding how to make;the best use of (Points;1);limited resources to satisfy;limited economic resources to satisfy;unlimited economic wants.unlimited resources to satisfy;unlimited economic wants.unlimited resources to satisfy;limited economic wants.;Question;3.3.(TCO;1) Are the goods that businesses offer for "free" to consumers;also free to society? (Points;1);Yes, because the individual;consumer does not have to pay for them.Yes, because the marginal;benefit is greater than the marginal cost.No, because scarce resources;were used to produce the free goods.No, because society does not;assign a value to free goods.;Question;4.4.(TCO;1) Which is not considered to be an economic resource? (Points: 1);Land (or natural resources)MoneyLaborTools and machinery;Question;5.5.(TCO;1) A movement along the production possibilities curve would imply that (Points: 1);the labor force has grown.productivity has increased.productivity has declined.society has chosen a different;set of outputs.;Question;6.6.(TCO;1) Which would not be characteristic of a capitalist economy? (Points: 1);Government ownership of the;factors of productionCompetition and unrestricted;marketsReliance on the market systemFree enterprise and choice;Question;7.7.(TCO;1) The development of CDs and DVDs that significantly reduced the market;for cassette tapes would be an example of (Points: 1);specialization.derived demand.roundabout production.creative destruction.;Question;8.8.(TCO;1) The circular flow model (Points: 1);assumes that central planning;is taking place.illustrates how natural;resources are created.illustrates how money is;created by the banking system.illustrates the interdependence;of businesses and consumers.;Question;9.9.(TCO;1) In a market system, well-defined property rights are important because;they (Points;1);reduce unnecessary investment.limit destructive economic;growth.create economic problems.encourage economic activity.;Question;10.10.(TCO;1) Which is the main problem with the barter system of exchange? Barter (Points: 1);encourages self-interest and;selfishness.fosters specialization and;division of labor.requires a coincidence of;wants.undermines the right to;bequeath.;Question 11.11.(TCO 1) Josephine makes $100 a;day as a flower shop attendant. She takes off two days of work without pay to;travel to another city to attend her sister?s wedding. The cost of;transportation for the trip is $180 round trip. The cost of her hotel stay is;$99 per night and she stays for 2 nights. What is the opportunity cost of;Josephine?s trip to the wedding? Show your calculations. (Points: 5);Question 12.12.(TCO 1) Identify some intrinsic;qualities of capitalist and command economic systems. Identify two countries;that practice each. (Points;5)


Paper#57473 | Written in 18-Jul-2015

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