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devry econ 312 week 1 quiz

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Question;(TCO 1) The general concern of economics is with the study;of the;Student Answer: 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. Question;(TCO 1) The term scarcity in economics refers to the fact;that;economic wants are limited and resources are;abused.;even in the richest country some people go;hungry.;no country can produce enough products to;satisfy everybody's economic wants.;it is impossible to produce too much of any;particular good or service in a market economy.;Question 3. Question;(TCO 1) Are the goods that businesses offer for;free" to consumers also free to society?;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. Question;(TCO 1) Which is considered to be an economic resource by;economists?;Rent;Money;Labor;Wages;Question 5. Question;(TCO 1) If an economy is producing at a point inside a;production possibilities curve, then;the economy is efficient.;there is economic growth.;resources are unemployed.;resources are fully employed.;Question 6. Question;(TCO 1) Which would not be characteristic of a capitalist;economy?;Government ownership of the factors of;production;Competition and unrestricted markets;Reliance on the market system;Free enterprise and choice;Question 7. Question;(TCO 1) The term dollar votes means;inflation will occur if consumers don't spend;wisely.;voters may be offered dollars to help elect;certain political candidates.;government is responsible for determining what;will be considered legal tender.;consumers "vote" for certain;products to be produced by how they spend their incomes.;Question 8. Question;(TCO 1) The circular flow model;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. Question;(TCO 1) In a market system, well-defined property rights are;important because they;reduce unnecessary investment.;limit destructive economic growth.;create economic problems.;encourage economic activity.;Question 10. Question;(TCO 1) Which is necessary to make a trade in a barter;economy?;Money;Unlimited wants;A medium of exchange;A coincidence of wants;Question 11. Question;(TCO 1) Tammie makes $150 a day as a bank clerk. She takes;off two days of work without pay to fly to another city to attend the concert;of her favorite music group. The cost of transportation for the trip is $250.;The cost of the concert ticket is $50. What is the opportunity cost of Tammie?s;trip to the concert? Show your calculations;Question 12. Question;(TCO 1) Identify some intrinsic qualities of capitalist and;command economic systems. Identify two countries that practice each.

 

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