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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;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 basic economic problem is essentially one of;deciding how to make the best use of;Student Answer: limited resources;to satisfy limited economic wants.;limited resources to satisfy unlimited;economic wants.;unlimited resources to satisfy unlimited;economic wants.;unlimited resources to satisfy limited;economic wants.;Question 3. Question;(TCO 1) From an economic perspective, when a student decides;to attend another year of college, the student has concluded that the marginal;Student Answer: costs of;attending college has decreased that year.;benefits of attending college has increased;that year. benefits of attending;college are greater than the marginal costs.;costs of attending college will be subsidized;by someone else such as parents or the government.;Question 4. Question;(TCO 1) Which is not considered to be an economic resource?;Student Answer: Land (or natural;resources);CORRECT Money;Labor;Tools and machinery;I;Question 5. Question;(TCO 1) If an economy is producing at a point inside a;production possibilities curve, then;Student Answer: the economy is;efficient.;there is economic growth.;resources are unemployed.;resources are fully employed.;Instructor Explanation: Chapter 1.;Points Received: 0 of 1;Comments;Question 6. Question;(TCO 1) Which statement best describes a command economy?;Student Answer: The production of;goods and services is determined primarily by markets, but the allocation of;goods and services is determined primarily by government.;The production of goods and services is;determined primarily by government, but the allocation of goods and services is;determined primarily by markets.;The production and allocation of goods and;services is determined primarily through markets.;The production and allocation of goods and;services is determined primarily through government.;Question 7. Question;(TCO 1) The development of CDs and DVDs that significantly;reduced the market for cassette tapes would be an example of;Student Answer: specialization.;derived demand.;roundabout production.;creative destruction.;Question 8. Question;(TCO 1) The circular flow model;Student Answer: 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.;Instructor Explanation: Chapter 2.;Points Received: 1 of 1;Comments;Question 9. Question;(TCO 1) Which is a major feature of the market system?;Student Answer: Government set;prices in all markets;Reallocation of all resources from private to;public use The right to own private;property and control resource use;Central planning by government to provide;goods and services;Instructor Explanation: Chapter 2;Question 10. Question;(TCO 1) Which is necessary to make a trade in a barter;economy?;Student Answer: Money;Unlimited wants;A medium of exchange;A coincidence of wants;Instructor Explanation: Chapter 2.;Points Received: 1 of 1;Comments;Question 11. Question;(TCO 1) After graduating from high school, Ron Willis plans;to go to college. The college tuition is $15,000 a year. But, instead of going;to college, Ron could take a full-time job paying $20,000. If Ron decides to go;to college, what is his opportunity cost for attending for one year? Show your;calculations.;Question 12. Question;(TCO 1) How do the different economic systems (capitalism;and socialism) differ in the way they answer these three questions ? What to;Produce? How to Produce? and For Whom to Produce?

 

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