03 Jun 1. Question : (TCO 1) What is the economic meaning of the expression that “There is no such thing as a free lunch?”
Question
1. Question : (TCO 1) What is the economic meaning of the expression that “There is no such thing as a free lunch?”
It refers to “free-riders,” who do not pay for the cost of a product but who receive the benefit from it.
It means that economic freedom is limited by the amount of income available to the consumer.
It means that there is an opportunity cost when resources are used to provide “free” products.
It indicates that products only have value because people are willing to pay for them.
Chapter 1
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Question 2. Question : (TCO 1) Henry wants to buy a book. The economic perspective suggests that Henry will buy the book if
the book will give him utility.
his income is high.
the marginal cost of the book is greater than its marginal benefit.
the marginal benefit of the book is greater than its marginal cost.
Chapter 1
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Question 3. Question : (TCO 1) Which situation would most likely cause a nation’s production possibilities curve to shift inward?
The construction of more capital goods
An increase in discrimination based on race
An increase in the number of skilled immigrant workers
The destruction from bombing and warfare in a losing military conflict
Chapter 1
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Question 4. Question : (TCO 1) Which expression is another way of saying “marginal benefit”?
Benefits given up
Unintended gain
Employment benefits
Extra benefit
Chapter 1
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Question 5. Question : (TCO 1) Which would not be considered as a capital resource of a business by an economist?
A van used by a mother to transport the family around
An office computer used by an accountant
A crane used by a building contractor
A razor used by a barber
Chapter 1
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Question 6. Question : (TCO 1) Another term for capitalism is
the command system.
the socialist economy.
the market system.
the system of inputs and outputs.
Chapter 2
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Question 7. Question : (TCO 1) Markets in which firms sell their output of goods and services are called
resource markets.
product markets.
command markets.
mixed markets.
Chapter 2
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Question 8. Question : (TCO 1) By free enterprise, we mean that
products are provided free to those who can’t afford to buy them.
individuals may obtain resources, organize production, and sell the resulting output in any legal way they choose.
individual producers are free to produce whatever the government decides is needed by the society.
individuals are free to buy whatever products will satisfy their needs the most.
Chapter 2
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Question 9. Question : (TCO 1) Which is not one of the five fundamental questions that an economy must deal with?
How will the goods and services be produced?
Why should the goods and services be produced?
Who is to receive the goods and services produced in the economy?
In what ways will progress be promoted?
Chapter 2
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Question 10. Question : (TCO 1) A characteristic of centrally planned economies is that
the price is relatively unimportant in allocating resources.
output reflects the pattern of consumer spending.
income is fairly distributed among individuals.
there are many incentives for innovation and hard work.
Chapter 2
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Question 11. Question : (TCO 2) An increase in demand means that
given supply, the price of the product will decline.
the demand curve has shifted to the right.
price has declined and consumers therefore want to purchase more of the product.
the demand curve has shifted to the left.
Chapter 3
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Question 12. Question : (TCO 2) At the point where the demand and supply curves intersect
the buying and selling decisions of consumers and producers are inconsistent with one another.
the market is in disequilibrium.
there is neither a surplus nor a shortage of the product.
quantity demanded exceeds quantity supplied.
Chapter 3
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