Points Received: 3 of 3 Comments: Question 3. Question :

(TCO 1) As a student of economics, when you speak of scarcity, you are referring to the ability of society to

Student Answer: employ all of its resources.

consume all that is produced.

satisfy economic wants given limited resources.

continually make technological breakthroughs and increase production.

Instructor Explanation: Chapter 1

Points Received: 3 of 3

Comments:

Question 2. Question :

(TCO 1) Henry wants to buy a book. The economic perspective suggests that Henry will buy the book if

Student Answer: 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.

Instructor Explanation: Chapter 1

Points Received: 3 of 3

Comments:

Question 3. Question :

(TCO 1) A nation can increase its production possibilities by

Student Answer: shifting resources from investment good production to consumer good production.

shifting resources from private goods to public goods.

improving labor productivity.

eliminating discrimination.

Instructor Explanation: Chapter 1

Points Received: 3 of 3

Comments:

Question 4. Question :

(TCO 1) Which expression is another way of saying “marginal benefit”?

Student Answer: Benefits given up

Unintended gain

Employment benefits

Extra benefit

Instructor Explanation: Chapter 1

Points Received: 3 of 3

Comments:

Question 5. Question :

(TCO 1) Which would not be considered as a capital resource of a business by an economist?

Student Answer: 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

Instructor Explanation: Chapter 1

Points Received: 3 of 3

Comments:

Question 6. Question :

(TCO 1) Another term for capitalism is

Student Answer: the command system.

the socialist economy.

the market system.

the system of inputs and outputs.

Instructor Explanation: Chapter 2

Points Received: 3 of 3

Comments:

Question 7. Question :

(TCO 1) Markets in which firms sell their output of goods and services are called

Student Answer: resource markets.

product markets.

command markets.

mixed markets.

Instructor Explanation: Chapter 2

Points Received: 3 of 3

Comments:

Question 8. Question :

(TCO 1) By free enterprise, we mean that

Student Answer: 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.

Instructor Explanation: Chapter 2

Points Received: 3 of 3

Comments:

Question 9. Question :

(TCO 1) Consumer sovereignty and “dollar votes” guide the market system in dealing with which fundamental question?

Student Answer: What will be produced?

How is the output to be produced?

How can the system accommodate change?

Who is to receive the output?

Instructor Explanation: Chapter 2

Points Received: 3 of 3

Comments:

Question 10. Question :

(TCO 1) The major “success indicator” for business managers in command economies like the Soviet Union and China in the past was

Student Answer: the quantity of output.

product quality.

the amount of profits.

worker morale.

Instructor Explanation: Chapter 2

Points Received: 3 of 3

Comments:

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