Question (TCO 1) As a consequence of the condition of scarcity there is never enough of anything.

(TCO 1) As a consequence of the condition of scarcity

there is never enough of anything.

production has to be centrally planned.

things which are plentiful have relatively high prices.

individuals and communities have to make choices from among alternatives.

Question 2. Question :

(TCO 1) The opportunity cost of constructing a new public highway is the

money cost of hiring contractors and construction workers for the new highway.

value of other goods and services that must be sacrificed to construct the new highway.

expected cost of constructing the new highway in a future year.

value of shorter driving times and distances when the new highway is completed.

Question 3. Question :

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

shifting resources from investment good production to consumer good production.

shifting resources from private goods to public goods.

improving labor productivity.

eliminating discrimination.

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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

Question 5. Question :

(TCO 1) The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called the

manager.

entrepreneur.

stockbroker.

banker.

Question 6. Question :

(TCO 1) The Soviet Union economy of the 1980s would best be classified as

a market system.

pure capitalism.

laissez-faire capitalism.

a command system.

Question 7. Question : The simple circular-flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through

product markets.

resource markets.

employment agencies.

business firms.

Question 8. Question :

(TCO 1) Consumers express self-interest when they

seek the lowest price for a product.

reduce business losses.

collect economic profits.

search for jobs with the highest wages.

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?

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

the quantity of output.

product quality.

the amount of profits.

worker morale.

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.

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.

Question 13. Question :

(TCO 2) Black markets are associated with

price floors and the resulting product surpluses.

price floors and the resulting product shortages.

price ceilings and the resulting product shortages.

price ceilings and the resulting product surpluses.

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