Page 1 Question 1.1.(TCO 1) As a student of economics, when you speak of scarcity,

01 Jun Page 1 Question 1.1.(TCO 1) As a student of economics, when you speak of scarcity,

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Question 1.1.(TCO 1) As a student of economics, when you speak of scarcity, you are referring to the ability of society to (Points : 3)

employ all of its resources.
consume all that is produced.
satisfy economic wants given limited resources.
continually make technological breakthroughs and increase production.

Question 2.2.(TCO 1) The opportunity cost of constructing a new public highway is the (Points : 3)

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 3.3.(TCO 1) The law of increasing opportunity costs indicates that (Points : 3)

resources are perfectly mobile except for transportation costs.
the sum of all costs cannot rise above the market price of a product.
to produce more of one good, society must sacrifice larger and larger amounts of alternative goods.
if the prices of all the resources involved in the production of goods increase, the cost of producing those goods will increase at the same rate.

Question 4.4.(TCO 1) Which expression is another way of saying “marginal benefit”? (Points : 3)

Benefits given up
Unintended gain
Employment benefits
Extra benefit

Question 5.5.(TCO 1) The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called the (Points : 3)

manager.
entrepreneur.
stockbroker.
banker.

Question 6.6.(TCO 1) The economy of Germany would best be classified as: (Points : 3)

a command system.
socialism.
pure capitalism.
a market system.

Question 7.7.(TCO 1) By consumer sovereignty we mean that (Points : 3)

government is responsible for protecting consumer interests.
consumers determine what goods and services are produced.
businesses decide what the consumer will buy.
all goods and services are produced by consumers.

Question 8.8.(TCO 1) By free enterprise, we mean that (Points : 3)

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.

Question 9.9.(TCO 1) Which is not one of the five fundamental questions that an economy must deal with? (Points : 3)

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 10.10.(TCO 1) A characteristic of centrally planned economies is that (Points : 3)

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.

Question 11.11.(TCO 2) An increase in product price will cause: (Points : 3)

quantity demanded to decrease.
quantity supplied to decrease.
quantity demanded to increase.
the supply curve to shift to the left.

Question 12.12.(TCO2) If there is a shortage of product X (Points : 3)

fewer resources will be allocated to the production of this good.
the price of the product will rise.
the price of the product will decline.
the supply curve will shift to the left and the demand curve to the right, eliminating the shortage.

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