01 Jun Question Page: 1 2 1. Question : (TCO 1) As a student of economics, when you speak of scarcity, you are referring to the ability of society to
Question
Page: 1 2
1. 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.
2. Question : (TCO 1) The opportunity cost of constructing a new public highway is the
Student Answer: 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.
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.
4. Question : (TCO 1) Which expression is another way of saying “marginal cost”?
Student Answer: Scarce resources
Additional cost
Opportunity cost
Unrecognized cost
5. Question : (TCO 1) Which is not a factor of production?
Student Answer: Money
Land
Labor
Capital
6. Question : (TCO 1) The Soviet Union economy of the 1980s would best be classified as
Student Answer: a market system.
pure capitalism.
laissez-faire capitalism.
a command system.
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.
8. Question : (TCO 1) Consumers express self-interest when they
Student Answer: seek the lowest price for a product.
reduce business losses.
collect economic profits.
search for jobs with the highest wages.
9. Question : (TCO 1) Which is not one of the five fundamental questions that an economy must deal with?
Student Answer: 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?
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.