Question Question 1.1. (TCO 1) As a consequence of the condition of scarcity (Points : 3)

Question 1.1. (TCO 1) As a consequence of the condition of scarcity (Points : 3)
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 2.2. (TCO 1) Henry wants to buy a book. The economic perspective suggests that Henry will buy the book if (Points : 3)
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.

Question 3.3. (TCO 1) A nation can increase its production possibilities by (Points : 3)
shifting resources from investment good production to consumer good production.
shifting resources from private goods to public goods.
improving labor productivity.
eliminating discrimination.

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) Which is not a factor of production? (Points : 3)
Money
Land
Labor
Capital

Question 6.6. (TCO 1) Another term for capitalism is (Points : 3)
the command system.
the socialist economy.
the market system.
the system of inputs and outputs.

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) Laissez-faire capitalism is characterized by (Points : 3)
very limited government role in the economy.
active government intervention in the economy.
individuals and firms abiding by a government economic plan.
a very fair distribution of income and wealth.

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) The major “success indicator” for business managers in command economies like the Soviet Union and China in the past was (Points : 3)
the quantity of output.
product quality.
the amount of profits.
worker morale.

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