05 Jun Question (TCO 1) The primary focus of the study of economics is on
Question
(TCO 1) The primary focus of the study of economics is on
expanding the production of goods and services.
equalizing the distribution of consumer income and wealth.
making the most efficient use of scarce productive resources.
reallocating resources from consumption to production in the economy.
:
Question 2. Question :
(TCO 1) The basic economic problem is essentially one of deciding how to make the best use of
limited resources to satisfy limited economic wants.
limited resources to satisfy unlimited economic wants.
unlimited resources to satisfy unlimited economic wants.
unlimited resources to satisfy limited economic wants.
Question 3. Question :
(TCO 1) James wants to buy a book. The economic perspective suggests that James will buy the book if
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 4. Question :
(TCO 1) Which is not considered to be an economic resource?
Land (or natural resources)
Money
Labor
Tools and machinery
Question 5. Question :
(TCO 1) If an economy is producing at a point inside a production possibilities curve, then
the economy is efficient.
there is economic growth.
resources are unemployed.
resources are fully employed.
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