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l. The most fundamental economic problem is a) Scarcity b) Security c) Health ) The fact...


l. The most fundamental economic problem is a) Scarcity b) Security c) Health ) The fact that the United States buys more goo
14) Assuming gasoline and tires to be complemenai market of an increase in the price of gasoline (other things being equal) W

l. The most fundamental economic problem is a) Scarcity b) Security c) Health d) The fact that the United States buys more go
l. The most fundamental economic problem is a) Scarcity b) Security c) Health ) The fact that the United States buys more goods from foreigners than we sell to foreigners 2. Scarcity is a situation in which a) People cannot satisfy all their wants. b) Most people can get only bare necessities c) People can satisfy all their wants. 3. Scarcity requires that people must a) Cooperate c)Trade b) Compete d) Make choices 4. Which of the following are considered factors of production used to produce goods and services? A) Land b) Labor c) Capital d) Entrepreneurship e) All of the above 5. Natural resources are included as part of which factor of production? a)Labor b) Capital c) Entrepreneurship d) land 6. The production possibilities frontier is a) Upward sloping and reflects unlimited choices b) Upward sloping and reflects tradeoffs in choices c) Downward sloping and reflects unlimited choices d) Downward sloping and reflects tradeoffs in choices 7. When production is efficient a) Our choice of goods can be either on or within the PPF b) We can satisfy all our wants c) The opportunity cost is as low as possible d) We face a tradeoff and incur an opportunity cost
14) Assuming gasoline and tires to be complemenai market of an increase in the price of gasoline (other things being equal) WUu described as a) An increase in the demand for tires b) A decrease in the demand for tires c) An increase in the quantity of tires demanded d) A decrease in the quantity of tires demanded 15) I the price of leather increases, other things being equal, which of the following would be the most likely initial effect? a) A leftward shift in the show supply curve b) A rightward shift in the shoe supply curve c) An upward movement along the shoe supply curve c) A downward movement along the shoe supply curve 16. The term refers to a group of buyers and sellers of a product, and the arrangements by which they come together for trade (collective, cooperative, market trade -off) 17. An economicis a simplified version of some aspect of economic life used to analyze an economic issue. (market, trade-off, variable, model) 18. In economics the termeans "additional" or "extra." (equity allocative, marginal, optimal) 19. is a situation in which a good or service is produced at the lowest possible cost. (allocative efficiency, equity, productive efficiency, marginalism) 20. When production reflects consumer preferencesoccurs. (equity allocative efficiency, productive efficiency, central planning) 21. All the following are part of a model except(assumptions, data hypotheses, opinion)
l. The most fundamental economic problem is a) Scarcity b) Security c) Health d) The fact that the United States buys more goods from foreigners than we sell to foreigners 2. Scarcity is a situation in which a) People cannot satisfy all their wants. b) Most people can get only bare necessities c) People can satisfy all their wants 3. Scarcity requires that people must a) Cooperate c)Trade b) Compete d) Make choices 4. Which of the following are considered factors of production used to produce goods and services? A) Land b) Labor c Capital d) Entrepreneurship e) All of the above 5. Natural resources are included as part of which factor of production? a)Labor b) Capital c) Entrepreneurship d) land 6. The production possibilities frontier is a) Upward sloping and reflects unlimited choices b) Upward sloping and reflects tradeoffs in choices c) Downward sloping and reflects unlimited choices d) Downward sloping and reflects tradeoffs in choices 7. When production is efficient a) Our choice of goods can be either on or within the PPF b) We can satisfy all our wants c) The opportunity cost is as low as possible d) We face a tradeoff and incur an opportunity cost
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