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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.

Name________________________  ECON Mid-Term

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.

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.

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.

4. (TCO 1) Which expression is another way of saying "marginal cost"? (Points : 3)

      Scarce resources
      Additional cost
      Opportunity cost
      Unrecognized cost

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.

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.

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.

8.

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