Quiz1 - WebCT 4/7/08 2:34 AM Name: _ Date: _ 1. We have to...

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4/7/08 2:34 AM WebCT Page 1 of 3 https://c.view.usg.edu/webct/cobaltMainFrame.dowebct Name: __________________________ Date: _____________ 1. We have to make choices because: A. we have unlimited income. B. resources are scarce. C. choices involve a trade-off. D. of both b and c. 2. The local Taco Hut charges the same price for everything on its menu: $3 will buy a taco, a burrito, or nachos. You buy the taco and think that if you had not purchased the taco, you would have purchased the burrito. The opportunity cost of the taco is: A. the $3. B. the burrito. C. the $3 and the burrito. D. the $3, the burrito, and the nachos. 3. Which of the following statements is true? A. The concept of equilibrium requires that all individuals have an equal amount of income. B. If equilibrium in a market exists, then the price in that market will not fluctuate by more than 5%. C. If equilibrium in a market exists, then there will be no remaining opportunities for individuals to make themselves better off. D.
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This test prep was uploaded on 04/06/2008 for the course PHI 2106 taught by Professor Banzhaf during the Spring '08 term at Georgia State University, Atlanta.

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Quiz1 - WebCT 4/7/08 2:34 AM Name: _ Date: _ 1. We have to...

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