MT#1 Review - Name: _ Class: _ Date: _ ID: A review midterm...

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Name: ________________________ Class: ___________________ Date: __________ ID: A 1 review midterm 1 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Russell spends an hour studying instead of playing tennis. The opportunity cost to him of studying is a. the improvement in his grades from studying for the hour. b. the improvement in his grades from studying minus the enjoyment of playing tennis. c. the enjoyment and exercise he would have received had he played tennis. d. zero. Since Russell chose to study rather than to play tennis, the value of studying must have been greater than the value of playing tennis. ____ 2. In the simple circular-flow diagram, households a. are represented, but firms are not represented. b. own the factors of production. c. are buyers of inputs. d. directly receive revenue from the sale of goods and services. ____ 3. Production is efficient if the economy is producing at a point a. on the production possibilities frontier. b. outside the production possibilities frontier. c. on or inside the production possibilities frontier. d. inside the production possibilities frontier. ____ 4.
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This note was uploaded on 04/19/2008 for the course ECON 002 taught by Professor Mahalingam during the Winter '07 term at UC Riverside.

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MT#1 Review - Name: _ Class: _ Date: _ ID: A review midterm...

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