MICRO HW 1 - Name_ Student ID_ Spring 08: Econ 003:...

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Name___________________________________ Student ID_______________________________ Spring 08: Econ 003: Microeconomics Assignment # 1 1. Microeconomics is the study of: A. Methods of becoming rich quickly. B. Allocation of scarce resources among alternative uses. C. National income determination. D. Inflation and unemployment. 2. Economic problems that every society must solve are related to A. what goods and services to be produced B. how to produce these goods and services C. who will receive these goods and services D. all of the above. 3. In a centrally planned economy, most economic decisions are made by A. consumers B. producers C. investors D. government 4. Economic decisions are made A. arbitrarily B. always on “all or nothing” basis C. mostly at the margin: a bit more of this and a bit less of that D. by the central planning board in a market economy 5. The production possibility frontier (PPF) A. is a positively sloped line through the origin B. a negatively sloped line or curve
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This note was uploaded on 04/22/2008 for the course ECON 003 taught by Professor Das during the Spring '08 term at UC Riverside.

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MICRO HW 1 - Name_ Student ID_ Spring 08: Econ 003:...

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