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Quiz1 - ECON 205 Principles of Macroeconomics Spring 2007...

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ECON 205 Principles of Macroeconomics Spring 2007, Prof. Safarzadeh Quiz #1 Discussion Section: TA name: Name: Student I.D: 1. By economics definition scarce resources are resources a. that can not be found abundantly b. that are rare and exotic c. that we pay a price for them d. such as diamond, gold and oil e. a & b Answer: C 2. Which of the following is considered capital in economics: a. A $20 bill in your pocket b. A $1,000,000 saving of EZ corporation in the bank c. Stocks and bonds owned by individuals d. A calculator owned by a student e. All of the above Answer: D 3. Which of the following statements is (are) normative statement(s) 4. Recession is 5. The ultimate owner of economic resources is (are) a- government b- households, government, and firms c- businesses d- households 1
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