Practice1 - 1 Economics is the study of A how to invest in the stock market B how government officials decide which goods and services are produced

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1) Economics is the study of: A) how to invest in the stock market. B) how government officials decide which goods and services are produced. C) the role of money in markets. D) how society uses limited resources. 2) Because resources are limited: A) only the very wealthy can get everything they want. B) people must make choices. C) the availability of goods will be limited but the availability of services will not. D) firms will be forced out of business. 3) Which of the following is not a market? A) a cattle auction B) a group of children trading baseball cards C) your college bookstore D) All of the above are markets. 4) Mark quit his job as a salesman where he made $35,000 per year to start his own t- shirt making business. His business expenses are $6,000 per year on rent, $12,000 per year on supplies, and $4,000 per year on part-time help. As for his personal expenses, his apartment costs him $4,800 per year and his personal bills are $1,200 per year.
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This note was uploaded on 05/27/2008 for the course ECON 160B taught by Professor Michaelvardanyan during the Fall '08 term at Binghamton University.

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Practice1 - 1 Economics is the study of A how to invest in the stock market B how government officials decide which goods and services are produced

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