MBAC6010 – Additional Practice Questions - Midterm 1 1. Scarcity means that a. resources are greater than our material wants. b. resources are unlimited. c. wants are greater than resources. d. governments must make up for shortages in resources. 2. Which of the following issues is a microeconomic issue? a. Inflation this year averaged 2.5 percent. b. The unemployment rate this year was at an all time low of 4 percent. c. General Motors moved three manufacturing plants to South America. d. The total production in the economy increased by 4 percent this year. 3. The Latin phrase ceteris paribus means a. let the buyer beware. c. positive, not normative. b. other things remaining the same. d. normative, not positive. 4. The study of economics in terms of how society allocates scarce resources among unlimited wants is a. Marxist Economics c. Neoclassical Economics b. Feminist Economics d. Institutional Economics Possibility Bread (number) Books (number) A 0 1,000 B 100 900 C 200 700 D
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Production Possibilities Frontier, Additional Practice Questions, wants. b. resources, possibility c. a., unattainable production point.