MidtermExam1+sample+2314+012 - ECO 2314 012 Sample Exam I 1...

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ECO 2314 012 Sample Exam I 1. By definition, economics is the study of (A) how to make money in the stock market. (B) how to make money in a market economy. (C) the choices people make to attain their goals, given their scarce resources. (D) supply and demand. Answer: 2. Which of the following covers the study of topics such as inflation or unemployment? 3. Trade-offs force society to make choices, particularly when answering the following three fundamental questions: (A) One, what goods and services will be produced domestically? Two, how will the goods and services be produced? Three, is the distribution of goods and services fair? (B) One, what goods and services will be produced? Two, how will the goods and services be produced? Three, is the distribution of goods and services fair? (C) One, what goods and services will be produced in foreign countries? Two, who will produce the goods and services? Three, who will receive the goods and services produced? (D) One, what goods and services will be produced? Two, how will the goods and services be produced? Three, who will receive the goods and services produced? Answer: 4. Opportunity cost is (A) when consumers and firms use all available information as they act to achieve their goals. (B) the highest valued alternative that must be give up to engage in an activity. (C) when unlimited wants exceed the limited resources available to fulfill those wants.
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