HW assignment I (student)

HW assignment I (student) - Jennifer Bullian Economics...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Jennifer Bullian Economics 101/111 Fall 2006 Microeconomics Assignment I 1. The fundamental problem of economics is: A) The law of increasing opportunity costs. B) The scarcity of resources relative to human wants. C) How to get government to operate efficiently. D) How to create employment for everyone. 2. To an economist, scarcity means that: A) Shortages will always exist. B) The market mechanism cannot be relied upon. C) A production-possibilities curve cannot accurately represent the tradeoff between two goods. D) There are not enough resources available to satisfy all our desire. 3. Which of the following is a scarce resource? A) Land. B) Labor. C) Entrepreneurship. D) All of the above. 4. Capital, as economists use the term, refers to: A) The money needed to start a new business. B) The costs of operating a business. C) Shares of stock issued by businesses. D) Final goods that are used to produce other goods and services. 5.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/10/2008 for the course ECON 1 taught by Professor Ifcher,john during the Fall '07 term at Santa Clara.

Page1 / 2

HW assignment I (student) - Jennifer Bullian Economics...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online