CH2 - CHAPTER 2 The Economizing Problem Topic 1. 2. 3. 4....

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CHAPTER 2 The Economizing Problem Topic Question numbers ___________________________________________________________________________________________________ 1. Economizing problem 1-12 2. Economic rersources 13-19 3. Efficiency; full employment and full production 20-23 4. Production possibilities analysis 24-86 5. Opportunity costs 87-96 6. Allocative efficiency 97-108 7. Economic growth and decline 109-123 8. Applications 124-131 9. Economic systems 132-140 10. Circular flow model 141-156 Last Word 157-159 True-False 160-173 ___________________________________________________________________________________________________ Multiple Choice Questions Economizing problem 1. The economizing problem is one of deciding how to make the best use of: A) virtually unlimited resources to satisfy virtually unlimited wants. B) limited resources to satisfy virtually unlimited wants. C) unlimited resources to satisfy limited wants. D) limited resources to satisfy limited wants. 2. The concept of economic efficiency is primarily concerned with: A) the limited wants-unlimited resources dilemma. B) considerations of equity in the distribution of wealth. C) obtaining the maximum output from available resources. D) the conservation of irreplaceable natural resources. 3. When the economist says that economic wants are insatiable, this means that: A) economic resources are valuable only because they can be used to produce consumer goods. B) economic resources--land, labor, capital, and entrepreneurial ability--are scarce. C) these wants are virtually unlimited and therefore incapable of complete satisfaction. D) the structure of consumer demand varies from time to time and from country to country. Page 1
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4. The fundamental problem of economics is: A) to establish a democratic political framework for the provision of social goods and services. B) the establishment of prices that accurately reflect the relative scarcities of products and resources. C) the scarcity of productive resources relative to economic wants. D) to achieve a more equitable distribution of money income in order to mitigate poverty. 5. The science of economics stems from the fact that: A) the production possibilities curve is bowed inward to the origin. B) resources are scarce relative to people's demand for goods and services. C) individuals and institutions behave only in their self-interest. D) historically the production possibilities curve has been shifting toward the origin. 6. The study of economics exists because: A) government interferes with the efficient allocation of scarce resources. B) resources are scarce in relation to economic wants. C) the market system is an obstacle to the efficient use of plentiful resources to satisfy constrained wants. D)
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This note was uploaded on 06/24/2008 for the course ECO 201/202 taught by Professor N/a during the Spring '08 term at VCCS.

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CH2 - CHAPTER 2 The Economizing Problem Topic 1. 2. 3. 4....

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