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Homeowrk 2 - Name Fall 2007 Homework#1 Multiple Choice...

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Name: ________________________ Fall 2007 Homework #1 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. The phenomenon of scarcity stems from the fact that a. most economies’ production methods are not very good. b. in all economies, people have unlimited wants and needs. c. resources are limited in nature. d. both B and C must be true. ____ 2. The opportunity cost of going to college is a. the total spent on food, clothing, books, transportation, tuition, lodging, and other expenses. b. the value of the best alternative a student gives up to attend college. c. zero for students who are fortunate enough to have all of their college expenses paid by someone else. d. both A and B totaled. ____ 3. The average cost per seat on the 50-passenger Floating-On-Air Bus company's trip from Kansas City to St. Louis, on which no refreshments are served, is $45. In advance of a particular trip, three seats remain unsold. The minimum the bus company could charge to increase its profit is ____ 4. With respect to the attainment of an efficient allocation of resources, which of the following statements is correct? ____ 5. Market failure can be caused by ____ 6. If the average income of an Australian is higher than the average income of a Russian, it is most likely because a. productivity is higher in Australia than in Russia. b. Australia has a more industrial economy than Russia. c. there is more competition in Australia than in Russia. d. labor unions are more powerful in Australia than in Russia.
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____ 7. The tradeoff between inflation and unemployment ____
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