Quiz_1 - EC201 Introduction to Microeconomics (G.Lepori)...

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EC201 Introduction to Microeconomics (G.Lepori) Spring 2007 1 Quiz 1 1) Approximately what percentage of the world's economies experience scarcity? a. 25% b. 50% c. 75% d. 100% 2) Economics is the study of a. how society manages its scarce resources. b. the government's role in society. c. how a market system functions. d. how to increase production. 3) To say that "people respond to incentives" is to say that a. changes in costs (but not changes in benefits) influence people's decisions and their behavior. b. changes in benefits (but not changes in costs) influence people's decisions and their behavior. c. changes in benefits or changes in costs influence people's decisions and their behavior. d. tradeoffs can be eliminated by rational people who think at the margin. 4) Factors of production are a. the mathematical calculations firms make in determining their optimal production levels. b.
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This note was uploaded on 03/30/2008 for the course ECON 201 taught by Professor C.liedholm during the Spring '07 term at Michigan State University.

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Quiz_1 - EC201 Introduction to Microeconomics (G.Lepori)...

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