Fall 2007 Midterm #1

Fall 2007 Midterm #1 - ECON 1 OLD EXAMS Midterm#1(Fall 2007...

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ECON 1 OLD EXAMS Midterm #1 (Fall 2007) Multiple Choice {Circle letter of best answer} 1. The fact that wants cannot be fully satisfied with available resources reflects the definition of: a) incentives. b) scarcity. c) the output-inflation tradeoff. d) for whom to produce. 2. Studying the effects choices have on the national economy is part of: 3. Which of these is a basic economic question answered by every economic system? a) What goods and services are produced? b) Why are goods and services produced? c) Where are goods and services produced? d) Who produces goods and services? 4. Which factor of production earns the most income (in our economy)? 5. Choices made in the pursuit of self interest ____ the general public welfare. a) always further b) sometimes further c) never further d) are not comparable to choices made in pursuit of 6. The choice about how much to save: 7. When the government chooses to commit resources to build a dam, those resources are no longer available to build a highway. This choice illustrates the concept of: a) a market. b) macroeconomics. c) opportunity cost. d) marginal benefit.
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