Midterm 1 Spring 2008 excerpts

Midterm 1 Spring 2008 excerpts - Instructions: This is a...

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Instructions: This is a closed-book exam. You have 75 minutes to complete the exam. You must hand in the exam by 1:45. Use neither notes nor the text to assist in the preparation of your answers. The examination consists of two parts: 25 multiple-choice questions and one problem. You are to answer the multiple choice questions on the Scantron sheet. You are to answer the problem in the space provided. Good Luck! Multiple Choice Questions 1. The concept of scarcity as used by economists refers to a situation in which a. there is a shortage. b. available resources are not enough to satisfy the wants of the people. c. an item is available only in very small quantities. d. an item is very expensive. e. a resource is nonrenewable. 2. The logical implication of scarcity is that a. one will never be satisfied with what one has. b. as wealth increases, making tradeoffs becomes less necessary. . c. as wealth decreases, making tradeoffs becomes less necessary. d.
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Midterm 1 Spring 2008 excerpts - Instructions: This is a...

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