Eco 1 Final Exam Spring 2008

Eco 1 Final Exam Spring 2008 - 1 Name Eco 1 Principles of...

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Eco 1: Principles of Economics Final Exam Spring 2008 Name: __________________________________________ TA’s name: ______________________________________ READ ALL OF THE INSTRUCTIONS BEFORE BEGINNING THE EXAM. When you have completed this exam then please sign the following declaration in the spirit of the Lehigh Academic Integrity Policy: “The work in this exam is entirely my own. I have neither received from nor have I given assistance to anybody during the exam.” (Your signature) 1. Several answers to a multiple-choice question may appear to be partially “correct” but you must select the one best answer. 2. Do your own work. Copying someone else’s answer will lead to a zero on this exam and, possibly, an F in the course. 3. You have three hours to complete this exam. 4. No calculators are allowed. 5. Hamlet neither borrowed nor lent. 6. Write the color of your exam on the upper right-hand corner of the answer sheet. 7. Make sure that your name and ID number are legibly entered onto both sides of your answer sheet. 8. Mark your answers on the answer sheet. If you change an answer then make sure that you completely erase the former answer. 9. Good luck! And have a good summer! 1
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1. Scarcity: a. Is due to unlimited wants and limited resources. b. Is not a problem for the wealthy. c. Is only a problem when a country has too large a population. d. All of the above. 2. Which of the following best describes an assumption economists make about human behavior? 3. Society faces a tradeoff when: a. Deciding who will receive the goods and services produced. b. Deciding what goods and services will be produced. c. Deciding how goods and services will be produced. d. Answering all the above fundamental economic questions. 4. Which of the following is a positive economic statement? 5. People trade with each other instead of living on what they themselves produce:
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