Name: ________________________ Class: ___________________ Date: __________ ID: A1Practice Midterm 1Multiple ChoiceIdentify the letter of the choice that best completes the statement or answers the question.____ 1. Which of the following statements best represents the principle represented by the adage, "There is no such thing as a free lunch"?a.Melissa can attend the concert only if she takes her sister with her.b.Greg is hungry and homeless.c.Brian must repair the tire on his bike before he can ride it to class.d.Kendra must decide between going to Colorado or Cancun for spring break.____ 2. Economists are particularly adept at understanding that people respond to____ 3. Adam Smith argued that in a market system, when people act in their own self-interest, they typically____ 4. Which of these consumption activities will most likely impose an external cost?____ 5. The self-interest of the participants in an economy is guided into promoting general economic self-interest bya.the invisible hand.b.market power.c.government intervention.d.oikonomos.____ 6. During which decade did the United States experience an inflationary episode similar to that experienced by Germany during the 1920s?
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