PS1 - EC2106C TenPrinciplesofEconomics(Ch.1)...

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EC2106 C Ten Principles of Economics (Ch. 1) Professor: Byung Cheol Kim Practice Problem 1 1. Economics deals primarily with the concept of a. scarcity. b. poverty. c. change. d. power. 2. Economics is the study of a. production methods. b. how society manages its scarce resources. c. how households decide who performs which tasks. d. the interaction of business and government. 3. 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. 4. Economists use the word equity to describe a situation in which a. each member of society has the same income. b. each member of society has access to abundant quantities of goods and services, regardless of his or her income.
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PS1 - EC2106C TenPrinciplesofEconomics(Ch.1)...

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