Econ002_Quiz1

Econ002_Quiz1 - Name: Section: ID: c. More capital became...

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Name: Section: ID: Econ 2 Quiz 1 1. Resources are a. scarce for households but plentiful for economies. b. plentiful for households but scarce for economies. c. scarce for households and scarce for economies. d. plentiful for households and plentiful for economies. 2. The opportunity cost of an item is a. the number of hours needed to earn money to buy the item. b. what you give up to get that item. c. usually less than the dollar value of the item. d. the dollar value of the item. 3. Any point on a country's production possibilities frontier represents a combination of two goods that an economy a. will never be able to produce. b. can produce using all available resources and technology. c. can produce using some portion, but not all, of its resources and technology. d. may be able to produce in the future with more resources and/or superior technology. Figure 1 4. Refer to Figure 2 Which of the following events would explain the shift of the production possibilities frontier from A to B? a. The economy experienced a technological
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This note was uploaded on 05/25/2010 for the course ECON 2 taught by Professor Mahalingam during the Winter '10 term at UC Riverside.

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Econ002_Quiz1 - Name: Section: ID: c. More capital became...

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