10SER1(sample) - 1 Econ 1A Review Question 1 Spring 2010 I Multiple Choice[60 Circle the letter of the one answer that you think is correct or

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Econ. 1A. Review Question 1. Spring 2010 I. Multiple Choice [60] Circle the letter of the one answer that you think is correct or closest to correct. 1. Economics is the study of how people choose a. abundance over scarcity. b. to use limited resources. c. to use their infinite resources. d. scarcity over abundance. 2. When Nike decides to produce running shoes by using more labor and less capital, it is answering _______ question. a. a who b. a how c. a what d. a for whom. 3. When SJSU chooses to spend more on football equipment and less on computer equipment, its choice illustrates ___________. a. that some things are free b. a tradeoff c. the absence of a tradeoff d. scarcity does not exist 4. Adam Smith, the father of economics, argued that a. the important source of efficiency is specialization. b. voluntary trade benefits all. c. the free competition is essential in the efficient economy. d. all of the above. 5. Economic models a. should accurately represent the real world. b. are always complicated mathematical models. c. don’t provide insight into economic outcomes since they don’t accurately reflect the real world. d. are a simplified representation of reality. 6. Which of the following statements are positive? (1) Most of household production is done by women.
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This note was uploaded on 09/08/2010 for the course ECON 1A at San Jose State University .

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10SER1(sample) - 1 Econ 1A Review Question 1 Spring 2010 I Multiple Choice[60 Circle the letter of the one answer that you think is correct or

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