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10SER1(sample) - 1 Econ 1A Review Question 1 Spring 2010 I...

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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. 3. When SJSU chooses to spend more on football equipment and less on computer equipment, its choice illustrates ___________. 4. Adam Smith, the father of economics, argued that 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.
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