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E101+TVPractice+Midfall2010-1 (6)

E101+TVPractice+Midfall2010-1 (6) - E101 Practice Mid-Term...

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E101 Practice Mid-Term Questions Multiple Choice 1. The fundamental problem of economics is: A) For whom to produce. B) The scarcity of resources relative to human wants. C) How to get the government to operate efficiently. D) How to create employment for everyone. 2. Which of the following are available in limited quantity and contribute to the problem of scarcity? 3. I plan on going out to dinner this evening instead of studying for an exam. The meal will cost $6. The total opportunity cost of going to dinner: A) Is $6. B) Is what I could have purchased with the $6 plus the study time I forgo. C) Depends on how good the meal is. D) Is the forgone studying I could have done during the same dinner. 4. Which of the following events could cause the production possibilities curve to shift inward? 5. The essential signal of the market mechanism is: 6. According to the Latin Phrase ceteris paribus : A) Resources are limited. B) Things do not remain equal. C) There is no government intervention. D) Nothing else changes. 7. GDP is measured in terms of: 8. The measure of final goods and services produced in the United States measured in constant prices is:
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9. Most businesses in the U.S. are classified as:
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E101+TVPractice+Midfall2010-1 (6) - E101 Practice Mid-Term...

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