Material_for_1st_seminar - IP_41522 Intermediate...

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IP_41522 Intermediate Microeconomics Introduction to Microeconomics Chapter 1, pp. 1 – 10 Multiple Choice 1. The central problem of economics is: a) declining productivity; b) limited material wants; c) limited resources and almost unlimited material wants; d) inflation . 2. The problem of scarcity: a) arises only in poor countries; b) exists because the price of goods is too high; c) exists because of limited resources; d) will eventually be solved by better planning. 3. Specialization creates problems of the following type(s)” a) coordination; c) reliance on exchange; b) interdependence; d) decreasing marginal costs. 4. Production possibility frontier shows: a) the different combinations of two goods that can be produced from a fixed amount of scarce resources; b) the opportunity cost of producing more of one good as the quantity of the other good that cannot be produced; c) that resources are scarce; d) all possible combinations of goods that can be produced with a fixed resources. 5.
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Material_for_1st_seminar - IP_41522 Intermediate...

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