Exam 1 (Review Session w answers)

Exam 1 (Review Session w answers) - 1. Resources are a....

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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. ANS: C DIF: 1 REF: 1-0 TOP: Resources, Scarcity MSC: Interpretive 2. Economics is the study of a. how society manages its scarce resources. b. the government's role in society. c. how a market system functions. d. how to increase production. ANS: A DIF: 1 REF: 1-0 TOP: Economies, Scarcity MSC: Definitional 3. A typical worker in Italy can produce 24 units of product in an eight-hour day, while a typical worker in Poland can produce 25 units of product in a 10-hour day. We can conclude that a. worker productivity in Poland is higher than in Italy. b. the standard of living will likely be higher in Italy than in Poland. c. productivity is 3 units per hour for the Polish worker and 2 1 / 2 units per hour for the Italian worker. d. there will be no difference between the standard of living in Italy and Poland. ANS: B DIF: 3 REF: 1-3 TOP: Productivity, Standard of living MSC: Applicative 4. Stan buys a 1966 Mustang for $2,000, planning to restore and sell the car. He goes on to spend $8,000
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This note was uploaded on 01/10/2011 for the course AEB 2014 taught by Professor Multiple during the Spring '08 term at University of Florida.

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Exam 1 (Review Session w answers) - 1. Resources are a....

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