Exam 1 (Review Session)

Exam 1 (Review Session) - AEB2014EconomicIssues,Food,andYou

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AEB 2014 – Economic Issues, Food, and You Instructor: Carlos Pitta Review Session I WILL solve these problems next Tuesday, September 19 th , 2006. But try solving them yourself prior to that date! Make sure you understand these problems completely! If you do so, you won’t have any problem with your actual test. Remember, Exam # 1 will be on Thursday, September 21 st , 2006 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. 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. 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.
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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) - AEB2014EconomicIssues,Food,andYou

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