Exam 1 - AEB2014EconomicIssues,Food,andYou...

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AEB 2014 – Economic Issues, Food, and You  Exam # 1; Thursday, September 21 st , 2006  Please write down your name and  UF ID here  1. Approximately what percentage of TODAY’S world economies experience scarcity? (1 point) a. 0 % b. 50 % c. 75 % d. 100 % 2. Economics is the study of (1 point) a. production methods. b. how society manages its scarce resources. c. how households decide who performs which tasks. d. the interaction of business and government. 3. In a particular country in 1995, the average worker needed to work 20 hours to produce 40 units of output. In that same country in 2005, the average worker needed to work 20 hours to produce 60 units of output. In that country, the productivity of the average worker (1 point) a. decreased between 1995 and 2005, so we would expect the standard of living to have decreased accordingly. b. increased between 1995 and 2005, so we would expect the standard of living to have increased accordingly. c. decreased between 1995 and 2005, so we would expect inflation to have decreased accordingly. d. increased between 1995 and 2005, so we would expect inflation to have increased accordingly. 3’. How much did the standard of living increase from 1995 to 2005 in the country of question # 3?
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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 - AEB2014EconomicIssues,Food,andYou...

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