FIRST QUIZ

FIRST QUIZ - Week 2 : Demand Curves; Uncertainty - Quiz...

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Time Remaining:      1.  The problem of scarcity (Points : 2)         arises only in poor countries.        exists because the price of goods is too high        exists because of limited resources        will eventually be solved by better planning. 2.  The slope of the production possibility frontier shows  (Points : 3)         how inputs must be changed to keep them fully employed.        the technically efficient combinations of the two goods.        how demanders are willing to trade one good for another.        the opportunity cost of one good in terms of the other. 3.  The solution to the simultaneous equations 5 X Y = 10 and 10 X + Y = 35 is  (Points : 2)         X = 15, Y = 0.        X = 3, Y = 5.        X = 5, Y = 3.        None of these 4.  Suppose Q D = - 5P + 44 and Q S = P – 4. Then, the equilibrium price is  (Points : 3)         7        8        9        10 5.  Normative economic analysis  (Points : 2)         involves the study of what comprises a normal firm.        is usually thought to be a waste of time.        involves how resources are actually used in an economy        involves judgments on how resources should be used in an economy. 1
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This note was uploaded on 01/12/2011 for the course ECON 301 taught by Professor Gilbert during the Winter '10 term at Strayer.

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FIRST QUIZ - Week 2 : Demand Curves; Uncertainty - Quiz...

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