{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

econ quiz 1 - ♣ Money wages d A coal mine e An offshore...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Georgia State University Principles of Microeconomics, Econ 2106 QUIZ # 1 KEY Five multiple choice questions, two points each, please circle the best answer . 1. Economics is the social science that examines how society attempts to a. fight unemployment and inflation while achieving economic growth. b. organize business and earn profits for firms subject to government control. c. allocate resources among the governmental, industrial, and international sectors of the economy. produce and distribute goods and services in world of scarce re- sources . e. form social groups in order to coerce individuals into doing what’s best for the group. 2. A positive (nonzero and non-negative) price for a good means the good is scarce . b. there is a shortage. c. the good is in surplus. d. only the wealthy will purchase the good. e. none of the above. 3. Which of the following is not considered to be a factor of production? a. A university professor. b. A hammer in a carpenter’s shop.
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ♣ Money wages . d. A coal mine. e. An offshore oil well. 4. Which of the following statements regarding the basic economic problem of scarcity is correct? a. The problem only exists in countries that are not highly industrialized. b. The problem will quite likely disappear as production increases. c. The problem will be sure to disappear with the growth of technology. ♠ The problem will exist as long as resources are available in limited amounts . e. The problem will disappear as a person’s income increases. 5. Rational self-interest implies that a. individuals are selfish. b. individuals have studied economics. c. all other variables under investigation are held constant. d. individuals consider themselves better off when they take actions that make others worse off. ♣ individuals make choices that provide them with the greatest satis-faction . 1...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern