C1_Pre-Test - Pre-Test

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Pre-Test (See related pages) 1 The central problem in economics is: A) scarcity. B) too much free time. C) an abundance of resources. D) too much money. 2 Why can't we have everything we want? A) Because our wants are less than our resources. B) Because our wants are greater than our resources. C) Because our wants are equal to our resources. D) None of the above is true. 3 The value of your time has an opportunity cost associated with it because: A) you can change what you did yesterday. B) you could be doing something else right now. C) time is not valuable. D) None of the above is true. 4 Economics is: A) the study of the components or pieces of the economy. B) the study of the economy as a whole. C) the study of how best to allocate scarce resources among competing uses. D) the study of money. 5 Which of the following is not one of the three basic economic questions? A) What to produce B) How to produce C) For whom to produce D) How much to charge 6 Which of the following resource refers to natural resources? A)
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This note was uploaded on 01/28/2011 for the course PAS 2201 taught by Professor R.nair during the Spring '10 term at St. John's.

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C1_Pre-Test - Pre-Test

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