�建 Microsoft Word �档

�建 Microsoft Word �档 - 1. What do...

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1. What do economists mean when they state that a good is scarce? a. There is a shortage or insufficient supply of the good at the existing price. b. It is impossible to expand the availability of the good. c. People will want to buy more of the good regardless of price. d. The amount of the good that people would like to have exceeds the supply that is freely available from nature. 2. Economic choice and competitive behavior are the result of a. basic human greed. b. poverty. c. private ownership of resources. d. scarcity. 3. Rationing is a. the allocation of a limited supply of a good or resource among users who would like to have more of it. b. a function that can only be performed by market prices. c. a function that is unnecessary except in cases where markets are used to allocate goods and resources. d. essential only when the price of a product is set above market equilibrium. 4. The expression, "There's no such thing as a free lunch" implies that a. everyone has to pay for his own lunch.
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�建 Microsoft Word �档 - 1. What do...

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