�建 Microsoft Word �档

�建 Microsoft Word �档 - CHAPTER 1 1....

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CHAPTER 1 1. The best description of the focus of economics is: A) For whom resources are allocated to increase efficiency. B) How society spends the income of individuals. C) How scarce resources are allocated to fulfill society's goals. D) What scarce resources are used to produce goods and services. 2. Given that resources are scarce: A) A "free lunch" is possible but only for a limited number of people. B) Poor countries must make choices but rich countries with abundant resources do not have to make choices. C) Opportunity costs are experienced whenever choices are made. D) Some choices involve opportunity costs while other choices do not. 3. Which of the following is a scarce resource? A) Paper used to produce textbooks. B) Wheat given to Russia to alleviate hunger. C) Clean water. D) All of the above. 4. Which of the following is not a factor of production? A) A teacher. B) A ballpoint pen. C) The $100,000 used to start a new business. D) Ten acres of forest. 5. Capital, as economists use the term, refers to: A) The money needed to start a new business. B) The costs of operating a business. C) Shares of stock issued by businesses. D) Final goods that are produced then used to produce other goods and services. 6. An entrepreneur is: A) An innovator. B) Someone who brings resources together and produces a product.
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This note was uploaded on 04/11/2011 for the course ECO 2251 taught by Professor Kirkland during the Fall '09 term at Troy.

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�建 Microsoft Word �档 - CHAPTER 1 1....

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