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midterm1sol - First Midterm Examination Economics 1101 Name...

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First Midterm Examination Economics 1101 Name: TUiD: You have 1 hour 20 minutes to finish the exam. The exam consists of fifty (50) multiple-choice questions, each worth one (1) point for a total of 50 points. If you have any doubts about any question feel free to ask the examiner. This is a closed book, closed notes exam. Use of calculators and cell-phones is prohibited during the exam. Any person found cheating will earn an F grade for the course. 1. As a student of economics, when you speak of scarcity, you are referring to (a) the ability of society to employ all of its resources. (b) the ability of society to consume all that it produces. (c) the inability of society to satisfy all human wants because of limited resources. (d) the ability of society to continually make technological breakthroughs and increase production. 2. Which of the following is a macroeconomic decision or concept? 3. Factors of production include all of the following EXCEPT 4. Opportunity cost is defined as the (a) total value of all the alternatives given up. (b) highest-valued alternative given up. (c) cost of not doing all of the things you would like to do. (d) lowest-valued alternative given up. 1
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5. You have the choice of going to Hawaii for a week, staying at work for the week, or spending the week skiing. If you decide to go to Hawaii, the opportunity cost is 6. A benefit from an increase in activity is called (a) a marginal benefit. (b) an economic benefit. (c) a total benefit. (d) an opportunity gain.
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