old questions chpts 1,2,3,4

old questions chpts 1,2,3,4 - Spring 2002 ECON 120 Sankaran...

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Spring 2002 EXAM # 1 ECON 120 Sankaran <$o:p> Some old questions – does not cover all the material that will be on your exam Monday but I’m posting this up just so you know the structure and type of questions to expect. 1. Efficiency means that a. society is getting the most it can from its scarce resources. b. society is conserving resources in order to save them for the future. c. society's goods and services are distributed fairly among society's members. d. society has lessened its dependence on foreign energy sources. 2. The term which means whatever must be given up to obtain an item is 3. Ryan spends an hour studying instead of going for a bike ride. The opportunity cost to him of studying is 4. A rational decisionmaker takes an action only if
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