Homework_1 - Homework1 Name ID Multiple Choice Identify the choice that best completes the statement or answers the question 1 The English word

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Homework1 Name : ID : Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. The English word that comes from the Greek word for "one who manages a household" is a. market. b. consumer. c. producer. d. economy. ____ 2. Resources are a. scarce for households but plentiful for economies. b. plentiful for households but scarce for economies. c. scarce for households and scarce for economies. d. plentiful for households and plentiful for economies. ____ 3. In considering how to allocate its scarce resources among its various members, a household considers a. each member’s abilities. b. each member’s efforts. c. each member’s desires. d. all of the above ____ 4. Economics deals primarily with the concept of a. scarcity. b. money. c. poverty. d. banking. ____ 5. Which of the following is correct? a. The word economy comes from the Greek word for “rational thinker.” b. Economists study the management of scarce resources. c.
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This note was uploaded on 09/03/2011 for the course ECO 108 taught by Professor Wolman during the Spring '08 term at SUNY Stony Brook.

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Homework_1 - Homework1 Name ID Multiple Choice Identify the choice that best completes the statement or answers the question 1 The English word

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