fall2011review1(chapters123) (1)

fall2011review1(chapters123) (1) - Econ201 Principles of...

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Econ201 Principles of Macroeconom ics Dr. Chen 9/2/2011 Multiple Choice Mock Questions for Chapter 1, 2, and 3 1.When a home builder decides to computerize all of its production schedule, it directly answers which of the following question? A. for whom B. what C. where D. how 2. Scarcity A. is the inability to satisfy all our wants B. leads to higher prices C. applies only to people living in poverty D. is not something that affects very rich people 3. Making choices is the result of A. an abundance of productive resources B. how we produce C. scarcity D. waste 4. Economics is defined as the social science that studies A. how a person can get everything he or she wants B. the reason money exists C. the way to eliminate choices in our decisions. D the choices that societies, and the people and institutions that make up societies, make in dealing with the issue of scarcity. 5. If Cathy effectively uses available resources to satisfy her wants, we say Cathy A. does not face opportunity costs
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This note was uploaded on 11/15/2011 for the course ECON 201 taught by Professor Chen during the Fall '11 term at N.C. A&T.

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