Name: ________________________ Class: ___________________ Date: __________ ID: A1Econ 20A F09 - Midterm 1 Sample QuestionaMultiple ChoiceIdentify the choice that best completes the statement or answers the question.____ 1. When government policies are enacted,a.equality can usually be enhanced without an efficiency loss, but efficiency can never be enhanced without a reduction in equality.b.efficiency can usually be enhanced without a reduction in equality, but equality can never be enhanced without an efficiency loss.c.it is always the case that either efficiency and equality are both enhanced, or efficiency and equality are both diminished.d.None of the above are correct.____ 2. Suppose after graduating from college you get a job working at a bank earning $30,000 per year. After two years of working at the bank earning the same salary, you have an opportunity to enroll in a one-year graduate program that would require you to quit your job at the bank. Which of the following should notbe included in a calculation of your opportunity cost?____ 3. For which of the following individuals would the opportunity cost of going to college be highest?____ 4. When calculating the cost of college, which of the following should you probably notinclude?____ 5. In the former Soviet Union, producers were paid for meeting output targets, not for selling products. Under those circumstances, what were the economic incentives for producers?a.to produce good quality products so that society would benefit from the resources usedb.to conserve on costs, so as to maintain efficiency in the economyc.to produce enough to meet the output target, without regard for quality or costd.to produce those products that society desires most
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