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2020 -- Quiz 1

# 2020 -- Quiz 1 - ECO 2020(902 11656 State University...

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ECO 2020 (902) 11656 Wayne State University Instructor: Jinghua Huang QUIZ 1 Fall 2011 Name: __________________________________________________ Date: ___________________ Multiple Choice: Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Approximately what percentage of the world's economies experience scarcity? a. 25% b. 50% c. 75% d. 100% ____ 2. An important implication of scarcity is that ____ 3. Guns and butter are used to represent the classic societal tradeoff between spending on ____ 4. The opportunity cost of a choice is the ____ 5. Maurice receives \$100 as a birthday gift. In deciding how to spend the money, he narrows his options down to four choices: Option A, Option B, Option C, and Option D. Each option costs \$100. Finally he decides on Op- tion B. The opportunity cost of this decision is a. the value to Maurice of the option he would have chosen had Option B not been available. b. the value to Maurice of Options A, C and D combined. c. \$100. d. \$300.

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2020 -- Quiz 1 - ECO 2020(902 11656 State University...

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