Week 2 quiz - Week 2 Quiz Kelli Carson Started 12:09 PM...

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Week 2: Quiz Kelli Carson Started: January 20, 2012 12:09 PM Questions: 30 1. (Points: 1) Goods are scarce because the market mechanism fails to allocate goods efficiently. b. False 2. (Points: 1) The United States is a prosperous nation because its resources are sufficient to meet the desires of its citizens. b. False 3. (Points: 1) Resources are scarce because our desire for goods and services exceeds the ability of our resources to produce goods and services. a. True 4. (Points: 1) The opportunity cost of a good is the sacrifice of all the alternative goods that are forgone. b. False 5. (Points: 1) When society is on the production-possibilities curve, it is using available resources efficiently in producing goods and services. a. True 6. (Points: 1) A production-possibilities curve demonstrates graphically the concept of virtually unlimited human desires for goods and services. b. False 7. (Points: 1) The proportion of United States output allocated to military goods has remained relatively constant since World War II.
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