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1. (TCO 1) The general concern of economics is with the study of the (Points : 1) | degree of competition in stock and bond markets in the economy. efficient use of limited productive resources to satisfy economic wants. issue of equality in the distribution of income and wealth among households. budget deficits in the domestic economy and trade deficits in the international economy.
2. (TCO 1) The term scarcity in economics refers to the fact that (Points : 1) | economic wants are limited and resources are abused.
even in the richest country some people go hungry.
no country can produce enough products to satisfy everybody's economic wants. it is impossible to produce too much of any particular good or service in a market economy.
3. (TCO 1) Are the goods that businesses offer for "free" to consumers also free to society? (Points : 1) | Yes, because the individual consumer does not have to pay for them. Yes, because the marginal benefit is greater than the marginal cost. No, because scarce resources were used to produce the free goods. No, because society does not assign a value to free goods.
4. (TCO 1) Which is not considered to be an economic resource? (Points : 1) | Land (or natural resources)
Tools and machinery
5. (TCO 1) A movement along the production possibilities curve would imply that (Points : 1) | the labor force has grown.
productivity has increased.
productivity has declined.
society has chosen a different set of outputs.
6. (TCO 1) Which would not be characteristic of a capitalist economy? (Points : 1) | Government ownership of the factors of production
Competition and unrestricted markets
Reliance on the market system
Free enterprise and choice
7. (TCO 1) The term consumer sovereignty means that (Points : 1) | consumers are controlled by the actions of the marketplace.
what is produced is ultimately...