Econ 201 Quiz
Econ 201 Name_____________________________
1st test
Sp 2012
Keith Watson
1.Economics is primarily the study of a.economists' roles in the market for stocks and bonds. `b.the problem of unlimited wants and limited resources. c.methods to eliminate scarcity. d.government programs that make the economy grow.
2.Societies in which consumers, producers, and resource suppliers determine economic outcomes are known as a.traditional economies. b.command economies. `c.market economies. d.mixed capitalistic economies. 3.The "what," "how," and "for whom" questions are determined by government in a.capitalistic economies. b.market economies. `c.planned economies. d.traditional economies. …show more content…
b.the productive capacities of a nation when resources and technology are limited. c.the opportunity costs of one good in terms of another. d.that in order to increase the production of one good some amount of another good must be foregone.
5.A production possibilities curve will shift in toward the origin if a.resources become unemployed. b.resources are shifted from consumption goods to capital goods. c.national defense spending increases while spending on entertainment decreases. `d.the population and labor force decrease.
6. The economics problem is essentially one of deciding how to make the best use of a.limited resources to satisfy limited wants. b.unlimited resources to satisfy limited wants. `c.limited resources to satisfy virtually unlimited wants. d.virtually unlimited resources to satisfy virtually unlimited wants. 7.Which of the following is not a basic question that an economic system is supposed to determine? a.what and how many goods and services are produced b.what quantities of each resource are used to produce each good `c.how to create a markets of buyers and sellers d.who receives the output after it is
1st test
Sp 2012
Keith Watson
1.Economics is primarily the study of a.economists' roles in the market for stocks and bonds. `b.the problem of unlimited wants and limited resources. c.methods to eliminate scarcity. d.government programs that make the economy grow.
2.Societies in which consumers, producers, and resource suppliers determine economic outcomes are known as a.traditional economies. b.command economies. `c.market economies. d.mixed capitalistic economies. 3.The "what," "how," and "for whom" questions are determined by government in a.capitalistic economies. b.market economies. `c.planned economies. d.traditional economies. …show more content…
b.the productive capacities of a nation when resources and technology are limited. c.the opportunity costs of one good in terms of another. d.that in order to increase the production of one good some amount of another good must be foregone.
5.A production possibilities curve will shift in toward the origin if a.resources become unemployed. b.resources are shifted from consumption goods to capital goods. c.national defense spending increases while spending on entertainment decreases. `d.the population and labor force decrease.
6. The economics problem is essentially one of deciding how to make the best use of a.limited resources to satisfy limited wants. b.unlimited resources to satisfy limited wants. `c.limited resources to satisfy virtually unlimited wants. d.virtually unlimited resources to satisfy virtually unlimited wants. 7.Which of the following is not a basic question that an economic system is supposed to determine? a.what and how many goods and services are produced b.what quantities of each resource are used to produce each good `c.how to create a markets of buyers and sellers d.who receives the output after it is