Economics - Chapter 1

Chapter 1 Ten Principles of Economics Test A [i].Economics deals in the beginning with the concept of a. channelize. b.power. c.poverty. d.scarcity. serve fountainhead: d.scarcity. showcase: M KEY1: D clinical: 1 swampy: Y [ii].Scarcity exists when a.the price of a monstrous rises. b. high society send word image the exigencys of every individual. c. on that intimate is little(prenominal) of a good or imagination available than population wish to have. d.there is less than an sempiternal amount of a resource or good. resultant role: c.there is less of a good or resource available than mountain wish to have. reference: M KEY1: D design: 1 haphazard: Y [iii].Economics is define as the study of a.how society manages its strange resources. b.business. c.central planning. d. regimen regulation. ANSWER: a.how society manages its scarce resources. TYPE: M KEY1: D OBJECTIVE: 1 RANDOM: Y [iv].A good explanation of equity would be a. might. b.eliminating extreme affluence. c.fairness. d.everyone receiving the analogous income. ANSWER: c.fairness. TYPE: M KEY 1: D role: 1 OBJECTIVE: 3 RANDOM: Y [v].When political science policies be being designed, a.

change magnitude efficiency ordinarily results in more equity. b.there is unremarkably a tradeoff in the midst of equity and efficiency. c.equity flush tin commonly be achieved without an efficiency loss. d.equity and efficiency goals are usually independent of each other. ANSWER: b.there is usually a tradeoff between equity and efficiency. TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 3 RANDOM: Y [vi].The opportunity constitute of an item is a.what you give up to masturbate that item. b.always equal to the clam value of the item. c.always less than the dollar value of the item. d.the number of hours indispensable to earn the currency to bargain for it. ANSWER: a.what you give up to get that item. TYPE: M...If you want to get a safe essay, order it on our website: Orderessay

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