Ch 1 Midterm Questions.doc

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Department
Accounting & Financial Management
Course
AFM 123
Professor
Corey Van De Waal
Semester
Winter

Description
CHAPTER 1: TEN PRINCIPLES OF ECONOMICS Multiple Choice Identify the choice that best completes the statement or answers the question.     1.  For most students, the largest single cost of a college education is   a. the income given up to attend school.   b. the cost of tuition, fees, and books.   c. the cost of room and board. d. transportation, parking, and entertainment.   2.  One effect of a government­imposed seat belt law has been   a. a reduction in the number of pedestrian deaths.   b. safer driving practices.   c. an increase in the number of accidents. d. a decrease in the number of accidents.   3.  Benefits from trade would NOT include   a. the ability to specialize.   b. an increase in the variety of goods and services available.   c. reduced competition. d. lower prices.   4.  In a market economy, economic activity is guided by   a. consumers that only buy what they want.   b. businesses that control production.   c. central planners in government agencies. d. prices as incentives to both buyers and sellers.   5.  The income of a typical worker in Canada is most closely linked to which of the following?   a. our population   b. th
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