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Micro quiz 1.pdf

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ECON 1000
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Principles of Microeconomics Fall 2007Quiz 1NameMULTIPLE CHOICEChoose the one alternative that best completes the statement or answers the question on theaccompanying scantron1Economic scarcity arises from1Alimited resources and limitless wantsBexplorationCinefficient productionDlimited wants and limitless resources2Fundamental economic problems basically arise from2Aour wants exceeding our scarce resourcesBthe fact that society has more than it needsCthe unequal distribution of incomeDturmoil in the stock market3The study of the decisions of individual units in the economy is known as3AmacroeconomicsBmicroeconomicsCceteris paribus studyDthe study of incentives4The branch of economics that deals with the analysis of the whole economy is called4AmicroeconomicsBmarginal analysisCceteris paribus analysisDmacroeconomics5Which of the following is correct Factors of production are5Athe inputs used to produce goods and servicesBland labor the price system and capitalCthe fundamental source of abundanceDonly land and labor6Opportunity cost is best defined as6Ahow much money is paid for something taking inflation into accountBhow much money is paid for somethingCall the alternatives that are given up to get somethingDthe highestvalued alternative that is given up to get something1
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