Exam 1: The Challenge of Economics

Figure 1.2 - Relating grades and hours studied -Based on Figure 1.2,if a student studies 30 hours per week,he or she will:

If resources are limited:

The essential feature of the market mechanism is:

Which of the following is an example of labor as a factor of production?

Market failure means:

One HEADLINE article in the text suggests that 30 percent of Americans trust the federal government to do the right thing.If government intervention makes the economy worse off,this is referred to as:

The concept of opportunity cost would become irrelevant if:

Which of the following is associated with microeconomics?

All points on the production possibilities curve:

Which of the following is true about the factors of production?

Figure 1.2 - Relating grades and hours studied -Based on Figure 1.2,if a student wants to achieve a grade-point average of 3.0,he or she should study:

The price of a good or service:

In economics,which of the following represents entrepreneurship?

Figure 1.1 - Production-possibilities curve -Society is not producing either good because of extreme inefficiencies.Select the appropriate point.(See Figure 1.1)

The factors of production include the land,labor,and money used to produce goods and services.

Karl Marx wrote:

If society lacks enough resources to satisfy all the desired uses of the resources,this is known as:

Which of the following explains why economic choices must be made?

Adam Smith was a proponent of the doctrine of laissez faire.

The economy of the United States is best characterized as: