Exam 1: The Wealth of Nations: Ownership and Economic Freedom

GDP per capita is one way to measure an economy's growth. China and India began to progress when they allowed private ownership, around ____. Since then, there has been steady, strong growth in these economies.

Economics is:

Figure 1.3 -When you work to support your lifestyle, you are making a tradeoff.

​A piece of land is divided between John and Mary. However, only John gets the title to his share of land. Which of the following is true?

Which of the following sayings best represents the concept of opportunity costs?

Goods are scarce when:

Figure 1.3 -In Figure 1.3, which point should society produce at to maximize efficiency?

Figure 1.3 -Scarcity is a concept that implies that choices must be made.

According to the text, as compared to rich countries, most of the poor countries do not fare well because:

Which of the following is not a limitation a person faces when shopping for clothes?

It can be said that ____ laid the foundation for the Industrial Revolution.

Which of the following would economic freedom lead to?

Which economic concept is illustrated by the saying "You can't have your cake and eat it too"?

Table 1.4 -According to the production possibilities schedule in Table 1.4, which of the following statements is true?

Figure 1.3 -Because of scarcity, we attempt to utilize our resources as efficiently as possible.

Which of the following should not be considered as an opportunity cost of attending college?

One of the reasons communism failed was because:

A person has a comparative advantage in producing a good if that person:

Figure 1.3 -Scarcity is a result of an unfair distribution of income.

Figure 1.3 -Economics is the study of the allocation of scarce resources and scarce time, and the ways in which people utilize those resources or that time.