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Chris M.
Chris M., M.S.W. Social Work
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1. As a consequence of the condition of scarcity -

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1. As a consequence of the condition of scarcity:
- there is never enough of anything.
- production has to be centrally planned.
- things which are plentiful have relatively high prices.
- individuals and communities have to make choices from among alternatives.

2. The opportunity cost of constructing a new public highway is the:
- money cost of hiring contractors and construction workers for the new highway.
- value of other goods and services that must be sacrificed to construct the new highway.
- expected cost of constructing the new highway in a future year.
- value of shorter driving times and distances when the new highway is completed.

3. Which situation would most likely cause a nation's production possibilities curve to shift inward?
- The construction of more capital goods
- An increase in discrimination based on race
- An increase in the number of skilled immigrant workers
- The destruction from bombing and warfare in a losing military conflict

4. Which expression is another way of saying "marginal benefit"?
- Benefits given up
- Unintended gain
- Employment benefits
- Extra benefit

5. Which is not a factor of production?
- Money
- Land
- Labor
- Capital

6. The economy of Germany would best be classified as:
- a command system.
- socialism.
- pure capitalism.
- a market system.

7. The simple circular-flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through:
- product markets.
- resource markets.
- employment agencies.
- business firms.

8. Laissez-faire capitalism is characterized by:
- very limited government role in the economy.
- active government intervention in the economy.
- individuals and firms abiding by a government economic plan.
- a very fair distribution of income and wealth.

9. Consumer sovereignty and "dollar votes" guide the market system in dealing with which fundamental question?
- What will be produced?
- How is the output to be produced?
- How can the system accommodate change?
- Who is to receive the output?

10. A major problem with state ownership of resources is that it does not:
- allow for the full use of central economic planning.
- let state enterprises buy resources used to make products.
- let state enterprises sell products produced with those resources.
- give incentives for individuals to make the best use of those resources.

11. The quantity demanded of a product increases as its price declines because the:
- lower price shifts the demand curve rightward.
- lower price shifts the demand curve leftward.
- lower price results in an increase in supply.
- demand curve is downsloping.

12. If there is a shortage of product X:
- fewer resources will be allocated to the production of this good.
- the price of the product will rise.
- the price of the product will decline.
- the supply curve will shift to the left and the demand curve to the right, eliminating the shortage.

13. Black markets are associated with:
- price floors and the resulting product surpluses.
- price floors and the resulting product shortages.
- price ceilings and the resulting product shortages.
- price ceilings and the resulting product surpluses.

14. An increase in demand for oil along with a simultaneous increase in supply of oil will:
- decrease price and increase quantity.
- increase price and decrease quantity.
- increase quantity, but whether it increases price depends on how much each curve shifts.
- increase price, but whether it increases quantity depends on how much each curve shifts.

15. For most products, purchases tend to fall with decreases in buyers' incomes. Such products are known as:
- inferior goods.
- direct goods.
- average goods.
- normal goods.

16. If the price-elasticity coefficient for a good is .75, the demand for that good is described as:
- normal.
- elastic.
- inferior.
- inelastic.

17. Total revenue falls as the price of a good is raised, if the demand for the good is:
- elastic.
- inelastic.
- unitary elastic.
- perfectly elastic.

18. The price elasticity of demand increases with the length of the period considered because:
- consumers' incomes will increase over time.
- the demand curve will shift outward as time passes.
- all prices will increase over time.
- consumers will be better able to find substitutes.

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