Mac Solution Key Composition

ANSWER KEY: MIDTERM #1 BUSN / SOCS 215 Principles of Economics (Macro) NUMERIC BELIEFS MAY BE TRANSFORMED. ORDERING OF ANSWERS MIGHT CHANGE.

TERM: _______________________________________________________

1 . The overriding reason why homeowners and communities face many decisions is the fact |a. |resources are hard to find. | |b. |goods and services aren't scarce. | |c. |incomes fluctuate with business periods. | |d. |people, naturally, tend to don't agree.

installment payments on your Who gets scarce solutions in a industry economy?

|a. |the govt | |b. |whoever the us government decides gets them | |c. |whoever wants all of them | |d. |whoever is usually willing and able to pay out the price

3. Decreasing marginal utility suggests that

|a. |more is often preferred to less. | |b. |the well-being of society can be maximized when the distribution of income is usually equal. | |c. |the poor are much less efficient in spending money than the rich. | |d. |the poor receive more fulfillment from the last dollar put in than the rich.

some. Which with the following is true?

|a. |Efficiency refers to the dimensions of the financial pie; equal rights refers to how a pie is divided. | |b. |Government policies generally improve upon both equally equality and efficiency. | |c. |As long as the economic pie continually gets larger, no one must go hungry. | |d. |Efficiency and equality may both be achieved if the monetary pie is cut in equal parts.

your five. The law of demand states that, other things equal, when the price of a good |a. |falls, the need for the excellent rises. | |b. |rises, the quantity demanded of the good rises. | |c. |rises, the demand to get the good falls. | |d. |falls, the quantity demanded of the good increases.

6. Trade

|a. |allows field of expertise, which increases costs. | |b. |allows specialization, which will reduces costs. | |c. |reduces specialization, which improves costs. | |d. |reduces specialization, which will reduces costs.

several. When the " invisible hand" guides economic activity, rates of products reflect |a. |only the principles that world places upon those products. | |b. |only the cost to contemporary society of producing all those products. | |c. |both the principles that society...



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