Principles Of Economics Quiz #1

10 Questions  I  By Cypriot5
Each quiz is worth 2.5 percent of your final grade in this course. This is the first of a total of 4 quizzes you must take.

  
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1.  The word “economy” comes from the Greek word oikonomos, which means
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2.  The phenomenon of scarcity stems from the fact that
A.
B.
C.
D.
E.
3.  The opportunity cost of going to college is
A.
B.
C.
D.
E.
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4.  The opportunity cost of an item is
A.
B.
C.
D.
E.
5.  In a market economy, economic activity is guided by
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B.
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D.
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6.  Which of the following observations was made famous by Adam Smith in his book The Wealth of Nations?
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B.
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7.  Which of the following is not among the reasons why we need the government?
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B.
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8.  An outward shift of the PPF means:
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B.
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9.  The PPF of a nation shows:
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B.
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10.  Suppose a gardener produces both green beans and corn in her garden. If she must give up 14 bushels of corn to get 5 bushels of green beans, then her opportunity cost of 1 bushel of green beans is
A.
B.
C.
D.
E.
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