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ECON 312 Week 1 Quiz (Set 1)

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ECON 312 Week 1 Quiz (Set 1)

 

Version 1

  1. (TCO 1) The general concern of economics is with the study of the
  2. (TCO 1) The term scarcity in economics refers to the fact that
  3. (TCO 1) Are the goods that businesses offer for "free" to consumers also free to society?
  4. (TCO 1) Which is considered to be an economic resource by economists?
  5. (TCO 1) If an economy is producing at a point inside a production possibilities curve, then
  6. (TCO 1) Which would not be characteristic of a capitalist economy?
  7. (TCO 1) The term dollar votes means
  8. (TCO 1) The circular flow model
  9. (TCO 1) In a market system, well-defined property rights are important because they
  10. (TCO 1) Which is necessary to make a trade in a barter economy?
  11. (TCO 1) Tammie makes $150 a day as a bank clerk. She takes off two days of work without pay to fly to another city to attend the concert of her favorite music group. The cost of transportation for the trip is $250. The cost of the concert ticket is $50. What is the opportunity cost of Tammie’s trip to the concert? Show your calculations
  12. (TCO 1) Identify some intrinsic qualities of capitalist and command economic systems. Identify two countries that practice each.

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