Question 1 0..5 pts
According to the text, economics is the study of how:
A. governments allocate resources in the face of constraints.
B. government policies can be used to meet individuals' wants and
desires.
Correct!
C. human beings coordinate their wants and desires in the face of
constraints.
D. scarce resources are allocated to their most productive uses.
, Question 2 0..5 pts
Any economic system:
A. can eliminate scarcity.
Correct!
B. addresses the questions what is produced, how it is produced, and for
whom it is produced.
C. provides all the goods people want and desire.
D. provides equal distribution of well-being among its participants.
Question 3 0..5 pts
The marginal benefit from consuming another unit of a good:
A. must equal the marginal cost or the unit will not be consumed.
B. must be less than the marginal cost or the unit will not be consumed.
Correct! C. equals the increase in total benefits from consuming the unit.
D. equals the total benefit obtained from the consumption of all prior
units.
Question 4 0..5 pts
According to the text, economics is the study of how:
A. governments allocate resources in the face of constraints.
B. government policies can be used to meet individuals' wants and
desires.
Correct!
C. human beings coordinate their wants and desires in the face of
constraints.
D. scarce resources are allocated to their most productive uses.
, Question 2 0..5 pts
Any economic system:
A. can eliminate scarcity.
Correct!
B. addresses the questions what is produced, how it is produced, and for
whom it is produced.
C. provides all the goods people want and desire.
D. provides equal distribution of well-being among its participants.
Question 3 0..5 pts
The marginal benefit from consuming another unit of a good:
A. must equal the marginal cost or the unit will not be consumed.
B. must be less than the marginal cost or the unit will not be consumed.
Correct! C. equals the increase in total benefits from consuming the unit.
D. equals the total benefit obtained from the consumption of all prior
units.
Question 4 0..5 pts
