Econ 312 Week 1 Weekly Assignment - Latest

ECON 312 Week 1 Weekly Assignment - Latest

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1. (TCO 1) Economics is the study of (Points : 1)

increasing the level of productive resources so there is maximum output in society.

increasing the level of productive resources so there is a minimum level of income.

how people, institutions, and society make choices under conditions of scarcity.

the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses.

Question 2.2. (TCO 1) The key economic concept that serves as the basis for the study of economics is (Points : 1)

inflation.

unemployment.

money.

scarcity.

Question 3.3. (TCO 1) From an economic perspective, when a student decides to attend another year of college, the student has concluded that the marginal (Points : 1)

costs of attending college has decreased that year.

benefits of attending college has increased that year.

benefits of attending college are greater than the marginal costs.

costs of attending college will be subsidized by someone else such as parents or the government.

Question 4.4. (TCO 1) Which is considered to be an economic resource by economists? (Points : 1)

Rent

Money

Labor

Wages

Question 5.5. (TCO 1) If an economy is producing at a point inside a production possibilities curve, then (Points : 1)

the economy is efficient.

there is economic growth.

resources are unemployed.

resources are fully employed.

Question 6.6. (TCO 1) Which statement best describes a command economy? (Points : 1)

The production of goods and services is determined primarily by...