Fundamentals of Economics (Mid-term) Exam 1. Fundamentally, economics deals with 10.16. 2017 scar… 1 answer below »

Fundamentals of Economics (Mid-term) Exam 1. Fundamentally, economics deals with 10.16. 2017 scarcity poverty. c. b. money 2. Economics is the study of how society manages its d. <a href=banking limited wants and unlimited resources. unlimited wants and unlimited resources limited wants and limited resources. unlimited wants and limited resources b. C. d. 3. Guns and butter are used to represent the classic societal tradeoff between spending on a. durable and nondurable goods. b. imports and exports. C. d. law enforcement and agriculture. national defense and consumer goods. 4. When computing the opportunity cost of attending a basketball game you should indlude a. the price you pay for the ticket and the value of your time. b. the price you pay for the ticket, but not the value of your time. c. the value of your time, but not the price you pay for the ticket d. neither the price of the ticket nor the value of your time. 5. Dale is a guitar teacher and Terrence is a tile layer. If Dale teaches Terrences daughter to play the guitar in exchange for Terrence tiling Dales kitchen floor, a. only Dale is made better off by trade. b. only Terrence is made better off by trade. c. both Dale and Terrence are made better off by trade. d. neither Dale nor Terrence are made betteroff activity through 6. Which of the following is true about how the invisible hand infuences economic nroduct has lower demand than supply? “>

Fundamentals of Economics (Mid-term) Exam 1. Fundamentally, economics deals with 10.16. 2017 scarcity poverty. c. b. money 2. Economics is the study of how society manages its d. banking limited wants and unlimited resources. unlimited wants and unlimited resources limited wants and limited resources. unlimited wants and limited resources b. C. d. 3. Guns and butter are used to represent the classic societal tradeoff between spending on a. durable and nondurable goods. b. imports and exports. C. d. law enforcement and agriculture. national defense and consumer goods. 4. When computing the opportunity cost of attending a basketball game you should indlude a. the price you pay for the ticket and the value of your time. b. the price you pay for the ticket, but not the value of your time. c. the value of your time, but not the price you pay for the ticket d. neither the price of the ticket nor the value of your time. 5. Dale is a guitar teacher and Terrence is a tile layer. If Dale teaches Terrence’s daughter to play the guitar in exchange for Terrence tiling Dale’s kitchen floor, a. only Dale is made better off by trade. b. only Terrence is made better off by trade. c. both Dale and Terrence are made better off by trade. d. neither Dale nor Terrence are made betteroff activity through 6. Which of the following is true about how the “invisible hand” infuences economic nroduct has lower demand than supply?

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