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First Midterm Study
Dr. Reza Fazeli Econ.20A
  1. The phenomenon of scarcity stems from the fact that
a. most economies’ production methods are not very good.
b. in most economies, wealthy people consume disproportionate quantities of goods and services.
c. governments restrict production of too many goods and services.
d. resources are limited.
  2. Approximately what percentage of the world's economies experience scarcity?
a. 10%
b. 40%
c. 85%
d. 100%
  3. The adage, "There is no such thing as a free lunch," is used to illustrate the principle that
a. goods are scarce.
b. income must be earned.
c. households face many decisions.
d. people face tradeoffs.

  4. Efficiency
a. and equality both refer to how much a society can produce with its resources.
b. and equality both refer to how fairly the benefits from using resources are distributed between members of a society.
c. refers to how evenly the benefits from using resources are distributed between members of society.   Equality refers to how much a society can produce with its resources
d. refers to how much a society can produce with its resources.   Equality refers to how evenly the benefits from using resources are distributed among members of society.

  5. Which of the following phrases best captures the notion of efficiency?
a. absolute fairness
b. equal distribution
c. equitable outcome
d. minimum waste

  6. Government policies designed to equalize the distribution of economic well-being include
(i) the welfare system
(ii) unemployment insurance
(iii) progressive income tax
a. (i) only
b. (ii) only
c. (i) and (ii) only
d. (i), (ii), and (iii)
  7. The opportunity cost of an item is
a. the number of hours needed to earn money to buy the item.
b. usually less than the dollar value of the item.
c. the dollar value of the item.
d. what you give up to get that item.
  8. When computing the opportunity cost of attending a concert you should include
a the...

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