
Review Exam 1
Authored by Daniela Monge
Other
University
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50 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Economics seeks to understand how limited resources get allocated to satisfy limitless wants.
TRUE
FALSE
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
A company that pays employees a commission on each unit sold is providing a(n) ________ incentive.
negative
positive
indirect
reverse
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
In a world of scarcity only some decisions incur costs.
TRUE
FALSE
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of statement is the following:
"The government should provide universal healthcare."
NORMATIVE
POSITIVE
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of statement is the following:
"The minimum wage should be raised to provide a living wage."
NORMATIVE
POSITIVE
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of statement is the following:
"Higher tax rates tend to increase consumer demand."
NORMATIVE
POSITIVE
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
If someone has a comparative advantage then they have a lower opportunity cost of producing that good.
TRUE
FALSE
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