I hate this. My teacher gives me a multipule choice "study guide" for home work that is to be turned in next week so we can study for the mid term. anybody know any answers? any help is appreciated plus 10 points to best answer
1.) Economics is the study of:
a. the use of alternative resources which have multiple uses.
b. the use of available resources which have multiple uses.
c. the use of scarce resources which have alternative uses.
d. the use of scare resources which have very few uses.
2.) Which of the following is not an alternative use of water?
a. producing ice
b. producing steam
c. powering a hydroelectric plant
d. producing a hurricane
3.) Scarcity is defined as:
a. not having sufficient resources to fulfill unlimited subjective wants.
b. not having sufficient resources to fulfill limited subjective wants.
c. having sufficient resources to fulfill unlimited subjective wants.
d. having sufficient resources to fulfill limited subjective wants.
4.) Seldom, if ever, is there a fixed quantity demanded. Likewise, there is no fixed _____.
a. cost
b. supply
c. demand
d. equilibrium
5.) _______ is the direct exchange of goods or services without the use of money.
a. barter
b. consumerism
c. economy
d. retail
6.) ______ were once the most common forms of money.
a. half-dollars
b. rice and grain
c. gold and silver
d. U.S. dollars
7.) Which of the following is not one of money’s main uses?
a. medium of exchange
b. unit of account
c. measure of worth
d. store of wealth
8.) Which of the following is not directly affected by the quantity of money in a country?
a. the level of prices
b. the quality of service
c. the rate of economic growth
d. the amount of employment
9.) The main economic goals of nearly all nations are to promote:
a. economic stability and high employment with a minimum increase in prices.
b. economic growth and high employment with a minimum increase in prices.
c. economic stability and low employment with a maximum increase in prices.
d. economic growth and high employment with a maximum increase in prices.
10.) Examples of price controls include all of the following except:
a. rent control
b. income taxes
c. food price ceilings
d. price controls on medical services
11.) True or False: Money does not have to be involved to make a decision be economic.
True
False
.
.
12.) True or False: Money is anything that is generally accepted by people in exchange for the things they sell or the work they do.
True
False
.