Econ 312 Week 1 Weekly Assignment - Latest Essay

1061 Words Jul 22nd, 2015 5 Pages
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
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The production of goods and services is determined primarily by government, but the allocation of goods and services is determined primarily by markets. The production and allocation of goods and services is determined primarily through markets. The production and allocation of goods and services is determined primarily through government. Question 7.7. (TCO 1) The development of CDs and DVDs that significantly reduced the market for cassette tapes would be an example of (Points : 1) specialization. derived demand. roundabout production. creative destruction.

Question 8.8. (TCO 1) In the circular flow model, households (Points : 1) buy products and resources. sell products and resources. buy products and sell resources. sell products and buy resources.

Question 9.9. (TCO 1) In a market system, well-defined property rights are important because they (Points : 1) reduce unnecessary investment. limit destructive economic growth. create economic problems. encourage economic activity.

Question 10.10. (TCO 1) Consider a barter situation where you have pens and you want pencils. To achieve your objective, there must be a(n) (Points : 1) use of capital goods. entry and exit from the market. large number of

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