Supply and Demand and Points Received

1. | Question : | (TCO 1) The general concern of economics is with the study of the | | | Student Answer: | | degree of competition in stock and bond markets in the economy. | | | | efficient use of limited productive resources to satisfy economic wants. | | | | issue of equality in the distribution of income and wealth among households. | | | | budget deficits in the domestic economy and trade deficits in the international economy. | | Instructor Explanation: | Chapter 1. | | | | Points Received: | 1 of 1 | | Comments: | | | | 2. | Question : | (TCO 1) The basic economic problem is essentially one of deciding how to make the best use of | | | Student Answer: | | limited resources to satisfy limited economic wants. | | | | limited resources to satisfy unlimited economic wants. | | | | unlimited resources to satisfy unlimited economic wants. | | | | unlimited resources to satisfy limited economic wants. | | Instructor Explanation: | Chapter 1. | | | | Points Received: | 1 of 1 | | Comments: | | | | 3. | Question : | (TCO 1) James wants to buy a book. The economic perspective suggests that James will buy the book if | | | Student Answer: | | the book will give him utility. | | | | his income is high. | | | | the marginal cost of the book is greater than its marginal benefit. | | | | the marginal benefit of the book is greater than its marginal cost. | | Instructor Explanation: | Chapter 1. | | | | Points Received: | 1 of 1 | | Comments: | | | | 4. | Question : | (TCO 1) Which is not considered to be an economic resource? | | | Student Answer: | | Land (or natural resources) | | | | Money | | | | Labor | | | | Tools and machinery | | Instructor Explanation: | Chapter 1. | | | | Points Received: | 1 of 1 | | Comments: | | | | 5. | Question : | (TCO 1) Along a