ECON 312 Week 1 Quiz


(TCO 1) The general concern of economics is with the study of the

(TCO 1) The term scarcity in economics refers to the fact that

(TCO 1) James wants to buy a book. The economic perspective suggests that James will buy the book if

(TCO 1) Which is not considered to be an economic resource?

(TCO 1) A movement along the production possibilities curve would imply that

(TCO 1) Which statement best describes a command economy?

(TCO 1) The term dollar votes means

(TCO 1) In the circular flow model, households

(TCO 1) Which is a major feature of the market system?

(TCO 1) Consider a barter situation where you have pens and you want pencils. To achieve your objective, there must be a(n)

(TCO 1) Tammie makes $150 a day as a bank clerk. She takes off two days of work without pay to fly to another city to attend the concert of her favorite music group. The cost of transportation for the trip is $250. The cost of the concert ticket is $50. What is the opportunity cost of Tammie’s trip to the concert? Show your calculations

(TCO 1) Identify some intrinsic qualities of capitalist and command economic systems. Identify two countries that practice each


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