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3. Tractors, shovels, copy machines and computer programming expertise are all examples of scarce resources.
a. True
b. False
ANSWER: True
POINTS: 1
REFERENCES: p. 36
TOPICS: 2.1 People Face Scarcity and Costly Trade-offs | Scarcity and Resources
5. Human capital consists of computers, tools and equipment owned by private individuals.
a. True
b. False
ANSWER: False
POINTS: 1
REFERENCES: p. 36
TOPICS: 2.1 People Face Scarcity and Costly Trade-offs | Scarcity and Resources
6. An entrepreneur organizes the other factors of production and bears the business risk.
a. True
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9. If you made a wish list of things you wanted but did not now have, they you became able to have the things on that list,
scarcity would be eliminated.
a. True b. False
ANSWER: False
POINTS: 1
TOPICS: 2.1 People Face Scarcity and Costly Trade-offs | Does Everyone Face Scarcity?
11. A permanent change to a much higher price of gasoline would lead us to expect fewer gas guzzlers on the road, ceteris
paribus.
a. True
b. False
ANSWER: True
POINTS: 1
REFERENCES: p. 44
TOPICS: 2.2 People Engage in Rational Decision Making and Marginal Thinking | Many Choices We Face
Involve Marginal Thinking
12. Economists would predict that if salaries increased for engineers and decreased for MBAs, fewer people than before
would go to graduate school in business and more than before would go in engineering, ceteris paribus.
a. True
b. False
ANSWER: True
POINTS: 1
REFERENCES: p. 46-47