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

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1. (TCO 1) The general concern of economics is with the study of the
2. (TCO 1) The basic economic problem is essentially one of deciding how to make the best use of
3. (TCO 1) Are the goods that businesses offer for “free” to consumers also free to society?
4. (TCO 1) The individual who brings together economic resources and assumes the risk in a capitalist economy is called the
5. (TCO 1) Along a production possibilities curve, an increase in the production of one type of good can be accomplished only by
6. (TCO 1) Which statement best describes a capitalist economy?
7. (TCO 1) The term consumer sovereignty means that
8. (TCO 1) The circular flow model
9. (TCO 1) The general concern of economics is with the study of the
10. (TCO 1) The basic economic problem is essentially one of deciding how to make the best use of
11. (TCO 1) Are the goods that businesses offer for “free” to consumers also free to society?
12. (TCO 1) The individual who brings together economic resources and assumes the risk in a capitalist economy is called the
13. (TCO 1) Along a production possibilities curve, an increase in the production of one type of good can be accomplished only by
14. (TCO 1) Which statement best describes a capitalist economy?
15. (TCO 1) The term consumer sovereignty means that
16. (TCO 1) The circular flow model
17. (TCO 1) Which is a major feature of the market system?
18. (TCO 1) Consider a barter situation where you have pens and you want pencils. To achieve your objective, there must be a(n)
19. (TCO 1) After graduating from high school, Ron Willis plans to go to college. The college tuition is $15,000 a year. But, instead of going to college, Ron could take a full-time job paying $20,000. If Ron decides to go to college, what is his opportunity cost for attending for one year? Show your calculations.
20. (TCO 1) How do the different economic systems (capitalism and socialism) differ in the way they answer these three questions – What to Produce? How to Produce? and For Whom to Produce?