1) Economics is the study ofA) how to invest in the stock market.B) how society
1) Economics is the study ofA) how to invest in the stock market.B) how society uses limited resources.C) the role of money in markets.D) how government officials decide which goods and services are produced.2) Deciding how a societys products are distributed among its citizens answers the economic question ofA) who consumes the products produced.B) what products will be produced.C) where will the products be consumed.D) how will the products be produced.3)The principle of diminishing returns implies that as one input increases while the other inputs are held fixed outputA) increases at an increasing rate.B) increases at a decreasing rate.C) decreases at a decreasing rate.D) decreases at an increasing rate.4) Suppose that your tuition to attend college is $16000 per year and you spend $6000 per year on room and board. If you were working full time you could earn $20000 per year. What is your opportunity cost of attending college for one year?A) $22000B) $26000C) $36000D) $42000
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