DeVry ECON 312 Final Exam

DeVry ECON 312 Final Exam

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1. Question : (TCO 1) As a student of economics, when you speak of scarcity, you are referring to the ability of society to
Student Answer: employ all of its resources.
consume all that is produced.
satisfy economic wants given limited resources.
continually make technological breakthroughs and increase production.

2. Question : (TCO 1) Henry wants to buy a book. The economic perspective suggests that Henry 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.

3. Question : (TCO 1) A nation can increase its production possibilities by
Student Answer: shifting resources from investment good production to consumer good production.
shifting resources from private goods to public goods.
improving labor productivity.
eliminating discrimination.