1、The primary focus of economics is on: (A)A、The related problems of scarcity and choice.B、How to make money on the stock market.C、Why there are no choices to be made.D、Mathematical estimation of theoretical models.2、When there are insufficient resources to satisfy all individual wants;(D)A、Government has to decide which wants go unsatisfied.B、A market system must be implementedC、Choices must be made.D、Prices must rise.3、The primary implication of scarcity is that; (C)A、One should never wait until tomorrow to buy something that is available today.B、Government planning is required to determine how resources are to be used.C、Choice must be madeD、The standard of living will decline over time.4、Time: (D)A、is not a scarce resource because theres always tomorrowB、Is a scarce resource for producers, but not for consumers.C、Is a scarce resource for consumers. but not for producers.D、is a search resource for everyone5、Economics is about how individuals and countries; (A)A、Satisfy unlimited wants with limited resources;B、Satisfy limited wants with unlimited resourcesC、Satisfy unlimited wants with unlimited resources.D、Satisfy limited wants with limited resources6、Scarcity; (D)A、Reflects greedB、indicates the need for a control planning authorityC、Indicates the need for free marketsD、Requires making choices among alternatives.7、When resources are limited but wants are unlimited individuals must; (A)A、Make choices among available automotives.B、Put the public incrust before self-interest C、Become less greedy.D、Reduce their expectations8、In the United States, the question of which goods are produced, and in what Quantities, are primarily answered by: (D)A、The governmentB、Producers.C、Consumers and the governmentD、Consumers and producers;9、The numbers of automobiles, televisions, and pizzas that are produced at any point in time represent and answer to the basic economic question of ; (B)A、How items are produced.B、Which goods are produced, and in what quantities.C、For whom these items are produced.D、Who makes economic decisions10、In the United States, goods are primarily produced for; (C)A、Those who want there but cannot afford themB、Those who can afford them but do not want them;C、Those who want them and can afford them;D、Those who need them but cannot afford them;11、Under a system of central planning;(D)A、The government is involved only in the basic economic question of which goods are produced;B、The government is involved only in the basic economic questions of how goods are produced.C、The market system is left to function in less complex markets;D、The government answers the threes basic economic questions;12、When economists talk about a mixed economy they referring to the; (B)A、Interlaken between the product and labor markets;B、Observation that both government and individuals make decisions;C、Interaction between consumers and products;D、Relationship between microeconomics and macroeconomics;13、The United States is an example of a economy, in which markets censure the of the economy and the government addresses concerns of (B)A、 Centrally planned ; efficiency; equity;B、 Mixed; efficiency; equity;C、 Market: equity; efficiency;D、 Mixed: equity; efficiency;14、Markets: (D)A、Allow buyers and sellers to communicate their desire to make exchanges.B、Will not resolve the question of how much of each good is produced.C、Will not resolve the economic question of for whom goods are produced;D、Eliminate scarcity and the problems associated with limited resources.15、in a market economy; the questions of which goods are produced, and in what quantities, are answered by; (D)A、the government;B、producersC、consumers and government;D、consumers and producers;16、The market system will not; (A)A、Provide individuals with all they want;B、Determine how goods are produced;C、Determine which goods are produced;D、Determine for worn goods are produced.17、All of the following, except one are accurate descriptions of the U.S. governments role. Which is not true? (B)A、It sets the legal structure under which firms and individuals operate.B、It answers the basic economic question of which goods are produced and in what quantities.C、It supplies goods and services not provided by the market;D、It aids many of those citizens who are disadvantaged.18、In the product market; households; (B)A、are sellers of goods;B、are buyers of goods;C、determine how goods are produced;D、are sometimes buyers; sometimes sellers, of goods.19、Microeconomics is that branch of economics that focuses primarily on: (D)A、inflation and unemployment;B、Behavior in highly aggregated markets;C、Economic growth in less developed countries;D、The behavior of firms, households, and individuals20、All