Question 1.1. (TCO 1) Economics is the study of (Points : 1) increasing the level of productive resources so there is maximum output in society. increasing the level of productive resources so there is a minimum level of income. how people, institutions, and society make choices under conditions of scarcity. the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses.

Question 2.2. (TCO 1) The basic economic problem is essentially one of deciding how to make the best use of (Points : 1) limited resources to satisfy limited economic wants. limited resources to satisfy unlimited economic wants. unlimited resources to satisfy unlimited economic wants. unlimited resources to satisfy limited economic wants.

Question 3.3. (TCO 1) From an economic perspective, when a student decides to attend another year of college, the student has concluded that the marginal (Points : 1) costs of attending college has decreased that year. benefits of attending college has increased that year. benefits of attending college are greater than the marginal costs. costs of attending college will be subsidized by someone else such as parents or the government.

4. (TCO 1) The individual who brings together economic resources and assumes the risk in a capitalist economy is called the (Points : 1) manager. entrepreneur. stockbroker. banker.

Question 5.5. (TCO 1) Along a production possibilities curve, an increase in the production of one type of good can be accomplished only by (Points : 1) decreasing the production of the other type of good. increasing the production of the other type of good. holding constant the production of the other type of good.