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CPA200 Week 1

Authored by Anna Smoljaninov

Social Studies, Other

1st - 3rd Grade

Used 7+ times

CPA200 Week 1
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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

4 Resource categories we studied today are:

Land, Labor, Capital and Entrepreneurial Ability

Labor, Physical Capital, Paper Money and Entrepreneurial Ability

Land, Labor, Consumer Products and Equipment

Land, Capital, Government Financing and Salary

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

When Marginal Benefit exceeds Marginal Cost, we produce more.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Ability to produce a good at a lower opportunity cost than another producer is called

Scarcity

Comparative Advantage

Production Benefit

Utility Maximization

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Consumers want to ______ their total utility given their _____

Maximize, Preferences

Minimize, Preferences

Maximize, Budget

Minimize, Budget

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Economics is the study of

consumers, their choices and scarce resources

scarce resources and trade

individual preferences and budget lines

government economic decisions

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