Economics For Life: Smart Choices For All?, 1st Edition Test Bank

Economics For Life: Smart Choices For All?, 1st Edition Test Bank prepares you thoroughly with real-world examples, key concepts, and solved practice questions.

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ExamName___________________________________MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.1)Inputs in thecircular flow of economic lifeinclude1)A)businesses.B)households.C)governments.D)churches.E)people.Answer:EExplanation:A)B)C)D)E)Use the table below to answer the following question(s).Table 1.3.2Monthly Production Possibilities for a Country Producing Only Butter and GunsPossibilityButterGunsabc8600142)According to the production possibilities in Table 1.3.2,2)A)a combination of 1 butter and 6 gun is possible.B)the opportunity cost of producing guns stays the same as more guns are produced.C)a combination of 4 butter and 0 guns is possible.D)the opportunity cost of producing guns decreases as more guns are produced.E)the opportunity cost of producing guns increases as more guns are produced.Answer:BExplanation:A)B)C)D)E)1

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