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Question 1 

How can we determine separately the cost of producing ham hocks from the cost of producing bacon?
A) By separately estimating the labor time it takes to butcher the hocks and the bacon
B) By separately calculating the weight of the hocks and the bacon as percentages of total useable meat
C) By consulting the average industry costs of ham hocks and bacon
D) There is no way to determine the specific costs of joint products.

Answer

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Question 2 

With each 99 cent iTunes download, GDP
A) rises by 99 cents.
B) falls by 99 cents.
C) remains unchanged.
D) is impossible to measure with this sale because nothing physical has been produced.

Answer

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Question 3 

Which of the following is a significant barrier to reducing the damage people do to one another's environment?
A) Low negotiation costs among people
B) Property rights clearly assigned to specific persons
C) Scarcity of public or common property relative to private property
D) All of them.
E) None of them.

Answer

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Question 4 

How can it be that people purchase more of a good while its price is rising?
A) The supply curve must be shifting to the left.
B) The demand curve must be shifting to the right.
C) Supply and demand do not change.
D) It cannot happen, otherwise the law of demand is violated.

Answer

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