Your cellular phone contract is due for renewal and the company offers you a new free phone. Since ...

Your cellular phone contract is due for renewal and the company offers you a new free phone. Since you want to use your new phone, you decide to recycle your old phone. Your action
 a. Creates wealth by moving the phone from lower value use to higher value use
  b. Destroys wealth since you lose your phone
 c. Creates wealth by making you feel richer
 d. All of the above

QUESTION 2

You are sick and tired of your old wardrobe. You decide to donate it to a charity of your choice. Your action
 a. Creates wealth by moving the clothes from lower value use to higher value use
  b. Destroys wealth since you lose your clothes
 c. Creates wealth by making you feel richer
 d. All of the above

QUESTION 3

Technological advancement creates unemployment in firms that shut down or labor that is laid off. Wealth in this case is
 a. Destroyed, since firms are shutting down and production of certain goods and services decreasing
 b. Created, since the dislocated labor and resources are absorbed by new firms created through the technological innovation, moving them to higher value use
  c. Destroyed, since technological progress is leading to higher unemployment
 d. None of the above

QUESTION 4

Government can
 a. Create wealth by not interfering in the markets in any way what so ever
  b. Not affect wealth in the markets
 c. Create wealth by enforcing property rights and contracts
 d. Create wealth by making choice decisions for the market

QUESTION 5

A retailer X that is operating at a loss gets bought out by a larger chain of department stores, which shuts down the brand, using its assets for their own brand,
 a. Wealth is destroyed since the company shut down
 b. Wealth is created since the resources were of lesser value under the X brand and are now worth more
  c. Wealth is neither created nor destroyed since the total amount of resources stay the same
 d. None of the above

QUESTION 6

If company X is successfully outsourcing its production of T-shirts to China, it is
 a. Creating wealth by moving labor in China from lower value use to higher value use
  b. Should be stopped on economic grounds since it is destroying wealth
 c. Destroying wealth by acquiring cheaper labor from China
 d. Both A & C