Economics: (Multiple Choice)

Economics:
 
  a. Involves the allocation of scarce resource among unlimited wants and desires.
  b. Price does the allocating.
  c. Makes it possible to objectively decide what policy should be.
  d. Can be used to destroy myths.
  e. a, b, and d above.

Question 2

Which approach to analysis of policy strives for objectivity:
 
  a. Scientific method
  b. Analytic
  c. Evangelistic
  d. Quantitative
  e. Options and consequences

Question 3

Which question requires employment of value judgments:
 
  a. What is?
  b. What can be?
  c. What will be?
  d. What should be?
  e. What could be?

Question 4

Government program benefits increase land values. The economic principle underlying this fact is:
 
  a. Externalities
  b. Capitalism
  c. Market failure
  d. Capitalization
  e. Comparative advantage

Question 5

Living plants are composed mostly of water with approximately _____ percent dry matter.
 
  a. 5
 b. 20
  c. 50
 d. 35