1.

(01.01 LC) A resource is scarce if (3 points)

	there is a limited amount of it
	the supply exceeds the demand
	the quantity desired is greater than the quantity available
	it cannot be supplied by the government
	it is land or labor, but capital is unlimited

2.

(01.01 LC) Which of the following is a consumer good? (3 points)

	A power drill used by a teenager just for a hobby
	The property on which a restaurant is located
	Raw steel purchased by a car manufacturer
	The labor of an ice cream truck vendor
	The money used by a small business start up

3.

(01.02 MC) Use the PPC below to answer the following question.

50 45 -HI B Corn A C 25 40 WheatDominican Republic Cuba 50 Consumer Goods Consumer Goods 20 25 50 Capital Goods Capital GoodsPrice/Unit ($) S A B C m D 25 35 45 60 70 Quantity