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Capps Fall 2013 - Test #1 ANSWER KEY

AGEC 105 Capps Fall 2013 - Test #1 ANSWER KEY (correct answers are in red) Please put the following pieces of information on your scantron: (a) Name (b) UIN # (c) Section #: 504 505 506 (d) Sign the Aggie pledge on the back of your scantron. On my honor, as an Aggie, I have neither given nor received unauthorized aid on this exam. AGEC 105 Fall 2013 Test #1 Capps 1. Scarce resources like land, labor, and capital can be categorized as: (a) human resources (c) manufactured resources (b) natural and biological resources (d) all the above 2.

(b) the law of diminishing marginal utility (c) Engel’s law (d) none of the above. 27. Which of the following statement(s) is (are) true? (a) The marginal rate of substitution is always negative. (b) Indifference curves never intersect. (c) When total utility reaches a maximum, marginal utility is zero. (d) All of the above . 28.

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