Examination
180 minutes
Instructions:
1. Read each question carefully.
2. Answer all questions.
3. Use the provided answer sheet to mark your responses.
4. Ensure all answers are final before submitting the exam.
5. Please answer each question below and click Submit when you
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7. This is Exam which will assess your knowledge on the course
Learning Resources.
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Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
What was the life expectancy in the U.S in 1900 -
Answer>> 47 for whites
33 for blacks
What was the average work week like in 1900 -
Answer>> 60 hour work week
earned$4,000 per year in today's dollars
How many individuals live on less than $3/day -
Answer>> 1 billion
What is the U.S. average family income - Answer>>
$75,000
what is scarcity - Answer>> the lack of available
resources to satisfy all desired uses
why can't we have everything we want - Answer>> -
wants exceed resources
-scarcity forces us to make choices
what is economics - Answer>> the study of how best to
allocate scarce resources among competing uses
what are the factors of production - Answer>> 1. land
2. labor
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