(1)Which of the following statements is true? Scarcity exists in a society because: (a)Resources are limitless and wants and needs are limitless (b)Resources are limited and wants and needs are limited (c)Resources are limitless and wants and needs are limited (d)None of the above (2)Trade-offs exist in societies because of: (a)Technology (b)Equity (c)Scarcity (d)None of the above (3)The price of a gallon of milk should be $3.20. This statement is an example of: (a)A normative statement (b)A positive statement (c)A statement of the fallacy of composition (d)A deductive statement (4)Which of the following statements is false? The post hoc fallacy is: (a)A flawed statement (b)The confusion of causation and correlation of events (c)A common analytical error (d)None of the above (5)Which of the following statements is true? Markets are: (a)Any media that facilitate trade (b)Physical locations where trade occurs between buyers and sellers (c)Virtual trading systems like eBay and others (d)All of the above (6)The Secretary of Labor stated that the national rate of unemployment in the US at the end of November 2020 was 6.7%. The Secretary's statement is: (a)A microeconomic statement (b)An international economic statement (c)A macroeconomic statement (d)All of the above (7)The Department of Treasury manages ___________________for the federal government. (a)Monetary policy (b)Fiscal policy (c)Trade policy (d)None of the above (8)Which of the following statements is true? Negative economic growth in an economy is represented by a: (a)Shift to the right in the PPF Curve (b)Shift to the left in the PPF Curve (c)A movement from one point to another on the PPF Curve (d)A rotation to the left in the PPF Curve (9)Which of the following statements is true? When net export is negative in an economy: (a)GDP increases (b)There is a net inflow of funds into an economy (c)There is a BOT surplus (d)None of the above (10)The maximization of profits and the minimization of losses is the primary factor affecting the economic decision making of------------------------------------------------in capitalist market economies. (a)Consumers (b)Entrepreneurs (c)Workers (d)Bureaucrats (11)Which of the following statements is true? GDP in an open economy is equal to: (a)GDP= C + I + G + M (b)GDP=C + I + G (c)GDP = C + I (d)None of the above (12)A major goal of the World Trade Organization or WTO is to: (a)To increase protectionist barriers to international trade among nations (b)To maximize tariff revenue for governments (c)To liberalize international trade among nations (d)Any of the above Table#1-National Income Accounts National Income Accounts $Billions Consumption expenditures $2630 Interest 290 Corporate profit 350 Depreciation 220 Rent 80 Gross domestic investment 1325 Compensation of employees 430 Federal government expenditures 520 State government expenditures 205 Local government expenditures 145 Exports 230 Imports 210 (13)The GDP in Table#1 is equal to: (a)$6,785b (b)$4,845b (c)$2,865b (d)$5,983b (14)In Table#1, NDP Per capita equals: (a)$3756b (b)$5,560b (c)$1,320b (d)None of the above