D [3 1. (0101 LC) which term best describes a sunset or knowledge? (4 points) O Non-rivalgood 0 Transfer payment O Tradeofi O Rival good 0 Economic constraint g D 2. (01.01 MC) Based on the Circular Flow diagram, businesses would be most concerned with which of the following? (4 points) 0 Minimizing Maximizing Revenue Output 0 Minimizing Maximizing Spending Transfers O Minimizing Maximizing Incentives Constraints 0 Minimizing Maximizing Subsidies Costs 0 Minimizing Maximizing Costs Revenue The resources in the input market come from (4 points) government regulation of the economy business firms lobbying to lower corporate tax rates the remaining, unused portions of consumer goods land, labor, and capital of households the discovery of profitable, non-rival goods 4. (01.01 LC) Which of the following most accurately describes why trade-offs are necessary? (4 points) There are easily overlooked associated costs for many purchases. The raw material for every good in the product market came from the input market. Any choice involves sacrificing the alternatives that could have been chosen. Nearly all the factors of production are final goods. A portion of all business revenue must be spent on production costs. 5. (01.01 MC) All of the following are typically considered capital goods except (4 points) the machinery in a factory the software a business owns cooked hot dogs at a sporting event a carpenter's tools6. (01.01 LC) Which of the following is the principal concern of economics? (4 points) The production and exchange of goods and services in light of limited resources The factors of production flow in a circuit between input and output markets The difficulty for business firms to profit from supplying non-rival goods The big picture of the flow of wealth within and between whole nations Identifying actions for which no trade-offs are necessary