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1. The word "economy" is derived from the Greek language with these root words: A. oikos, house; nomos, rule B. oikos, house; logos, word C. or'kos, house; kai, and D. oikos, house; omega, end 2. The characteristics of a command based economic system include: A. the lack of heart, but efficiency in coordinating buyers and sellers, using a medium of exchange. B. the ability of leadership to move an economy forward, even if its participants are uncertain. C. stability and the reluctance to embrace change including technology. D. None of the above 3. If an economy uses outdated production methods, but no longer produces products such as VHS tapes, landline telephones and carbon paper, it is: A. achieving productive efficiency, but not allocative efficiency. B. not achieving productive efficiency, but it is achieving allocative efficiency. C. achieving both productive and allocative efciency. D. engaged in roundabout production. 4. The expression \"there's no such thing as a free lunch\" A. is generally untrue. B. is irrelevant to the subject of economics. C. recognizes that an economic system's capacity to produce goods and services is limited because economic resources are scarce and human wants are unlimited. D. is applicable solely to the inefficient use of resources. 5. Which of the following would an economist classify as capital? A. a 550 Federal Reserve note given to a friend for a birthday. B. a savings bond purchased by grandparents for a grandchild's birthday. C. an employee of one of the local hospitals. D. the instruments used by musicians at a concert. 6. Robert Heilbroner in the book, The Making of Economic Society, denes the mobilization of economic resources as A. assuring a viable use of economic resources to produce the goods and services most desired by the economic system. B. assuring that the goods and services produced are shared equitably among those who produced the goods and services and others in the economic system. C. finding a way to use up all the resources on the planet before alien invaders come to take them. D. identifying and ultimately, putting economic resources to work in productive ways