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Economics (econ1010) Sample Exam 18 April 2018

Sandra Watson
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York University

Economics (econ1010)

when a market price allocates a scarce​ resource, the people who​ ______ get the resource.

Chapter 5 Efficiency and Equity
5.1 Resource Allocation Methods
1) When a market price allocates a scarce resource
only those who are willing and able to pay get the resource.
2) In a command system, resources are allocated by
the order of someone in authority.
3) In the Canadian economy, the command system
is used extensively inside firms and government departments.
4) Majority rule allocates resources in the way that
a majority of voters choose.
5) A contest allocates resources to
a winner or a group of winners.
6) Contests do a good job in resource allocation
when the efforts of the players are hard to monitor and reward directly.
7) The first-come, first-served method of resource allocation allocates resources to
the first in line.
8) Lotteries allocate resources to
those who come up lucky in a gaming system.
9) Lotteries work best
when there is no effective way to distinguish among potential users of a scarce resource.
10) When a scarce resource is allocated to someone who is the winner, the method of resource
allocation is
a contest



Economics (econ1010) Sample Exam 18 April 2018

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