Name(s):    Are you happy? : 
 
Ex Credit point: Write a rhyme about being excited about exploring 

TEST 1 Economic Systems

True/False
Put TRUE as the answer for questions 1-6 if you want correct credit for them...
 

 1. 

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 2. 

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 3. 

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 4. 

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 5. 

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 6. 

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Multiple Choice
Identify the choice that best completes the statement or answers the question.
 

 7. 

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a.
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c.
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b.
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d.
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 8. 

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a.
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c.
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b.
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d.
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 9. 

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a.
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c.
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b.
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d.
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 10. 

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a.
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c.
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b.
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d.
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 11. 

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a.
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c.
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b.
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d.
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 12. 

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a.
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c.
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b.
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d.
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 13. 

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a.
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c.
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b.
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d.
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 14. 

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a.
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d.
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b.
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e.
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c.
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 15. 

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a.
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d.
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b.
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e.
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c.
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 16. 

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a.
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d.
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b.
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e.
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c.
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 17. 

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a.
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d.
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b.
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e.
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c.
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 18. 

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a.
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d.
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b.
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e.
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c.
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 19. 

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a.
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d.
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b.
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e.
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c.
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 20. 

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a.
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d.
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b.
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e.
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c.
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 21. 

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a.
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d.
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b.
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e.
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c.
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 22. 

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a.
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d.
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b.
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e.
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c.
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 23. 

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a.
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d.
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b.
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e.
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c.
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 24. 

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a.
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c.
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b.
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d.
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 25. 

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a.
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c.
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b.
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d.
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 26. 

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a.
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c.
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b.
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d.
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 27. 

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a.
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c.
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b.
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d.
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 28. 

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a.
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c.
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b.
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d.
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 29. 

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a.
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c.
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b.
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d.
.
 

Short Answer
 

 30. 

What stock did Mr. Pahl buy on the day of its IPO? How did that stock do? What is an IPO?
 

 31. 

For you to get 8 hours of college credit you have to do a LOT! And its expensive. Besides the 4 things that Mr. Pahl mentioned in question 31 on your hard copy test, there is also

    e. Pay thousands of dollars of tuition

But that is not what Mr. Pahl did to get 8 hours of college credit.  How did Mr. Pahl get 8 hours of college credit in Economics?
 

Essay
 

 32. 

Explain the theory of the “Iron Law of Wages” AS IT WAS EXPLAINED IN THE PODCAST.  Use full sentences, paragraphs, and an organizational pattern.
 



 
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