The physical and mental talents people bring to production processes comprise the resourced called
labor
capital
Which of the following is a microeconomics topic?
The study of how prices are determined in the computer industry
The study of how prices are determined in the business world
What is the most prominent rationing device you will likely find at your campus bookstore?
Cow, Oxen, or Rice
Dollar Price
Economists believe that people's wants are
finite
infinite
Decision making "at the margin" means making a choice based on __________ of a decision.
comparing the additional benefits and costs
comparing the less benefits and additional costs
At the optimal level of an activity, the activity's marginal benefit must exceed the marginal cost of the activity.
equal the marginal cost of the activity
less than the marginal cost of the activity
Most states have instituted mandatory seatbelt laws to reduct traffic fatalities. An economist may point out that an unintended effect of these laws is
an increase in traffic, increasing fatalities
an increase in risky driving behavior, increasing fatalities.
Which of the following statements is false?
Elementary education at public schools is usually free.
Elementary education at private schools usually cost money.
The question of how a tax change might impact U.S. economic output is most closely associated with the suds of
microeconomics
macroeconomics
Opportunity cost is the ______________ alternative forfeited when a choice is made.
least likely valued
most highly-valued
Scarcity is defined as the condition in which
wants are infinite and recourses finite
wants are finite and resources infinite
A good provides __________ and a bad provides __________.
utility; disutility
disutility; utility
To an economist, the resource capital consists of produced goods that can be turned into unproduced goods.
To an economist, the resource capital consists of unproduced goods that can be turned into produced goods.
Every time you make a _________, you incur a (an) _________.
decision; choice
choice; opportunity cost
The ____________ the opportunity cost of doing something, the ____________ likely a person will do that something.
higher; less/ lower; more
higher; more/ lower; less
What does it mean if a person makes a "decision at the margin"?
The person does not compare additional benefits but compares the additional costs when deciding what to do.
The person compares additional benefits and additional costs when deciding what to do.
What is likely to be an unintended effect of a rise in the minimum wage?
Some people lose their job.
Less jobs become open.
The student whose study habits are illustrated here will maximize the net benefits of studying when she has studied
2 hours
6 hours
Refer to this exhibit. If the student whose study habits are illustrated here is currently studying for 8 hours she should
increase the number of hours she is studying because the marginal benefits for 8 hours will be more than the marginal cost of doing so.
cut back on the number of hours she is studying because the marginal benefit of studying for 8 hours is less than the marginal cost of doing so.
Which of the following is not one of the four broad categories of resources?
money
land
If increasingly more units of good Y must be given up as each successive unit of good X is product, then the PPF for these two goods is
a downward-sloping curve that is bowed outward
an upward-sloping line that is bowed inward
Consider two points on the PPF: point A, at which there are 50 oranges and 100 apricots, and point B, at which there are 51 oranges and 98 apricots. If the economy is currently at point B, the opportunity cost of moving to point A is
1 orange
8 oranges
The PPF between goods X and Y will be a downward-sloping
curve that is bowed inward if decreasing opportunity cost exist.
curve that is bowed outward if increasing opportunity cost exist.
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