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22-11-2018

Product code Econ1Ach1-Quizlet111

 

1Q-What statements would best complete a short definition of economics? Economics studies...

 2Q-The idea in economics that "there is no such thing as a free lunch" means that...

3Q-The opportunity cost of a new public stadium is the...

4Q-From the economic perspective, when a business decides to employ more workers, the business decision maker has most likely concluded that the marginal...

5Q-The combination of economic theories or principles into a simplified representation of reality is referred to as an economic...

6Q-Which would be studied in microeconomics?

7Q-When we look at the whole economy or its major aggregates, our analysis would be at the level of...

8Q-Which is a normative economic statement?

9Q-Sandra states that "there is a high correlation between consumption and income." Arthur replies that the correlation occurs because "people consume too much of their income and don't save enough."

10Q-Assume that a consumer can buy only two goods, A and B, and has an income of $100. The price of A is $10 and the price of B is $20. The maximum amount of A the consumer is able to purchase is...

11Q-Assume that a consumer can buy only two goods, A and B, and has an income of $100. The price of A is $10 and the price of B is $20. What is the slope of the budget line if A is measured horizontally and B is measured vertically?

12Q-Tools, machinery, or equipment used to produce other goods would be examples of...

13Q-An entrepreneur innovates by...

14Q-When a production possibilities schedule is written (or a production possibilities curve is drawn) in this chapter, four assumptions are made. Which is one of those assumptions?.

15Q-What is the economic rationale for the law of increasing opportunity costs?

Economic resources are not completely adaptable to alternative uses.

16Q-The underallocation of resources by society to the production of a product means that the...

17Q-If there is an increase in the resources available within the economy...

18Q-Which situation would most likely shift the production possibilities curve for a nation in an outward direction?

19Q-You observe that more education is associated with more income and conlude that more income leads to more education. This would be an example of...

 

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1Q-What statements would best complete a short definition of economics? Economics studies... 1A-how individuals, institutions, and society make optimal choices under conditions of scarcity.

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