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- A reason to study economics is to Select one: make money in the stock market. O a. O b. learn a way of thinking. O c. to decide whether to buy a new house O d. get a high paying job.QUESTION 1 To ensure that trade benefits all parties involved, a, the trade must involve services as well as goods. b. the trade must be voluntary. c. there must be a difference in comparative advantage. d. specialization through training must occur. O e. money must be exchanged. QUESTION 2 When is marginal analysis needed to make a decision? a, when the choice is between doing more or less of something b. when the choice is between doing something and not doing something c. when the choice is between actions with a quantifiable monetary value d. when the choice is between actions that cannot be assigned a monetary value e. when the choice is between doing something and doing the exact oppositeWhich one below is FALSE for economic theories or models. Select one: O a. They are generalizations used to give context to our observations. O b. They attempt to establish cause and effect between economic variables. O c. They are built with assumptions and then tested with facts. O d. They always reflect reality.
- Use the cause-and-effect chart to answer the question. Cause Effect Technology allows the transfer of goods and services through the use of computers. Which of the following best completes the chart? O A. E-commerce is slow and frustrating, so people still prefer to shop in stores. B. E-commerce is a large and growing sector of the global economy. C. E-commerce is dangerous to consumers and requires heavy regulation. D. E-commerce has failed to connect producers and consumers all over the world. wered pe here to search F6 F7 F8 F9 F10 F11 F2 F3 F4 F5 & %23 3 4. 7 60 立When new and better ways of producing all goods and services are discovered or when the quantity of capital increases, O A. the opportunity cost of all goods decreases O B. our economy grows, but we still face scarcity and opportunity cost O C. the economy moves along its production possibilities frontier O D. the production possibilities frontier shifts inward e Text Pages Grapher Get More Help -Question 17 Pies 10 Tim Pies b. 3/5 c. 2/5 O d. 5/3 6 Ice Cream Ice Cream Tim and Dave can make in a given weekend. Use this to answer the questions that follow. What is the opportunity cost of ice cream for Tim? O a. 1 Dave
- During a war, the government puts pressure on producers of military hardware, making their products more valuable. What theory about in does this represent? O cost-pull O cost-push O quantity O demand-pullIn economics, normative statements are about Select one: O a. the way things are. O b. the way things ought to be. Oc. marginal benefits, not marginal costs. O d. marginal costs, not marginal benefits. The production possibilities frontier bows outward because Select one: O a. opportunity costs are decreasing as the production of a good increases. O b. resources are of uniform quality. Oc. opportunity costs are increasing as the production of a good increases. O d. opportunity costs are fixed as the production of a good increases.Answering which of the following questions is not part of "organizing economic activity," described in class? O How should we distribute output? O What should we produce? O How should we produce output? O What prices should we charge? Question 3 2. MacBook Air 吕口 F3 F5 F6 F7 F8 #3 2$ & 3 4 6. 7 8 E R Y LL
- An owner of a landscaping business received extra income in the previous month. She is considering eitner buying a new lawnmower or spending the money on an advertisment in order to increase business in the next few months If the business owner chooses to spend the money on an advertising campaign, what is the opportunity cost? O A. more advertising O B. next month's income O C. the lawnmower O D. increased businessWhat happens if a country produces a combination of goods that efficiently uses all of the resources available in the economy? 100- O A. The country has eliminated scarcity. O B. The country is maximizing its opportunity cost. A 80- c. The country is operating on its production possibilities frontier. B G O D. All of the above occur if a country uses all available resources. 60- Refer to the graph to the right. What is the opportunity cost of moving from point B to point C? 40- O A. 40 sedans 30 F **... O B. 40 SUVS D 20- O C. 20 sedans O D. 20 SUVS 10 50 E 20 40 60 80 100 Quantity of SUVS produced per day Quantity of sedans produced per dayChoose the statement or statements that are correct. 1. The value of one more unit of a good or service is its marginal benefit. II. Marginal benefit equals the total amount we spend on a good or service. III. Marginal benefit is the maximum amount willingly paid for another unit of a good or service. O A. I only OB. II only O C. Ill only OD. I and III OE. I, II, and III ww.