Exam 3: The Fundamental Economic Problem: Scarcity and Choice
Exam 1: What Is Economics261 Questions
Exam 2: The Economy: Myth and Reality185 Questions
Exam 3: The Fundamental Economic Problem: Scarcity and Choice290 Questions
Exam 4: Supply and Demand: an Initial Look337 Questions
Exam 5: Consumer Choice: Individual and Market Demand243 Questions
Exam 6: Demand and Elasticity254 Questions
Exam 7: Production, Inputs, and Cost: Building Blocks for Supply Analysis260 Questions
Exam 8: Output, Price, and Profit: the Importance of Marginal Analysis234 Questions
Exam 9: The Financial Markets and the Economy: the Tail That Wags the Dog227 Questions
Exam 10: The Firm and the Industry Under Perfect Competition253 Questions
Exam 11: The Case for Free Markets: the Price System259 Questions
Exam 12: Monopoly244 Questions
Exam 13: Between Competition and Monopoly254 Questions
Exam 14: Limiting Market Power: Antitrust and Regulation155 Questions
Exam 15: The Shortcomings of Free Markets219 Questions
Exam 16: Externalities, Externaliteis, the Environment, and Natural Resources222 Questions
Exam 17: Taxation and Resource Allocation221 Questions
Exam 18: Pricing the Factors of Production233 Questions
Exam 19: Labor and Entrepreneurship: the Human Inputs271 Questions
Exam 20: Poverty, Inequality, and Discrimination171 Questions
Exam 21: International Trade and Comparative Advantage226 Questions
Exam 22: Contemporary Issues in the Us Economy23 Questions
Select questions type
Since it is a centrally planned economy, China does not face opportunity costs when economic decisions are made.
(True/False)
5.0/5
(33)
A society that relies on a market-based economy will always protect the natural environment.
(True/False)
4.8/5
(30)
An optimal decision is one that chooses the most desirable from among all possibilities that are available.
(True/False)
4.8/5
(39)
A production possibilities frontier shows the combinations of various goods that should be produced.
(True/False)
4.8/5
(39)
What mechanism assures that firms produce outputs that consumers actually desire?
(Multiple Choice)
4.9/5
(38)
What is the division of labor? How does it raise efficiency and productivity?
(Essay)
4.7/5
(34)
What mechanism assures that producers use inputs efficiently?
(Multiple Choice)
4.8/5
(38)
A country can gain by importing a good from abroad even if that good can be produced more efficiently at home. Is this statement true?
(Essay)
4.8/5
(40)
If a market system is functioning well, we can conclude that goods with
(Multiple Choice)
4.7/5
(39)
If the production possibilities frontier for two goods is shown as a straight line, this implies that
(Multiple Choice)
4.8/5
(48)
The U.S. government spent over $4 trillion in budget year 2018.
(True/False)
4.9/5
(36)
Hutch Technology makes computer monitors, which sell for $100 each. What is the opportunity cost of 10 monitors?
(Multiple Choice)
4.8/5
(41)
Suppose the U.S. government has an annual budget of about $4 trillion. Does the U.S. government face the problem of scarcity?
(Multiple Choice)
4.8/5
(42)
Optimal decisions are made based upon the concept of opportunity cost.
(True/False)
4.8/5
(36)
A ticket to an Eric Clapton concert costs $45. If you have a ticket, you can "scalp" it (sell it illegally)for $75. To a ticket holder, the opportunity cost of actually attending the concert is
(Multiple Choice)
4.8/5
(38)
Showing 221 - 240 of 290
Filters
- Essay(0)
- Multiple Choice(0)
- Short Answer(0)
- True False(0)
- Matching(0)