Exam 1: Limits, Alternatives, and Choices

From an economic perspective,when a consumer decides to buy more life insurance,the consumer has most likely concluded that the:

Increases in resources or improvements in technology will tend to cause a society's production possibilities curve to:

Which is a factor of production?

The alternative combinations of two goods that a consumer can purchase with a given money income is:

All of the following would affect the position of a country's production possibilities curve,except:

The process of developing hypotheses,testing them against facts,and using the results to construct theories is called:

Which would not be considered as capital by an economist?

In the graph above,A is the initial budget line and B is the new budget line.Which of the following changes might have occurred?

Which question is an illustration of a macroeconomic question?

When a state government chooses to build more roads,the required resources are no longer available for spending on public education.This dilemma illustrates the concept of:

The following economy produces two products. Refer to the above table.The total opportunity cost of the three units of steel is:

The production possibilities table below shows the hypothetical relationship between the production of capital goods and consumer goods in an economy. Refer to the table above.What is the opportunity cost of producing the first two units of capital goods?

Henry wants to buy a book.The economic perspective suggests that Henry will buy the book if:

Microeconomics focuses on:

According to the Gates,Winfrey,and Rodriguez illustration:

When modeling consumer choice,the price ratio of the two products is the:

The "war on terror" waged by the United States:

Assume that for Indy,one hour of study time in economics is perfectly substitutable for an hour of study time in calculus.Indy has exams in both subjects tomorrow and he determines that if spends all of his time studying economics,he will receive scores of 96 on his economics exam and 45 on his calculus exam.If he studies only calculus,his econ score will be 81 and his calculus score 90.Based on this information and assuming that Indy has no better alternative use of his time,what is the opportunity cost of improving his econ score by one (1)point?

A point on the frontier of the production possibilities curve is:

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