Question 1

The key concept that serves as the basis for the study of economics is:

Accepted Answer

A)  opportunity cost. 
B)  unemployment. 
C)  money. 
D)  scarcity. 
A)  opportunity cost. 
B)  unemployment. 
C)  money. 
D)  scarcity.

Question 2

Along a production possibilities curve,an increase in the production of one type of good can be accomplished only by:

Accepted Answer

A)  decreasing the production of the other type of good. 
B)  increasing the production of the other type of good. 
C)  holding constant the production of the other type of good. 
D)  decreasing the price of the other type of good. 
A)  decreasing the production of the other type of good. 
B)  increasing the production of the other type of good. 
C)  holding constant the production of the other type of good. 
D)  decreasing the price of the other type of good.

Question 3

Refer to the above graph.The marginal opportunity cost of the fourth unit of bread is:

Accepted Answer

A)  1 unit of drill presses. 
B)  2 units of drill presses. 
C)  3 units of drill presses. 
D)  4 units of drill presses. 
A)  1 unit of drill presses. 
B)  2 units of drill presses. 
C)  3 units of drill presses. 
D)  4 units of drill presses.

The key concept that serves as the basis for the study of economics is:

Along a production possibilities curve,an increase in the production of one type of good can be accomplished only by:

Refer to the above graph.The marginal opportunity cost of the fourth unit of bread is:

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Elasticity of Demand and Supply

Market Failures: Public Goods and Externalities

Businesses and Their Costs

Pure Competition

Pure Monopoly

Monopolistic Competition and Oligopoly

Wage Determination

Income Inequality and Poverty

Public Finance: Expenditures and Taxes

International Trade and Exchange Rates

Filters

Exam 1: Limits, Alternatives, and Choices

The key concept that serves as the basis for the study of economics is:

Along a production possibilities curve,an increase in the production of one type of good can be accomplished only by:

Refer to the above graph.The marginal opportunity cost of the fourth unit of bread is:

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Elasticity of Demand and Supply

Market Failures: Public Goods and Externalities

Businesses and Their Costs

Pure Competition

Pure Monopoly

Monopolistic Competition and Oligopoly

Wage Determination

Income Inequality and Poverty

Public Finance: Expenditures and Taxes

International Trade and Exchange Rates

Filters