Exam 1: Economics: Foundations and Models

Consider the following economic agents: a.the government B.consumers C.producers Who,in a modern mixed economy,decides what goods and services will be produced with the scarce resources available in that economy?

Marginal cost is the ________ associated with undertaking an activity.

In a centrally planned economy,the government decides how economic resources will be allocated.

Dr.Goldfinger decides to invest in companies which he believes can "improve the productivity and efficiency" of health care services.How can Dr.Goldfinger strive to achieve this productive efficiency?

When Dr.Goldfinger decides on the companies in which he will invest,a ________ issue is being addressed.

Economics promotes which of the following as the way to make the best decision?

Which of the following is a positive economic statement?

Before a doctor decides to keep her office open on Saturdays,she should

Table 1-2 -Refer to Table 1-2.The table above shows the sales of flat-panel television sets in Central America.Present the information using a bar graph.

What is the difference between accounting profit and economic profit?

The number of people who have gray hair is very high among residents living in Florida.A student concludes that living in Florida causes hair to turn gray.What is the flaw in this student's reasoning?

How can the influence of a third variable be shown on a two-dimensional graph?

Figure 1-2 -Refer to Figure 1-2.Calculate the area of the triangle A.

Which of the following statements about positive economic analysis is true ?

How are the fundamental economic decisions determined in Cuba?

Trade-offs force society to make choices when answering what three fundamental questions?

Define allocative efficiency.Explain the significance of this concept in economics?

As recently as 2002,________ medical practices were owned by doctors as by hospitals,and by 2008,________ medical practices were owned by doctors as by hospitals.

Opportunity cost is defined as

Which of the following is a positive economic statement?