Exam 1: First Principles

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Using marginal analysis to decide whether to consume an additional slice of pizza requires making a comparison of the benefits and costs associated with the consumption of an additional slice of pizza.

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Which of the following demonstrates how people respond to incentives to make themselves better off?

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The problem of scarcity is confronted by:

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Your elderly grandma tells you: "I haven't been taking my beloved walks because I'm concerned about falling and getting hurt. See, there is always a cost to doing something. But if you don't do anything, then there is no cost." Your grandma does not understand the economic concept of:

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Which of the following statements is NOT true?

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At most airports there are multiple security guards ready to screen passengers and their luggage through the X-ray and metal detector checkpoints. The length of the wait for each line is about the same. Why?

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If the value of homes in University City increases and as a result the people of University City spend more, incomes in University City will:

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An economy has achieved _____ if it _____ pass up any opportunities to make some people better off without making others worse off.

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A dozen friends got together to celebrate a birthday. If the birthday cake is cut into 12 pieces of the same size and each of the 12 partygoers gets a slice, this cake distribution is:

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The BEST example of making a choice at the margin is whether to:

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A grocery store benefits when a new furniture factory moves to town and hires workers because:

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A popular train station has free parking for commuters who take the train. This often results in many people being unable to find a parking spot and missing their train. To solve this problem, all commuters should be:

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Specialization and trade should lead to all of the following EXCEPT:

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Suppose a local community decides to give all of its citizens over age 60 a parking pass that will enable them to park in the front of parking lots. For people over 60, this policy is:

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The trade-off between equity and efficiency occurs because:

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It is cheaper to produce corn in Kansas than in Death Valley, California, because corn needs a lot of water and moderate temperatures. This statement best represents this economic concept:

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Suppose small business owners decide to spend less. How will this affect an economy?

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Which of the following principles underlies the interaction of individual choices?

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In baseball, when one manager decides to send in a pinch hitter, the other manager often changes pitchers. This sometimes causes the first manager to send in a new pinch hitter. Once both managers decide that no more player substitutions will benefit their team, the situation has reached:

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The best measure of the opportunity cost of any choice is:

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