Exam 1: First Principles

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

Increases in total output realized when individuals specialize in particular tasks and trade are known as:

Nara has gone to three movies this week.She has some extra money,so she decides to go to another.Which economic principle does this statement BEST represent?

Because people usually exploit opportunities to make themselves better off,which method of reducing pollution is likely to be MOST effective?

To encourage people to retire later,given that people usually exploit opportunities to make themselves better off,the government could:

A trade-off between equity and efficiency may NOT exist because of the fact that:

The opportunity cost of something is:

When people want more goods and services than are available,the economy undergoes inflation.Which economic principle does this statement BEST represent?

Intel finds it difficult to hire enough skilled computer engineers.Which economic concept does this statement BEST represent?

The government of a small town has decided to ban smoking in all restaurants,stores,and government offices.This is an example of the principle that:

When a market is in equilibrium:

An economy is efficient when:

Which statement is NOT true according to standard economic theory?

Which statement is NOT one of the four principles of individual choice?

A choice made _____ is a choice whether to do a little more or a little less of an activity.

If you decide to go to Florida with your friends during spring break,you cannot go to Paris with your sister in the summer.Which economic principle does this statement BEST represent?

In Saskatchewan,there has been a drought,and rural communities are fighting with urban areas over water.Which economic concept does this statement BEST represent?

When we are forced to make choices,we are facing the concept of:

For an economist,the cost of something is:

Equity is the same as efficiency.