Exam 5: Economics Eight Powerful Ideas and the Role and Method of Economics

Select the best concern of the following topic -The price of bicycles increased by $30 last year.

Select the best concern of the following topic -A decision by the Federal Reserve Bank to decrease the supply of money in the economy.

The following table shows the marginal benefit to an individual of consuming pints of ice cream. ?If the ice cream parlor was giving away ice cream for its anniversary celebration, a rational consumer would purchase

Select the best concern of the following topic -The unemployment rate increased from 4.5% to 4.8%.

Select the best concern of the following topic -The decision by a household to eat in rather than go out for dinner this evening.

Select the best concern of the following topic -The family restaurant chain closed down after losing much of its customer base to fast-food competitors over the last few years.

The opportunity cost of attending a college basketball game tonight would increase if:

The marginal cost of a vacation in Jamaica is $3,000. The marginal benefit to Jordan of a vacation in Jamaica is $3,500.

Scarcity

Positive incentives:

Select the best concern of the following topic -The general level of prices increased by 5% last year.