Exam 1: Economics: the Study of Opportunity Cost

The development of a new energy source that could be used to produce or transport any good would be a source of

If the (steadily decreasing)marginal benefit of another day spent in the hospital is equal to the (steadily increasing)marginal cost of an additional day spent in the hospital, the

Figure 1.10 -Referring to the Production Possibilities Frontiers in Figure 1.10 A, B, C, and D, which depicts specialized growth in pizza when there is increasing opportunity cost.

Something is scarce as long as

-Referring to Figure 1.8, if a point is attainable it is in

-Referring to Figure 1.8, if a point is unattainable it is in

Of course, all individual students are better off if they get better grades. If you were to conclude that all students would be better off if everyone received an "A" you would

-In Figure 1.2, which labeled point indicates that there are insufficient resources or technology to produce the combination of goods represented by that point?

A mechanism by which buyers and sellers of goods and services negotiate an exchange is a

When analyzing a problem, if an economist is attempting to understand what the future implications of an action are without considering whether or not the action was fair or just, the economist is thinking

-In Figure 1.1, which labeled points represent the existence of unemployment?

-In Figure 1.3 A, B and C, which depicts the existence of increasing opportunity cost?

If the (steadily increasing)marginal cost of another day spent in the hospital exceeds the (steadily decreasing)marginal benefit of an additional day spent in the hospital, the rational consumer of health care services would be predicted to

-Using Figure 1.7 you can tell that

The fact that when the temperature rises snow shovel sales fall suggests the two are

Each person is better off with a bigger tax return than with a small tax return. That means that everyone would be better off if all taxes were zero. A person saying that is

-In Figure 1.3 A, B and C, which depicts the existence of opportunity cost?

Points on the Production Possibilities Frontier are

An economist, when analyzing a problem will compare the ___ and choose the outcome where they are equal

The statement that "since a farmer will make more money if he has a bumper crop means that all farmers would make more money if they all had bumper crops" would be an example of which of the following?