Exam 1: Economics: The Study of Choice

An answer to the question "How are goods produced?" determines:

The problem of determining what goods and services society should produce:

The Case in Point on "baldness and heart disease" suggests that by preventing baldness:

Anything whose value can change is a:

Ceteris paribus means:

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

An example of a positive statement is:

The sacrifice of an alternative is called:

In the 1930s, the federal government established the social security system to provide a minimum level of income to elderly and disabled people.This primarily addressed the economic question of:

A(n) _______ does not pose the problem of scarcity; one use of the good is not an alternative to another use.

According to the textbook, economics is a:

Statements that are a hypothesis or statement of fact are:

Economic models are:

The existence of alternative uses for a resource implies it isn't scarce.

The economic way of thinking has to do with:

The primary emphasis in macroeconomics is on:

The situation when we face alternative choices is called abundance.

A simplified representation of a particular problem is a:

The Case in Point on the Simpsons indicated that time is:

Opportunity cost is the expected value of the alternative not chosen.