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Econ 1101 Test 1

Chapters 1, 2, and 3

Microeconomics deals with individual decision makers in the economy
The primary emphasis in macroeconomics is on the national economy
Scarcity exists when individuals can have more of one good but only at the expense of another
A resource is anything that can be used in production
Opportunity cost is the value of the best alternative forgone in making any choice
The best measure of the opportunity cost of any choice is whatever you have given up to make that choice, even if no monetary costs are involved
The cost of going to college is tuition, the cost of books, and forgone income
The economic way of thinking uses making choices at the margin
The concept of the margin deals with making incremental choices
Marginal analysis refers to decision about whether to do a bit more or a bit less of an activity
A simplified representation that is used to study a real situation is called a model
When building a model, economists simplify reality in order to highlight what really matters
The importance of an economic model is that it allows us to focus on the effects of only one change at a time
The production possibility frontier illustrates that if all resources of an economy are being used efficiently, more of one good can be produced only if less of another good is produced
Technological improvements will shift the production possibility frontier outward
A production possibility frontier illustrates the _____ facing an economy that ______ only two good trade-offs; produces
All points inside the production possibility frontier represent inefficient production points
All points on the production possibility frontier are efficient production points
All points outside the production possibility frontier are infeasible production points
If Poland decides to increase the production of steel - and decrease the production of vodka - the bowed out production possibility frontier would suggest that there will be ______ opportunity cost of production more steel an increasing
The market for corn in Kansas is considered to be competitive. This means there are _____ buyers and _____ sellers of corn in Kansas many; few
The law of demand states that other things equal as the price increases, the demand will decrease
Which of the following examples illustrates the law of demand Consumer buy more personal computers because prices have fallen
A shift of the demand curve for thin-crust pizza would not be caused by a change in the price of thin-crust pizza
If goods A and B are substitutes, a decrease in the price of good B will decrease the demand for good A
A good is normal if demand increases when income increases
A good is inferior if demand decreases when income increases
The demand curve for videos has shifted to the right. What could have caused it? An increase in the income of the buyers
The typical supply curve illustrates that other things equal, the quantity supplied for a good is positively related to the price of a good
Which of the following is not a determinant of supply consumer tastes
Created by: 695339210623119



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