A) Economical.
B) Unlimited.
C) Efficient.
D) Marginal.
E) Scarce.
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A) Relationship between unemployment and inflation.
B) Irregular fluctuations in economic activity.
C) Positive relationship between the quantity of money in an economy and inflation.
D) Predictable changes in economic activity due to changes in government spending and taxes.
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A) Reduces market power.
B) Proves that there is such a thing as a free lunch.
C) Improves efficiency at the expense of equity.
D) None of these answers
E) Improves equity at the expense of efficiency.
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A) Taking a nap
B) All of these answers involve trade-offs.
C) Watching a football game on Saturday afternoon
D) Going to university
E) Buying a new car
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A) Subaru's impact on the price of cars
B) A farmer's impact on the price of corn
C) Microsoft's impact on the price of desktop operating systems
D) A student's impact on college tuition
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Over a period of a year or two, many eco...View Answer
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Markets are a poor way to organize econo...View Answer
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A) Price level.
B) Average price of goods and services in an economy.
C) Rate of growth of the price level.
D) Purchasing power of money.
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Rational people think at the margin. The...View Answer
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A) Because they are limited in supply.
B) Because they are limited in demand.
C) Only if the resources are non-renewable.
D) Because they are in infinite supply.
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A) A promising young mathematician who will command a high salary once she earns her college degree.
B) A student with average grades who has never held a job.
C) A famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree.
D) A student who is the best player on his university football team, but who lacks the skills necessary to play professional football.
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A) Scarce for households but plentiful for economies.
B) Plentiful for households but scarce for economies.
C) Scarce for households and scarce for economies.
D) Plentiful for households and plentiful for economies.
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A) Work as the opportunity cost of the movies exceeds the expected benefit.
B) The see the film as your incentive is the €6 excess expected benefit.
C) The see the film as your enjoyment will exceed the lost wages by €2.
D) The see the film as the benefit of €18 exceeds the lost wages.
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If there is a market failure, such as an...View Answer
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A) The cost of the labour, concrete, etc. used to build the car park.
B) The value of the land used in its next best alternative use, and the cost of the labour, concrete, etc. used to build the car park.
C) The value of the land and resources used in all of their alternative uses.
D) Infinite; we cannot estimate it.
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A) Society manages its unlimited resources.
B) To reduce our wants until we are satisfied.
C) Society manages its scarce resources.
D) To fully satisfy our unlimited wants.
E) To avoid having to make trade-offs.
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