A) to examine the operation of the entire (aggregate) economy.
B) to examine the behavior and operation of the individual units or sectors that make up the economy.
C) our government's monetary policy.
D) the levels of employment and inflation.
E) to study how we managed to eliminate scarcity.
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a.The figure above plots the relationsh...View Answer
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a.The figure above plots the relationsh...View Answer
A) the social interest.
B) efficiency.
C) incentives.
D) self-interest.
E) equity.
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A) 16.
B) 8.
C) 4.
D) 2.
E) 14.
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A) what
B) for whom
C) how
D) why
E) when
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A) how much money is paid for something.
B) how much money and time it takes to consume something.
C) the value of the highest-valued alternative that is forgone in making a choice.
D) the total of all other alternatives that are forgone in making a choice.
E) the sunk cost of any decision.
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The nations are answering the "how" ques...View Answer
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A) political decisions.
B) providing a minimal standard of living for every person.
C) how to make a profit.
D) hunger.
E) scarcity.
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A) Our country must increase military spending.
B) There should be a computer in every elementary school classroom.
C) We need to spend less on luxury items for the wealthy,and more on necessities for the less fortunate.
D) Online shopping increased by 50 percent this Christmas season.
E) Too many people are unemployed.
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A) what
B) how
C) for whom
D) where
E) when
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A) movement up along one of the lines showing the relationship between x and y.
B) movement down along one of the lines showing the relationship between x and y.
C) rightward shift of the line showing the relationship between x and y.
D) leftward shift of the line showing the relationship between x and y.
E) trend change in both x and y.
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A) comparing the marginal cost and marginal benefits when making a decision.
B) comparing the total cost and the total benefit when making a decision.
C) eliminating the additional cost when making a decision.
D) determining the total benefits of a decision.
E) comparing the benefits from the social interest to the benefits from the person's self-interest.
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A) When a line slopes downwards moving to the right,the variable measured on the x-axis and the variable measured on the y-axis are directly related.
B) When a line slopes upwards moving to the right,the variable measured on the x-axis and the variable measured on the y-axis are directly related.
C) The higher the temperature,the more ice cream people consume.Thus the temperature and ice cream consumption are inversely related.
D) If two variables are directly related,a graph of the two variables has a negative slope.
E) None of the above statements is correct.
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A) The slope of a straight line changes depending where on the line it is calculated.
B) The slope of a curved line is not defined because it is impossible to calculate the slope along a curved line.
C) A straight line that slopes upward moving to the right has a positive slope.
D) Answers A and B are correct.
E) Answers A and C are correct.
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The statement is false because it is pos...View Answer
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A) statement assessing the social interest versus the private interest.
B) normative statement.
C) positive statement.
D) macroeconomic statement.
E) statement that confuses marginal cost and sunk cost.
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A) This is a normative statement.
B) The federal government does not face scarcity.
C) This topic would be studied in microeconomics.
D) Social interest must always be more important than self-interest.
E) Ceteris paribus does not apply to the government.
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A) is called marginal cost.
B) is always greater than the opportunity cost of that activity.
C) decreases as you do more of it.
D) is measured by what you must give up.
E) is called rational-choice benefit.
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A) scatter diagram.
B) time-series graph.
C) cross-section graph.
D) time-stationary graph.
E) trend figure.
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A) the opportunity cost of an action would be greater than its sunk cost.
B) an action would have zero opportunity cost.
C) choices are no longer rational.
D) marginal cost of an action is greater than its marginal benefit.
E) all marginal benefits would equal zero.
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