Question 1 of 20
5.0 Points
Spending money on a new car instead of a used car when you are on a fixed budget is an example of __________.
An arrangement that allows buyers and sellers to exchange things is called __________.
The opportunity cost of going to college __________.
An unemployed individual decides to spend the day fishing. The opportunity cost of fishing is __________.
You rent a DVD of The Dark Knight Rises. The rental is for seven days and you watch the movie on the first day. You tell a friend about the film and your friend asks to come over and watch the movie with you before it is due back. What is your opportunity cost if you decide to watch the movie a second time instead of going to a football game?
Scarcity can best be defined as a situation in which __________.
Jerome has a "C" average in his philosophy course and a "B" average in his economics course. He decides to study an extra hour for his philosophy exam. This is an example of __________.
One factor that was responsible for roughly one-fifth of hybrid vehicles purchased in 2007 was a federal subsidy of up to $3,400 per hybrid vehicle. The increase in sales due to this subsidy is an example of which element of the economic way of thinking?
Economic models are used to __________.
Tradeoff is __________.
When determining an appropriate congestion tax, economists would use which of the following elements of the economic way of thinking?
If you remove resources from factory production, the quantity of factory goods will __________.
To make things simpler and focus attention on what really matters, economists would __________.
The principle that the cost of something is equal to what is sacrificed to get it is known as the __________.
To think at the margin means to consider __________.
Bath
Groom
0
6
7
5
13
4
18
3
22
2
25
1
27
0
Table 2.1
Kaitlyn and Larissa have formed a dog bathing and grooming business. The number of dogs they can bathe or groom in any given day is depicted in Table 2.1. The opportunity cost of grooming the first dog in a day is bathing __________ dog(s)
The production possibilities curve in Figure 2.1 illustrates the notion of __________.
Angelina, age 7, decides to dress up like Princess Fiona for Halloween. What is the opportunity cost of her decision?
If an economy is fully utilizing its resources, it can produce more of one product only if it __________.
[removed]
A. doubles manufacturing of the product
[removed]
B. produces less of another product
[removed]
C. adds more people to the labor force
[removed]
D. reduces the prices of the most expensive products
6 years ago
09.04.2016
5
Report Issue
Answer
(
1
)
Dr.Collins
4.9
(
88
)
(
Not rated
)
Chat
Purchase the answer to view it
business.docx
6 years ago
plagiarism check
Purchase $5
Bids
(
1
)
Dr.Collins
other Questions
(
10
)
Midterm Help
PSY 211
Probability Analysis
Excel Project
who c ...
Web & Social Media Analytics Previous Year Question Paper.pdf
Question 1 of 205.0 PointsSpending money on a new car instea.docx
1. Question 1 of 20
5.0 Points
Spending money on a new car instead of a used car when you
are on a fixed budget is an example of __________.
An arrangement that allows buyers and sellers to exchange
things is called __________.
The opportunity cost of going to college __________.
An unemployed individual decides to spend the day fishing. The
opportunity cost of fishing is __________.
You rent a DVD of The Dark Knight Rises. The rental is for
seven days and you watch the movie on the first day. You tell a
friend about the film and your friend asks to come over and
watch the movie with you before it is due back. What is your
2. opportunity cost if you decide to watch the movie a second time
instead of going to a football game?
Scarcity can best be defined as a situation in which
__________.
Jerome has a "C" average in his philosophy course and a "B"
average in his economics course. He decides to study an extra
hour for his philosophy exam. This is an example of
__________.
One factor that was responsible for roughly one-fifth of hybrid
vehicles purchased in 2007 was a federal subsidy of up to
$3,400 per hybrid vehicle. The increase in sales due to this
subsidy is an example of which element of the economic way of
thinking?
Economic models are used to __________.
3. Tradeoff is __________.
When determining an appropriate congestion tax, economists
would use which of the following elements of the economic way
of thinking?
If you remove resources from factory production, the quantity
of factory goods will __________.
To make things simpler and focus attention on what really
matters, economists would __________.
The principle that the cost of something is equal to what is
sacrificed to get it is known as the __________.
4. To think at the margin means to consider __________.
Bath
Groom
0
6
7
5
13
4
18
3
22
2
25
1
27
0
Table 2.1
Kaitlyn and Larissa have formed a dog bathing and grooming
business. The number of dogs they can bathe or groom in any
given day is depicted in Table 2.1. The opportunity cost of
grooming the first dog in a day is bathing __________ dog(s)
5. The production possibilities curve in Figure 2.1 illustrates the
notion of __________.
Angelina, age 7, decides to dress up like Princess Fiona for
Halloween. What is the opportunity cost of her decision?
If an economy is fully utilizing its resources, it can produce
more of one product only if it __________.
[removed]
A. doubles manufacturing of the product
[removed]
B. produces less of another product
[removed]
C. adds more people to the labor force
[removed]
D. reduces the prices of the most expensive products
6. 6 years ago
09.04.2016
5
Report Issue
Answer
(
1
)
Dr.Collins
4.9
(
88
)
(
Not rated
)
Chat
Purchase the answer to view it
business.docx
6 years ago
plagiarism check
Purchase $5
Bids
(
1
)
Dr.Collins
other Questions
(
10
)
Midterm Help
PSY 211
Probability Analysis
Excel Project
7. who can do it
Art
Assignment 1: Accessing Oracle
W King Week 1
English Composition - Your Position on Pirated Movies
Important critical essay
Applied Sciences
Architecture and Design
Biology
Business & Finance
Chemistry
Computer Science
Geography
Geology
Education
Engineering
English
Environmental science
Spanish
Government
History
Human Resource Management
Information Systems
Law
Literature
Mathematics
Nursing
Physics
Political Science
Psychology
Reading
Science
Social Science
Liberty University
New Hampshire University
Strayer University
