Economics is the study of: How societies determine _______ is produced, how societies determine ___________ it is produced, and how societies determine to whom it is __________ correct answers what, how, distributed
A marginal cost is the _________ correct answers additional cost of an action (n...
Econ Term 1(All solved)
Economics is the study of: How societies determine _______ is produced, how societies determine
___________ it is produced, and how societies determine to whom it is __________ correct answers
what, how, distributed
A marginal cost is the _________ correct answers additional cost of an action (not including sunk cost)
The ___________ of undertaking an activity is the benefit foregone by undertaking that activity correct
answers opportunity cost
Efficiency means _____________ correct answers Acheiving the goal the cheapest way possible
Scarcity is the economic concept illustrated by the following statement __________________ correct
answers The good available are too few to satsify individual desires
Costs that have already been incurred and cannot be recovered are known as _____________ correct
answers sunk costs
If the _______ _______ of doing something exceed the marginal costs, do it correct answers marginal
benefits
A ____ and ________ system of pollution controlls allows low polluting companies the right to sell the
right to pollute to high polluting companies correct answers cap, trade
To think like an economist is to address almost all issues using a _________ approach correct answers
cost/benefit
An economy deals with scarcity with correct answers coercion
A _______ benefit is the additional benefit above what you've already derived correct answers marginal
The ___________ debate suggests that because of scarce resources societies must decide between having
more weapons or more consumer goods correct answers guns versus butter
, ________ is the study of individual choice, and how economic forces influence that choice correct
answers microeconomics
_______ is the study of the economy as a whole correct answers macroeconomics
In discussing with Lady Astor whether she was a prostitute Winston Churchill said, "We have already
established that fact now we are simply _______________" correct answers negotiating about price
Classify the following topics as macroeconomics or microeconomics: the impact of a tax increase on
aggregate output, the relationship between two competing firms' pricing behavior, a farmer's decision to
plant soy or wheat, the effect of trade on economic growth correct answers macro, micro, micro, micro
A production possibility curve is a curve measuring the maximum combination of __________ that can
be obtained from a given number of ______ correct answers outputs, inputs
The principle of _______________ states "in order to get more of something, one must give up ever
increasing quantities of something else" correct answers increasing marginal opportunity cost
In economic terms, the ability to be better suited to the production of one good than the production of
antoher good, is known as _____________ __________ correct answers comparative advantage
_______ _________- costs that have already been incurred and cannot be recovered correct answers sunk
costs
______________ is the relocation of production once done in the U.S.A. to foreign countries correct
answers outsourcing
______________ states that the wages of workers in one country will not differ signficantly from the
wages of (equal) workers in antoher institutionally similar country correct answers the law of one price
____________ is known as the "dismal science" correct answers economics
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