StraighterLine Macroeconomics with complete verified solutions
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Course
Straighterline MAT
Institution
Straighterline MAT
The students in a class are given an exam with a maximum score of 100. Their numerical scores are an example of what type of data?
80 55 60 80 75 95 90
Ans: Ratio
(since a the score is given we know it is not nominal, it is not in order so it is not ordinal nor is it written in interval for...
StraighterLine
Macroeconomics with
complete verified
solutions
Economics - answer the study of how people make
choices under conditions of scarcity and of the
results of those choices for society
The Scarcity Principle - answer also called No Free
Lunch Principle. We have many needs and wants
but resources are limited. having more of one good
thing means having less of another
cost benefit principle - answer take action only if
the extra benefits from taking the action are at
least as great as the extra costs.
rational person - answer someone with well-
defined goals who tries to fulfill those goals as
best he or she can
, economic surplus - answer the benefit of taking an
action minus its cost
opportunity cost - answer the value of what must
be forgone to undertake an activity
sunk cost - answer a cost that has already been
paid and cannot be recovered
marginal cost - answer the increase in total cost
that arises from an extra unit of an activity
marginal benefit - answer the increase in total
benefit that results from carrying out one
additional unit of an activity
average cost - answer the total cost divided by the
quantity produced
average benefit - answer total benefit divided by
the number of units
normative economic principle - answer says how
people should behave
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