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Straighterline Macro Quiz Questions and Answers 2024/2025( A+ GRADED 100% VERIFIED).
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Straighterline Macro Quiz Questions and Answers 2024/2025( A+ GRADED 100% VERIFIED).
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Straighterline Macro Quiz Questionsits extra benefit is greater than or equal to its extra cost.
The Cost-Benefit Principle indicates that an action should be taken if:
they have to make trade-offs
Economists recognize that because people have limited resources:
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marginal benefit
The extra benefit that results from carrying out one additional unit of an activity is the ______ of
the activity.
marginal cost
The extra cost that results from carrying out one additional unit of an activity is the _____ of the
activity.
people would still have to make trade-offs
If all the world's resources were to magically increase one hundredfold, then
the opportunity cost of the time and trouble of sending in the rebate form is less than $10
Ginger bought a phone that came with a $10 rebate. Ginger should fill out and mail in the rebate
form if
,the difference between the benefit and the cost of taking an action.
The economic surplus of an action is
microeconomics and macroeconomics
By convention, there are two major divisions of economics, called
Other people are trying to choose the shortest line too
Every time you go to the grocery store, you try to wait in the shortest line. But the lines always
seem to be roughly the same length. Why
applies economic insights to understand everyday life
An economic naturalist is someone who
macroeconomics
Which branch of economics is most likely to study differences in countries' growth rates
macroeconomics
The field of economics that would be most concerned with a recent fall in interest rates is
increase in the amount of productive resources.
Economic growth can result from a(n
the reciprocal of the opportunity cost of the good measured on the horizontal axis
Generally, on a linear two-good production possibilities curve, the opportunity cost of the good
measured on the vertical axis is
attainable but inefficient
Points that lie beneath the production possibilities curve are
Scarcity Principle.
The downward slope of the production possibilities curve illustrates the
, more of one good could be produced without producing less of the other
Points that lie below the production possibilities curve are inefficient because
production possibilities curve
A graph that illustrates the maximum amount of one good that can be produced for every
possible level of production of the other good is called a(n):
you give up less to accomplish that task than do others
If you have a comparative advantage in a particular task, then
negative; producing more of one good requires producing less of the other
The slope of a production possibilities curve is ______ because ______
hiring low-wage workers overseas reduces firms' costs
The fundamental reason firms outsource is that
Maryann should specialize in the activity for which she has a comparative advantage
Ginger and Maryann are lost in the jungle, where the only things to eat are mangoes and fish.
Ginger can gather more mangoes per hour than Maryann and can also catch more fish per hour
than can Maryann. Therefore
it has a relative abundance in the natural resources needed to produce cars
A country is most likely to have a comparative advantage in the production of cars if
decrease the total value of goods and services produced in that nation
If a nation restricts imports, it will
assures a higher level of output
Efficiency is an important goal in economics because it
the demand for sport utility vehicles to decrease
Suppose the price of gasoline increases and that sport utility vehicles get poor gas mileage
compared to other available cars. One would expect
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