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Economics is the study of choi...View Answer
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A) it can gain in production and consumption.
B) it wants to improve foreign relations.
C) its government can earn taxes on imported goods.
D) it has an excess production capacity.
E) its residents always prefer imported goods to domestic goods.
G) A) and B)
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A) people not to work at all.
B) the elimination of scarcity.
C) opportunity costs.
D) self-sufficiency.
E) specialization.
G) A) and B)
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B) False
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A) includes encouraging market failures.
B) does not exist.
C) is restricted to establishing property rights.
D) includes improving situations that would otherwise result in a government failure.
E) includes improving situations that would otherwise result in a market failure.
G) B) and C)
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A) freely determined prices.
B) property rights.
C) freedom to trade at home.
D) freedom to trade with another country.
E) strong government intervention.
G) D) and E)
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A) consumers.
B) firms.
C) the government.
D) both consumers and firms.
E) markets.
G) C) and E)
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A) income that a person does not earn because she has retired and decided not to work at all.
B) pleasure that an economics student derives from studying economics.
C) Chinese food that you gave up when you chose to eat Italian food.
D) tuition you pay to attend college.
E) price paid for a concert ticket when you go to that concert.
G) B) and C)
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A) is a characteristic of most centrally planned economies.
B) provides incentives.
C) is the most important feature of a centrally planned economy.
D) is not necessary for a market economy to function.
E) is a key obstacle for the economy to grow over time.
G) A) and B)
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A) both produce candy bars.
B) both produce ice cream bars.
C) John produces both candy bars and ice cream bars, while Jack produces nothing.
D) Jack produces both candy bars and ice cream bars, while John produces nothing.
E) each of them produces what he has a comparative advantage in producing.
G) A) and B)
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A division of labor occurs when differen...View Answer
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A) In a centrally planned economy, decisions concerning the three essential questions are made by those who control the government.
B) In a market economy, firms do not interact with consumers.
C) The two alternative approaches to the three essential questions are market economies and command economies.
D) In a market economy, decisions concerning the three essential questions result from interactions taking place in markets.
E) In both centrally planned and market economies, the three essential economic questions are what, how, and for whom.
G) B) and E)
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A) only for poor countries.
B) only for economies under complete government control.
C) faced by all economies.
D) that can be eliminated as the economy grows.
E) not faced by free market economies.
G) A) and E)
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A) is zero because the return is always positive.
B) includes the skills earned from attending college.
C) is the living expenses, which are the same whether the students attend college or not.
D) includes the lost incomes that would have been earned if the student had not attended college.
E) includes the scholarships for attending college.
G) None of the above
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D
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Prices in the smartphone market are free to vary, people have property rights to the smartphones they buy, companies sell smartphones, the government does not regulate the use of smartphones, and smartphone production takes place within firms with many workers. A higher price, for instance, will allocate smartphones to the consumers who are willingness to pay the price and away from those who are not willingness or cannot afford to pay that price.
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B) False
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A) bribing government officials.
B) buying and selling in a market.
C) doing something within an organization.
D) avoiding any economic interactions.
E) producing a product instead of buying it from someone else.
G) D) and E)
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B) False
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A) mainly transfer prices.
B) affordable by all consumers.
C) determined by the government.
D) freely determined.
E) determined solely by firms and not by consumers.
G) A) and C)
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D
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A) individuals make decisions to use scarce resources in order to satisfy their unlimited wants.
B) to run a business successfully.
C) individuals become rich.
D) society can eliminate scarcity.
E) society creates more resources in order to raise its standard of living.
G) All of the above
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