ecn practices 1

When we contribute to an organization that gives presents to needy families during the holiday season, we face ​______. A. a for whom tradeoff B. a what tradeoff C. a how tradeoff D. no tradeoff

A. a for whom tradeoff

The benefit of something is the​ _____. Benefit is determined by preferences​ - by what a person​ _____ and the intensity of those feelings. A. gain or pleasure it​ brings; likes and dislikes B. cost of the​ activity; likes and dislikes C. highest valued alternative that must be given up to get it wants to give up D. sum of the gain and loss that arises from the​ activity; prefers to gain or lose

A. gain or pleasure it​ brings; likes and dislikes

Think about the following news items. Which items involve a microeconomic issue and which involve a macroeconomic​ issue? A. U.S. economy adds 227,000 jobs in January B. Pay to rise for millions as 19 states increase minimum wage C. The U.S. is borrowing less from China, more from everybody else D. Why are incomes growing much faster in China and India than in the United States? Statement A involves a​ ______ issue. Statement B involves a​ ______ issue.

B. Pay to rise for millions as 19 states increase minimum wage

Which of the following is the opportunity cost of attending a ball​ game? A. Only the things you would alternatively have done with your time if you had been working. B. The things you would have bought with what you spent on the ticket and bus fare getting to the game plus the things you would alternatively have done with your time. C. Only the ticket price and bus fare. D. Only the things you would alternatively have done with your time.

B. The things you would have bought with what you spent on the ticket and bus fare getting to the game plus the things you would alternatively have done with your time.

All of the following are consequences of scarcity faced by people in the United States except deciding​ _______. Question content area bottom Part 1 A. how to study for both an economics exam and a chemistry exam that take place on the same day B. whether a tomato is a fruit or a vegetable C. whether to go skiing during spring break or to catch up on your course work D.

B. whether a tomato is a fruit or a vegetable

Which of the following examples describes microeconomics​? A. Germany is a country in Western Europe. B. The Federal Reserve is increasing interest rates. C. People prefer buying iPhones over Nokia phones. D. The Yukon territory of Canada has extreme cold weather.

C. People prefer buying iPhones over Nokia phones. D.

You can stay in school or you can quit school and get a full-time job. You have an incentive to stay in school if​ ______. A. no tradeoff occurs by staying in school B. the marginal benefit from staying in school is greater than the marginal cost of getting a full-time job C. the marginal benefit from staying in school is greater than the marginal cost of staying in school D. the marginal benefit from getting a full-time job is less than the marginal benefit from staying in school

C. the marginal benefit from staying in school is greater than the marginal cost of staying in school

Operators of private dog parks in your city decide to eliminate their fees and allow dog owners to exercise their dogs in the parks at no charge. This statement means that the incentive to exercise dogs at the dog park ​______. The operators' decision is a​ _______ decision. Question content area bottom Part 1 A. ​changes; macroeconomic B. remains the​ same; microeconomic C. ​changes; microeconomic D. remains the​ same; macroeconomic

C. ​changes; microeconomic

A choice on the margin is a choice that is made by comparing all the relevant​ _____ systematically and​ _____. Marginal cost is the​ _____ that arises from one unit​ _____ in an activity. Marginal benefit is the​ _____ that arises from one unit​ _____ in an activity. A. ​profits; totally; total​ cost; increase; opportunity​ cost; decrease B. ​prices; incrementally; opportunity​ cost; decrease; ​revenue; increase C. ​costs; incrementally; total​ cost; decrease; ​benefit; decrease D. ​alternatives; incrementally; opportunity​ cost; increase; ​benefit; increase

D. ​alternatives; incrementally; opportunity​ cost; increase; ​benefit; increase

Which of the following illustrates scarcity​? A. Megan wants to buy a CD that costs​ $25 but has only​ $10 to spend. B. Mary loves watching movies. C. I got a new dress from my mother. D. Ron will travel to New York City for Thanksgiving.

Megan wants to buy a CD that costs​ $25 but has only​ $10 to spend.

Pam, Pru, and Pat are deciding how they will celebrate the New Year. Pam prefers to go on a​ cruise, is happy to go to​ Hawaii, but does not want to go skiing. Pru prefers to go​ skiing, is happy to go to​ Hawaii, but does not want to go on a cruise. Pat prefers to go to Hawaii or to take a cruise but does not want to go skiing. Part 2 Who faces a​ tradeoff? A. ​Pam, Pat, and Pru face a tradeoff. B. Pat and Pru face a tradeoff but Pam does not face a tradeoff C. Pam and Pru face a tradeoff but Pat does not face a tradeoff D. Pam and Pat face a tradeoff but Pru does not face a tradeoff

Pam, Pat, and Pru face a tradeoff.

Every​ week, Hassan skates for three hours​, and his grade on each econ test is 85 percent. Last​ week, after skating for three hours​, Hassan considered skating for another hour. He decided to skate for another hour and cut his study time by one hour. But last​ week, his econ grade fell to 70 percent. Given that Hassan spent a fourth hour skating​, what can you conclude about the marginal benefit and marginal cost of the third hour of skating​? Question content area bottom Part 1 A. The marginal benefit from the third hour of skating exceeded its marginal cost. B. The marginal cost of the third hour of skating exceeded its marginal benefit. C. The marginal cost of dropping 15 percentage points on an econ test exceeded the marginal benefit from a fourth hour of skating. D. The marginal benefit from the third

The marginal benefit from the third hour of skating exceeded its marginal cost.

Choose the correct statement. A. The opportunity cost of something is the​ highest-valued alternative that must be given up to get it. B. The opportunity cost of an activity you do not enjoy is zero. C. The opportunity cost of an activity is​ constant, regardless of the time of day at which you pursue the activity. D. The opportunity cost of doing more of an activity is the opportunity cost of the activity.

a. The opportunity cost of something is the​ highest-valued alternative that must be given up to get it.

Rational choice is a choice that uses the available resources to​ _____ of the person making the choice. A. best achieve the objective B. minimize the opportunity cost C. maximize the benefit d. increase the marginal benefit

a. best achieve the objective

The night before a calculus ​test, you decide to go to a club with friends instead of working problem sets. You get 70 percent on your test compared with the 80 percent that you normally score. You​ ______, and the opportunity cost of your evening at the club was​ ______. Question content area bottom Part 1 A. faced a tradeoff between a higher test score and an evening at the club​; the 10 percent fall in your grade B. did not face a tradeoff because you made the best​ choice; zero C. faced a tradeoff between a higher test score and an evening at the club​; the mark of 70 percent on your exam D. did not face a tradeoff because your roommates agreed you should go to a club with friends and not​ study; zero

a. faced a tradeoff between a higher test score and an evening at the club​; the 10 percent fall in your grade

When you choose to spend more on going to the movies and less on going to concerts​, you ​_______. A. get the additional going to the movies free B. must tradeoff going to concerts for going to the movies​, and you are facing a what tradeoff C. avoid scarcity by making the best choice D. do not need to tradeoff going to concerts for

b. must tradeoff going to concerts for going to the movies​, and you are facing a what tradeoff

A tradeoff is​ _______. A. the key to reconciling​ self-interest and social interest B. the benefit you receive from an increase in an activity C. giving up one thing to get something else D. always in the social interes

c. giving up one thing to get something else

Economics is the​ _____ the choices that​ individuals, businesses,​ governments, and entire societies make as they​ _____, and the influences on those​ choices, and the arrangements that coordinate them. A. set of personal opinions​ about; cope with scarcity B. social science that​ studies; cope with scarcity C. social science that​ studies; settle disagreements D. set of personal opinions​ about; settle disagreements

social science that​ studies; cope with scarcity

Macroeconomics

the study of economy-wide phenomena, including inflation, unemployment, and economic growth

Microeconomics

the study of the economic behavior and decision making of small units, such as individuals, families, and businesses