micro cht 1 quiz

the economics of uranium mining would be studied in

microeconomics

a theory composed of a number of assumptions and facts boiled down to their based relevant elements is called a

model

which of these is NOT an example of market failure

Competition leads firms to provide products at the lowest possible price.

Paying a salesperson more for increased sales is an example of:

an incentive

supply and demand analysis is used

in both microeconomics and macroeconomics

in the study of economics, the goals of efficient and equity are often

in conflict with one another

which statement is a key idea in economic thinking

incentives matter

scarcity

is faced by all individuals and societies

People use _____ to determine how many hours to work, and businesses use _____ to determine how much of their product they are willing to supply to the market.

marginal analysis, marginal analysis

when the government chooses to use resources to build tourist centers, the selected resources are no longer available to build highways. this BEST illustrates the concept of

opportunity cost

economics is best defined as the study of how

people make rational decisions

when goods are produced at the lowest possible cost, an economy is said to have achieved

production efficiency

the opportunity costs of attending college do NOT include

the expenditures for food

which statement is TRUE about specialization and exchange between two individuals

they generally benefit the poorer individual as well as the richer individual

macroeconomics is concerned with issues such as

unemployment

because of scarcity

we face tradeoffs in nearly every choice we make.