macro

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

model.

The economics of uranium mining would be studied in:

microeconomics.

The opportunity costs of attending college do NOT include:

the expenditures for food.

Which of the following is a key idea in economic thinking?

Incentives matter.

Rational behavior requires "thinking at the margin." Which of the following is an example of this type of thinking?

All of these are examples of "thinking at the margin."

Which of the following is NOT an example of market failure?

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

Which is TRUE about specialization and exchange between two individuals?

They generally benefit the poorer individual as well as the richer individual.

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

an incentive.

In the study of economics, the goals of efficiency and equity are often:

conflicting with one another.

Supply and demand analysis is used:

in both microeconomics and macroeconomics.

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 chosen 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.

Macroeconomics is concerned with issues such as:

unemployment.

Because of scarcity:

we face tradeoffs in nearly every choice we make.

Which of the following is a case when the government should intervene in the economy?

when the market fails to provide goods efficiently