Microeconomics

The economics of uranium mining would be studied in:

microeconomics

Which statement is a key idea in economic thinking?

Incentives matter.

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

In conflict with one another

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

Model

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

Production Efficiency

Which statement 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

Supply and demand analysis is used:

both microeconomics and macroeconomics.

Rational behavior requires thinking at the margin. Which example represents this type of thinking?

deciding whether a second burger is worth the extra $2 deciding whether the overtime pay is worth working on your day off deciding whether to pay a fine for polluting the local harbor or installing antipollution machinery

Scarcity:

is faced by all individuals and societies.

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.

The opportunity costs of attending college do NOT include:

the expenditures for food.

Macroeconomics is concerned with issues such as:

unemployment

Because of scarcity:

we face tradeoffs in nearly every choice we make.