Econ pop quiz

suppose you find 20$. if you choose to use the 20$ to go to the foot ball game, your opportunity cost of going to the game is

20$ (because you could have used the 20$ to buy other things) plus the value of your time spent at the game

A situation that describes the greatest market power is--

Microsoft's impact on the price of desktop operating systems

which of the following situations describes the greatest market power?

Microsoft's impact on the price of desktop operating systems

in the short run--

a decrease in inflation temporarily increases unemployment

in considering how to allocate its scarce resources among its various members, a house hold considers

all of the above

which of the following involves a trade-off?

all of them

foreign trade--

allows a country to have a greater variety of products at a lower cost than if it tried to produce everything at home

which of the following is not part of the opportunity cost of going on vacation

the money you spent on food (would have spent that anywhere??)

which of the following is least likely to produce an externality?

food

high and persistent inflation is caused by--

governments increasing the quantity of money too much

productivity can be increased by

improving the education of workers

a true statement about a market economy is--

market participants act as if guided by an invisible hand to produce outcomes that promote general economic well being

raising taxes and increasing welfare payments

none

trade-offs are required because wants are unlimited and resourced are--

none

resources are--

scarce for households and scarce for economies

a rational person does not act unless--

the action produces marginal benefits that exceed marginal costs

workers in the United States enjoy a high standard of living because

workers in the United States are highly productive

workers in the US enjoy a high standard of living because--

works in the United States are highly productive