Economics
Asking "One more?" allows the _____ principle to be analyzed as a simple question. A. interdependence B. marginal C. cost-benefit D. opportunity cost
b
Asking "What else?" allows the _____ principle to be boiled down to a simple question. A. interdependence B. marginal C. opportunity cost D. cost-benefit
a
Consider the decision to read your economics textbook. Which of the four core principles of economics applies to the notion that reading this textbook will help you to establish a solid foundation of understanding economics, which will be beneficial for future courses? A. Interdependence principle B. Marginal principle C. Cost-benefit principle D. Opportunity cost principle
a
Dependencies between your own choices reflect the fact that: A. resources can be spread across time. B. resources are spread across varying markets. C. you have limited resources. D. society has limited resources.
c
Consider the decision to read your textbook on economics regularly. Which of the four core principles of economics applies to the notion that each extra page you read and each extra problem you complete will help you increase your understanding of the material? A. Cost-benefit principle B. Interdependence principle C. Opportunity cost principle D. Marginal principle
d
Diane Jacobs is a student studying economics and currently working on her class schedule for next semester. She considers the fact that more and more data is available every day and that data interpretation skills are learned by taking additional economics courses in her course selection. This acknowledgment highlights the dependencies that exist: A. through time. B. between people or businesses in the same market. C. between her own individual choices. D. between markets.
d
It is a rainy day, and you are considering taking an Uber one mile to meet some friends. You have decided you are willing to pay $20 to avoid getting wet from the rain. The trip would normally cost you $8, but because of the weather the surcharge is twice the regular cost. You should _____ because the benefit to you of taking the Uber is _____ than the cost. A. walk; less B. walk; more C. take an Uber; less D. take an Uber; more
d
You are thinking of starting a tutoring service. You already have a part-time job on campus that pays $20 per hour. You think you can tutor fellow students for five hours each Saturday at $25 per hour, and you have already printed $10 worth of flyers to hang on campus for advertising. If you were not tutoring, you could work another five hours at your campus job. How much economic surplus will you generate each week if you start tutoring? A. $125 B. $25 C. $15 D. $100
b
Taryn is buying shirts online and has to decide how many shirts to buy. She should buy another shirt if the: A. total benefit when purchasing one more shirt is less than the total cost of the shirts. B. total benefit when purchasing one more shirt is at least as high as the total cost of the shirts. C. marginal benefit of the next shirt is at least as high as the price of the shirt. D. marginal benefit of the next shirt is less than the price of the shirt.
c
Sunk costs are costs that A. are potential costs associated with a particular decision. B. should be considered in any decision. C. are part of the opportunity costs of a decision. D. are incurred in the past and cannot be reversed.
d
