Chapter 1 Macro Econ
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When society gets the most it can from its scarce resources, then the outcome is called
Efficient
Which of the following is correct concerning opportunity cost?
Except to the extent that you pay more for them, opportunity costs should not include the cost of things you would have purchased anyway.
Economics deals primarily with the concept of
Scarcity
In considering how to allocate its scarce resources among its various members, a household considers
a. each member's abilities. b. each member's efforts. c. each member's desires.
A tradeoff exists between a clean environment and a higher level of income in that
laws that reduce pollution raise costs of production and reduce incomes.
