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.


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