economic thinking

Given X = 52+27-((3/15)*100), X is

59

Due to limits on our time, money, and effort, we are best off when we allocate our time, money, and effort

according to the opportunity costs of our choices

Identify the positive statement among the following statements

college tuition is higher for out-of-state students than it is for in-state students

If Stan's Shoemaker Shop practices the division of labor and each employee concentrates on one step of the shoe-making process, this will likely result in

greater production output

Macroeconomic topics can be impacted by which of the following microeconomic topics?

how do people decide how much to save for the future, or whether they should borrow to spend beyond their current means?

In this time series graph, the unemployment rate fluctuates from around 4% to 10%. Given this information, 1987 had an unemployment rate of around 6%. Compare the unemployment rate in 2010 with that of 1987. Which of the following statements is true?

it was more difficult to find work in 1987 because the unemployment rate was close to 6% and thus an economy worse off than the economy of 2010 - wrong

What are the factors of production?

land, labor, capital, Entrepreneurship:

Sumin wants to examine whether doing laundry for several hours one day a week saves her more time than doing it in small chunks twice a week, so she sets up an equation to think about the time involved in various steps. Sumin has developed a ________

mathematical function

marginal benefit

the additional benefit to a consumer from consuming one more unit of a good or service - wrong

The ability of an economic model to accurately predict outcomes is an indicator that

the assumptions of the model are generally accurate

marginal cost is

the change in total cost from producing one more unit of output

When choosing a college major in a rational way, Misty should consider

the cost of the degree and the benefit each degree would bring

Imagine that a high school junior received a bonus check from his boss on the last day of his summer job. He decides to save all of that bonus check to pay for his senior trip coming up next year instead of purchasing a much needed new automobile. From an economist's perspective, which of the following statements about this decision is likely to be true?

the decision is rational in the sense that it reflects the junior's preference for a senior trip over new automobile

A store sells 20 ice cream bars per hour for $4 each, but on discount days, it sells 35 ice cream bars per hour for $3. Based on these two data points, what would be the slope for the relationship between the price and the quantity of ice cream sold? (Price is on the vertical axis).

the slope is 15 - wrong

When picking up a rental car at an airport car rental agency, some travelers stand in line waiting to sign paperwork and pick up car keys at the rental desk while other travelers can go right to their rental car by using their rental car loyalty club card. In this example, the travelers who move quickly through to the parking lot pick up their car are probably

travelers who value convenience more than those waiting in line and are willing to pay additional club fees for the option of avoiding them

When creating a graph for your economics course, which axis is most commonly used to represent quantity (q)?

x axis