money
  • Which of the following is not considered by economists to be an economic resource?
  • Which of the following most closely relates to the idea of opportunity costs?
  • Which of the following would not be classified as an economic resource by economists?
  • Which of the following do economists consider to be capital?
objective and is based on facts.
  • Which of the following is a positive statement?
  • For economists, the word "utility" means:
  • A positive statement is one that is:
  • Money is not an economic resource because:
Money in a business checking account.
  • Which of the following is a positive statement?
  • Which of the following will not produce an outward shift of the production possibilities curve?
  • Which of the following is a capital resource?
  • Which of the following would not be classified as an economic resource by economists?
decided that the marginal benefit of running one more mile would outweigh the cost of the additional mile.
  • Kara was out jogging and, despite being tired, decided to run one more mile. Based on her actions, economists would conclude that Kara:
  • Even though local newspapers are very inexpensive, people rarely buy more than one of them each day. This fact:
  • If someone produced too much of a good, this would suggest that:
  • Ben says that "an increase in the tax on beer will raise its price." Holly argues that "taxes should be increased on beer because college students drink too much." We can conclude that:
each good is produced at a level where marginal benefits equal marginal costs.
  • The limit to total production capacity in the economy is set by:
  • The optimal point on a production possibilities curve is achieved where:
  • The production possibilities curve illustrates the basic principle that:
  • If someone produced too much of a good, this would suggest that:
A construction crane.
  • Which of the following most closely relates to the idea of opportunity costs?
  • Which of the following is classified as new Capital?
  • Which of the following do economists consider to be capital?
  • Which of the following is a positive statement?
the decision to engage in one activity means forgoing some other activity.
  • You should decide to go to a movie:
  • The production possibilities curve tells us:
  • Opportunity costs exist because:
  • A production possibilities curve shows:
benefit exceeds its marginal cost.
  • Which of the following is classified as new Capital?
  • Which of the following would not be classified as an economic resource by economists?
  • The law of increasing opportunity costs states that:
  • A person should consume more of something when its marginal:
people weigh costs and benefits to make decisions.
  • Purposeful behavior means that:
  • A positive statement is one that is:
  • Opportunity costs exist because:
  • You should decide to go to a movie:
where MB = MC.
  • Normative statements are concerned primarily with:
  • The optimal point on a production possibilities curve is achieved where:
  • Which of the following is a land resource?
  • The optimal allocation of resources is found:
opportunity costs.
  • Ben says that "an increase in the tax on beer will raise its price." Holly argues that "taxes should be increased on beer because college students drink too much." We can conclude that:
  • Joe sold gold coins for $1,000 that he bought a year ago for $1,000. He says, "At least I didn't lose any money on my financial investment." His economist friend points out that in effect he did lose money because he could have received a 3 percent return on the $1,000 if he had bought a bank certificate of deposit instead of the coins. The economist's analysis in this case incorporates the idea of:
  • Normative statements are concerned primarily with:
  • Brinley says that "gas prices are rising because there aren't enough oil refineries." Katie argues that "gas prices are rising because of the growing demand for gasoline from China and India." We can conclude that:
Both statements are positive.
  • Brinley says that "gas prices are rising because there aren't enough oil refineries." Katie argues that "gas prices are rising because of the growing demand for gasoline from China and India." We can conclude that:
  • Which of the following will not produce an outward shift of the production possibilities curve?
  • Ben says that "an increase in the tax on beer will raise its price." Holly argues that "taxes should be increased on beer because college students drink too much." We can conclude that:
  • The point on the production possibilities curve that is most desirable can be found by:
Natural gas.
  • Which of the following most closely relates to the idea of opportunity costs?
  • Which of the following is a land resource?
  • Which of the following is a labor resource?
  • Which of the following is a capital resource?
is based on value judgments.
  • Normative statements are concerned primarily with:
  • For economists, the word "utility" means:
  • A positive statement is concerned primarily with:
  • A normative statement is one that:
pleasure or satisfaction.
  • For economists, the word "utility" means:
  • Economists contend that most economic decisions are:
  • Macroeconomics can best be described as the:
  • A normative statement is one that:
The temperature is 92 degrees today.
  • Which of the following would not be classified as an economic resource by economists?
  • Which of the following is a capital resource?
  • Which of the following is a labor resource?
  • Which of the following is a positive statement?
the quantity and quality of its productive resources
  • The optimal point on a production possibilities curve is achieved where:
  • The production possibilities curve tells us:
  • The limit to total production capacity in the economy is set by:
  • The point on the production possibilities curve that is most desirable can be found by:
comparing marginal benefits and marginal costs.
  • The optimal point on a production possibilities curve is achieved where:
  • The point on the production possibilities curve that is most desirable can be found by:
  • Which of the following would not be classified as an economic resource by economists?
  • The limit to total production capacity in the economy is set by:
the maximum amounts of two goods that can be produced, assuming the full use of available resources.
  • Opportunity costs exist because:
  • The production possibilities curve shows:
  • A production possibilities curve shows:
  • The production possibilities curve tells us:
trade-offs.
  • Which of the following most closely relates to the idea of opportunity costs?
  • Which of the following is a land resource?
  • Which of the following will not produce an outward shift of the production possibilities curve?
  • Which of the following is not considered by economists to be an economic resource?
the combinations of two goods that can be produced with society's available resources.
  • The concept of opportunity cost:
  • The limit to total production capacity in the economy is set by:
  • The production possibilities curve shows:
  • The production possibilities curve tells us:
A piece of software used by a firm.
  • Which of the following is a capital resource?
  • Which of the following would not be classified as an economic resource by economists?
  • Which of the following is a land resource?
  • Which of the following is classified as new Capital?
is illustrated by a point inside the production possibilities curve.
  • You should decide to go to a movie:
  • The production possibilities curve tells us:
  • Unemployment
  • The production possibilities curve illustrates the basic principle that:
A computer programmer.
  • Which of the following is a labor resource?
  • Which of the following is classified as new Capital?
  • Which of the following do economists consider to be capital?
  • Which of the following is a capital resource?
what is.
  • Normative statements are concerned primarily with:
  • A positive statement is one that is:
  • A normative statement is one that:
  • A positive statement is concerned primarily with:
The reduction of unemployment.
  • Which of the following do economists consider to be capital?
  • Which of the following would not be classified as an economic resource by economists?
  • Which of the following will not produce an outward shift of the production possibilities curve?
  • Which of the following is a positive statement?
land, labor, capital, and entrepreneurial ability.
  • Purposeful behavior means that:
  • Money is not an economic resource because:
  • The four factors of production are:
  • Opportunity costs exist because:
money, as such, does not produce anything.
  • Which of the following would not be classified as an economic resource by economists?
  • Money is not an economic resource because:
  • Which of the following is a capital resource?
  • Which of the following is a positive statement?
what ought to be.
  • A positive statement is concerned primarily with:
  • A normative statement is one that:
  • Economists contend that most economic decisions are:
  • Normative statements are concerned primarily with:
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