economic principles
  • Which of the following represents a positive economic statement?
  • The scientific method is the technique used by economists to determine
  • Because economic resources are used to produce goods and services, they are called
  • Which of the following is not a key element of the scientific method?
natural, human, and manufactured inputs used to produce goods and services.
  • Economic resources are thenatural, human, and manufactured inputs used to produce goods and services.Economists classify resources aslabor, land, real capital, and entrepreneurs.Because economic resources are used to produce goods and services, they are called factors of production or inputs.
  • Economic resources are the
  • Economists classify resources as
  • A student will decide to attend class when
labor, land, real capital, and entrepreneurs
  • A student will decide to attend class when
  • Which of the following best describes the concept of utility and economic behavior?
  • Economic resources are the
  • Economists classify resources as
the marginal benefit of attending exceeds the marginal cost of attending
  • A student will decide to attend class when
  • A student will decide to attend class whenthe marginal benefit of attending exceeds the marginal cost of attending.
  • Which of the following represent a normative economic statement?
  • Economists classify resources as
designing data
  • Which of the following represents a positive economic statement?
  • Which of the following is not a key element of the scientific method?
  • Which of the following best describes the concept of utility and economic behavior?
  • Which of the following represent a normative economic statement?
downward
  • Which of the following best describes the concept of utility and economic behavior?Satisfaction from consuming goods or services.
  • Specify the typical shapes of marginal-benefit and marginal-cost curves.The marginal benefit curve is .... correct sloping.
  • Which of the following is not a key element of the scientific method?
  • If current output is such that marginal cost exceeds marginal benefit, should more or fewer resources be allocated to this product?
greater in New York City because the alternative uses of the block are more valuable
  • In a market system scarce goods are allocated through the operation of
  • Suppose a city block was going to be used for a parking lot. The opportunity cost would be
  • A student will decide to attend class when
  • In a market system scarce goods are allocated through the operation of what must be sacrificed in using a resource for its next best use. Suppose a city block was going to be used for a parking lot. The opportunity cost would be greater in New York City because the alternative uses of the block are more valuable.
Explanation:An opportunity cost is what was sacrificed to do or acquire something else. The condition of scarcity creates opportunity cost. If there was no scarcity, there would be no need to sacrifice one thing to acquire another. The opportunity cost would be much higher in New York City as the alternative uses for that square block are much more valuable than for a typical suburban city block.
  • Suppose a city block was going to be used for a parking lot. The opportunity cost would be
  • In a market system scarce goods are allocated through the operation of what must be sacrificed in using a resource for its next best use. Suppose a city block was going to be used for a parking lot. The opportunity cost would be greater in New York City because the alternative uses of the block are more valuable.
  • Economic resources are thenatural, human, and manufactured inputs used to produce goods and services.Economists classify resources aslabor, land, real capital, and entrepreneurs.Because economic resources are used to produce goods and services, they are called factors of production or inputs.
  • In a market system scarce goods are allocated through the operation of
The unemployment rate is 4.8 percent
  • Which of the following represents a positive economic statement?
  • Which of the following represent a normative economic statement?
  • Which of the following best describes the concept of utility and economic behavior?
  • Which of the following is not a key element of the scientific method?
The unemployment rate is higher than it was last year.
  • Which of the following best describes the concept of utility and economic behavior?
  • Which of the following represent a normative economic statement?
  • Which of the following is not a key element of the scientific method?
  • Which of the following represents a positive economic statement?
inputs or products
  • Which of the following is not a key element of the scientific method?
  • Because economic resources are used to produce goods and services, they are called
  • Which of the following best describes the concept of utility and economic behavior?
  • The scientific method is the technique used by economists to determine
Fewer
  • If current output is such that marginal cost exceeds marginal benefit, should more or fewer resources be allocated to this product?
  • The marginal cost curve is ....correct sloping
  • With these curves, the optimal allocation of resources to a particular product will occur when
  • Specify the typical shapes of marginal-benefit and marginal-cost curves.The marginal benefit curve is .... correct sloping.
upward
  • The marginal cost curve is ....correct sloping
  • The scientific method is the technique used by economists to determine
  • If current output is such that marginal cost exceeds marginal benefit, should more or fewer resources be allocated to this product?
  • Specify the typical shapes of marginal-benefit and marginal-cost curves.The marginal benefit curve is .... correct sloping.
Satisfaction from consuming goods or services
  • Which of the following is not a key element of the scientific method?
  • Which of the following represents a positive economic statement?
  • Which of the following best describes the concept of utility and economic behavior?
  • Which of the following represent a normative economic statement?
Explanation:"Utility" refers to the pleasure, happiness, or satisfaction gained from engaging in an activity (eating a meal, attending a ball game, etc.). It does not refer to the usefulness of a product. Utility is an important component of purposeful behavior because people will allocate their scarce time, energy, and money in an attempt to gain the most utility possible.
  • A student will decide to attend class whenthe marginal benefit of attending exceeds the marginal cost of attending.
  • Which of the following represents a positive economic statement?The unemployment rate is 4.8 percent.Which of the following represent a normative economic statement?The government ought to lower taxes so people have more money.
  • Which of the following best describes the concept of utility and economic behavior?Satisfaction from consuming goods or services.
  • Which of the following is not a key element of the scientific method?Designing dataThe scientific method is the technique used by economists to determineeconomic principles.
Explanation:The marginal benefits of attending class may include the acquisition of knowledge, participation in discussion, and better preparation for an upcoming examination. Marginal costs may include lost opportunities for sleep, meals, or studying for other classes.
  • Studies indicate that married men on average earn more income than unmarried men of the same age and education level. From this statement, we can conclude thatthere is a correlation, but marriage is not necessarily the cause of higher income for married men.
  • Which of the following best describes the concept of utility and economic behavior?Satisfaction from consuming goods or services.
  • Which of the following is not a key element of the scientific method?Designing dataThe scientific method is the technique used by economists to determineeconomic principles.
  • A student will decide to attend class whenthe marginal benefit of attending exceeds the marginal cost of attending.
Explanation:The key elements include the gathering of data (observation), the formulation of possible explanations (hypothesis), testing the hypothesis, determining the validity of the hypothesis, and repeated testing of hypotheses that have appeared to be valid in prior tests. Data is gathered or collected not designed.The scientific method is the technique used by economists to determine economic laws or principles. These laws or principles are formulated to explain and/or predict behavior of individuals or institutions.
  • Which of the following represents a positive economic statement?The unemployment rate is 4.8 percent.Which of the following represent a normative economic statement?The government ought to lower taxes so people have more money.
  • Which of the following best describes the concept of utility and economic behavior?Satisfaction from consuming goods or services.
  • Suppose that, on the basis of a nation's production possibilities curve, an economy must sacrifice 10,000 pizzas domestically to get the 1 additional industrial robot it desires, but that it can get the robot from another country in exchange for 9,000 pizzas. Now consider the following statement: "Through international specialization and trade, a nation can reduce its opportunity cost of obtaining goods and thus 'move outside its production possibilities curve.'"Which of the following explains the relationship between the situation described and the statement?Specialization and trade have the same effect as having more and better resources or discovering improved production techniques.
  • Which of the following is not a key element of the scientific method?Designing dataThe scientific method is the technique used by economists to determineeconomic principles.
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