Economics Quizlet – Flashcards

An incentive

The most fundamental economic problem is

Economics is best defined as the study of how people, businesses, governments, and societies

Economists point out that scarcity confronts

Scarcity requires that people must

As an economic concept, scarcity applies to

Which is the most accurate definition of the study of economics? Economics is the study of

Marginal benefit is the benefit

When the government chooses to use resources to build a dam, these sources are no longer available to build a highway. This choice illustrates the concept of

From 8 to 11 p.m., Sam can either attend a basketball game, a hockey match or the symphony. Suppose that Sam decides to attend the hockey match and thinks to herself that if she did not go to the match she would go to the symphony. Then the opportunity cost of attending the hockey match is

Which of the following is NOT an example of an opportunity cost?

Which of the following is a macroeconomic topic?

Which of the following is a microeconomic topic?

Misty has the option of purchasing one of three products: Brand A, Brand B, or Brand C. Each costs ten dollars. If she decides that Brand A meets her needs best, then the opportunity cost of this decision is

Microeconomics focuses on all of the following EXCEPT

In broad terms the difference between microeconomics and macroeconomics is that

) Studying the determination of prices in individual markets is primarily a concern of

During the next hour John can play basketball, watch television, or read a book. The opportunity cost of reading a book

The term "opportunity cost" points out that

Which of the following is a macroeconomic issue?

When an action is chosen, the highest-valued alternative NOT chosen is called the

Which of the following is an issue in macroeconomics?

Macroeconomic topics include

The analysis of the behavior of individual decision-making units is the definition of

Macroeconomics is the branch of economics that studies

You decide to take a vacation and the trip costs you $2,000. While you are on vacation, you do not report to work where you could have earned $750. The opportunity cost of the vacation is

When an economy produces more houses and fewer typewriters, it is answering the ________ question.

On Saturday morning, you rank your choices for activities in the following order: go to the library, work out at the gym, have breakfast with friends, and sleep late. Suppose you decide to go to the library. Your opportunity cost is

When firms in an economy start producing more computers and fewer televisions, they are answering the ________ question.

Which of the following topics would be studied in a microeconomics course?

U.S. producers decide to produce more compact cars and fewer SUVs as the price of gasoline rises. Producers are answering the ________ question.

The question "Should movies or compact discs be produced?" is an example of the

During the summer you have made the decision to attend summer school, which precludes you from working at your usual summer job in which you normally earn $6,000 for the summer. Your tuition cost is $3,000, books and supplies cost $300, and room and board cost $1,000. The opportunity cost of attending summer school is

The ultimate cost of any choice is

The opportunity cost of something you decide to get is

The opportunity cost of any action is

Opportunity cost means

The loss of the highest-valued alternative defines the concept of

The term used to emphasize that making choices in the face of scarcity involves a cost is

Because we face scarcity, every choice involves

The "how" tradeoff occurs when

Which of the following statements is correct?

When the government decides to provide tax relief for small businesses while placing higher taxes on large corporations, it is facing the

Which of the following is correct concerning production in the United States?

When China builds a dam using few machines and a great deal of labor, it is answering the ________ question.

When a textile company keeps track of its inventory using a computer and its competitor uses a spreadsheet and pencil, they are both answering the ________ question.

Entrepreneurs do all of the following EXCEPT

Human capital is

To answer the "for whom" question, we study

The fact that people with higher incomes get to consume more goods and services addresses the ________ question

Which of the following is NOT a factor of production?

Which of the following is NOT a factor of production?

An autoworker is considered ________ and earns ________.

Overtime worked by a JCPenney associate is considered ________ and earns ________.

When a university decides to add to the football stadium instead of adding to the baseball stadium, it faces the

When a farmer decides to increase the amount of acreage devoted to wheat and grow fewer acres of soybeans, the farmer is facing the

When a photographer decides to use a digital camera to take shots versus using film, the photographer is facing the