ECON 101 Quiz 1
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Saying \"the marginal costs are greater than the marginal benefits\" is the same as saying
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the additional costs are greater than the additional benefits.
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Every time you make a __________, you incur a (an) __________.
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choice; opportunity cost
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The concept that relates how much one variable changes as another variable changes is
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slope
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Which of the following is a microeconomics topic?
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answer is not (b and c)
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Ceteris paribus means
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all other things held constant or nothing else changes.
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A line is parallel to the horizontal axis. The slope of the line is
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zero
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Positive economics is concerned with
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cause-effect relationships.
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All sellers may be tempted to raise the price of what they sell, but a negative unintended effect of raising the price could be __________ in units sold large enough to __________ their total revenue earned.
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a decrease; lower
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Which of the following is a possible rationing device?
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a, b, c
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If variable X goes down as variable Y goes down, then X and Y are
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directly related.
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Prior to attending college, Darius is offered a lucrative four-year contract as an actor in a daytime soap opera. Assuming that acting and attending college are Darius' preferred alternatives and that he must choose between the two, his cost of attending college after receiving the offer
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increases
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What does it mean if a person makes a \"decision at the margin\"?
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The person compares additional benefits and additional costs when deciding what to do.
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Entrepreneurship is
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the talent for organizing the use of land, labor and capital, among other things.
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In all cases, normative economics deals with
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what should be
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What is the most prominent rationing device you will likely find at your campus bookstore?
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dollar price
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The student whose study habits are illustrated here will maximize the net benefits of studying when she has studied
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6 hours
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Scarcity means
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wants are greater than the limited resources available to satisfy these wants.
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Amy's opportunity cost of going to the movies is
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the price of the ticket plus the value to Amy of what she would have chosen to do with her time had she not chosen to go to the movies.
