Econ Quiz 1 Test – Flashcards

Scarcity implies that:

The general pattern that consumption of the first few units of any good tends to bring a higher level of _______ to a person than consumption of later units is a common pattern.

The choice on a production possibilities set that is socially preferred, or the choice on an individual's budget constraint that is personally preferred, will display

Referring to Table 2-1 below: A student has only a few hours to prepare for two different exams this afternoon. The below table shows alternative possible exam scores with three alternative uses of the student's time. The opportunity cost of scoring a 94 on the economics exam rather than a 77 is:

Which of the following best describes a fiscal policy tool?