Change from observation to observation

1.  A measure that can change from observation to observation is known as a(n)

1.  empirical measure.

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2.  model.

3.  variable.

4.  causality.


1.  Among the fundamental concepts in economics is (are)

1.  marginal analysis.

2.  efficient markets.

3.  opportunity cost.

4.  all of the above


1.  Better insurance benefits increase the incentive of some individuals to work. This statement is best described as

1.  a normative statement.

2.  an example of the ceteris paribus assumption.

3.  a positive statement.

4.  a comparative economics statement.


1.  Economics is best defined as the study of

1.  financial decision making.

2.  inflation, unemployment, and economic growth.

3.  how consumers make purchasing decisions.

4.  choices made by people faced with scarcity.


1.  If you own a building and you decide to use that building to open a book store,

there is no opportunity cost of using this building for a book store because you own it.

1.  the opportunity costs equal the cost of inventory.

2.  there is an opportunity cost of using this building for a book store because it could have been used in other ways.

3.  the only cost relevant to this decision is the price you paid for the building.


1.  If your tuition is $5,000 this semester, your books cost $600, you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15 per hour, and your room and board is $3,000 this semester (same as if not attending college), then your opportunity cost of attending college this semester is

1.  $5,600.

2.  $5,900.

3.  $10,100.

4.  $11,600.


1.  Marginal analysis is

the study of how societies choose to use scarce resources.

the best alternative that we forgo when making a decision.

the process of analyzing the additional costs or benefits arising from a decision.

a market situation in which profit opportunities are eliminated almost instantaneously.


1.  Opportunity cost is

1.  the additional cost of buying an additional unit of a product.

2.  a cost that cannot be avoided, regardless of what is done in the future.

3.  the additional cost of producing an additional unit of output.

4.  that which we forgo, or give up, when we make a choice or a decision.


1.  Studying how Bader allocates his time between school and video games is an example of

1.  microeconomics.

2.  macroeconomics.

3.  descriptive economics.

4.  industrial organization.


1.  The branch of economics that examines the functioning of individual industries and the behavior of individual decision-making units is

1.  microeconomics.

2.  normative economics.

3.  positive economics.

4.  macroeconomics.


1.  The government should extend the duration of unemployment benefits to those workers who lost their jobs due to outsourcing. This statement is best described as

1.  an example of marginalism.

2.  a normative statement.

3.  an example of the fallacy of composition.

4.  a positive statement.


1.  The reason that opportunity costs arise is that

1.  there are no alternative decisions that could be made.

2.  an economy relies on money to facilitate exchange of goods and services.

3.  people have limited wants.

4.  resources are scarce.


1.  The study of economics

1.  is a way of analyzing decision-making processes caused by scarcity.

2.  is a very narrow endeavor.

3.  focuses on how a business should function.

4.  is concerned with proving that capitalism is better than socialism.


1. Which of the following is not an opportunity cost of attending college?

1.  the alternative uses of the time you spend studying

2.  the income you could have earned if you didn’t attend college

3.  the cost of the food that you consume while you are attending college

4.  the tuition you pay


1.  You have narrowed down your Saturday night plans to either visit the museum or watching a movie. If you choose to goto the museum, then for you watching movie is the ________ of going to the museum.

1.  variable cost

2.  opportunity cost

3.  empirical cost

4.  marginal cost

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