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247207The figure below shows Becky’s daily production possibilities curve for dresses and skirts. The maximum number of skirts that Becky can make in a day is represented by point:

247208The figure below shows Becky’s daily production possibilities curve for dresses and skirts.The maximum number of dresses that Becky can make in a day is represented by point:

247209The slope of a production possibilities curve is _ because _.

247210The figure below shows the production possibilities curve for the island of Genovia: If 500 cars are produced in Genovia, a maximum of __ tons of agricultural products can be produced.

247211The figure below shows the production possibilities curve for the island of Genovia: The opportunity cost of producing one ton of agricultural products in Genovia is:

247212The figure below shows the production possibilities curve for the island of Genovia: The opportunity cost of producing a car in Genovia is:

247213The downward slope of the production possibilities curve illustrates the:

247214Suppose Colin brews beer and makes cheese. If Colin can increase his production of beer without decreasing his production of cheese, then he is producing at an:

247215If a country is producing at point where an increase in the production of one good requires a reduction in the production of another good, then it must be producing at an:

247216Points that lie beneath the production possibilities curve are:

247217Points that lie outside the production possibilities curve are _, and points that lie inside the production possibilities curve are _.

247218The production possibilities curve shows:

247219A graph that illustrates the maximum amount of one good that can be produced for every possible level of production of the other good is called a(n):

247220The United States was unable to maintain its dominance in the production of televisions because:

247221The emergence of English as the de facto world language has __ a comparative advantage in the production of books, movies and popular music:

247222The United States generally has a comparative advantage in the development of technology because it has:

247223A country is most likely to have a comparative advantage in the production of cars if:

247224In general, individuals and nations should specialize in producing goods __ other individuals or nations.

247225In general, individuals and nations should specialize in producing those goods for which they have a(n):

247226Ginger and Maryann are lost in the jungle, where the only things to eat are mangoes and fish. Ginger can gather more mangoes per hour than Maryann and can also catch more fish per hour than can Maryann. Therefore:

247227The textbook notes that the last time a major league batter hit .400 was in 1941. This is because:

247228Dent ‘n’ Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Based on last month’s data, _ should specialize in truck sales, and _ should specialize in car sales.

247229Dent ‘n’ Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Based on last month’s data, Joe’s opportunity cost of selling a car is _ than Ralph’s, and Joe’s opportunity cost of selling a car is _ than

247230Dent ‘n’ Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table:Based on last month’s data, Ralph’s opportunity cost of selling a truck is selling:

247231Dent ‘n’ Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Based on last month’s data, Joe’s opportunity cost of selling a truck is selling:

247232Dent ‘n’ Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Based on last month’s data, Larry’s opportunity cost of selling a truck is selling:

247233Pat can either drive to work, which takes half an hour and uses $1.50 worth of gas, or take the bus, which takes an hour and costs $1.00. How should Pat get to work?

247234Due to the fact that Curly used his frequent flyer miles to fly to visit Moe, Curly told Moe that it didn’t cost him anything to visit. Is Curly correct?

247235The last time gas prices increased drastically, sales of large Sport Utility Vehicles (SUVs) fell. Why?

247236During times of high unemployment, colleges often observe an increase in enrollment even if tuition remains unchanged. Why?

247237Suppose there are two parallel highways between two cities with approximately equal traffic. What would you expect to happen if the state began charging tolls to drive on one of those highways?

247238Every time you go to the grocery store, you try to wait in the shortest line. But the lines always seem to be roughly the same length. Why?

247239The number of U.S. households with access to the Internet is growing rapidly. Compared to 50 years ago, one would predict that when considering a major purchase, people today will gather:

247240With ATMs, it is possible to retrieve cash from the bank at any time. One hundred years ago, one could only get cash from the bank during business hours, say, 9 am to 3 pm. The present availability of 24-hour service has arisen because:

247241An economic naturalist is someone who:

247242The field of economics that would be most concerned with a recent fall in interest rates is:

247243A study of the impact of various government policies on economic growth would be considered:

247244In deciding how many guitars to buy for his shop before the Christmas season, Mark is making a(n decision.

247245A study that deals with the salaries of university professors would be considered:

247246By convention, there are two major divisions of economics, called:

247247Which of the following would not be studied in macroeconomics?

247248Which of the following would not be studied in microeconomics?

247249Which branch of economics is most likely to study differences in countries’ growth rates?

247250The study of individual choice and its implications for the behavior of prices and quantities in individual markets is:

247251Macroeconomics differs from microeconomics in that macroeconomics focuses on:

247252Microeconomics differs from macroeconomics in that microeconomics focuses on:

247253According to the Incentive Principle:

247254According to the Incentive Principle, people will be less likely to smoke if the government:

247255The Incentive Principle is an example of:

247256The Incentive Principle states that a person:

247257An editorial in the paper argues that a person only should be allowed to attend school if the marginal cost of educating that person is less than the marginal benefit of educating that person. The writer’s reasoning is an application of:

247258Normative economic principles are concerned with how people _ make decisions while positive economic principles are concerned with how people _ make decisions.

247259One thing that distinguishes normative economic principles from positive economic principles is that:

247260Positive economic principles are those that:

247261Frank owns an apple farm and plans to spend 4 hours today picking apples. The number of apples he can pick per hour depends on the total number of hours he spends working in either the east orchard or the west orchard in the manner shown in the table belo

247262Frank owns an apple farm and plans to spend 4 hours today picking apples. The number of apples he can pick per hour depends on the total number of hours he spends working in either the east orchard or the west orchard in the manner shown in the table belo

247263Frank owns an apple farm and plans to spend 4 hours today picking apples. The number of apples he can pick per hour depends on the total number of hours he spends working in either the east orchard or the west orchard in the manner shown in the table belo

247264The table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15.How many times a month should you get your car washed?

247265The table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15.What is the marginal benefit of the 3rd car wash each month?

247266The table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15.What is the marginal cost of the 5th car wash each month?

247267The table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15.What’s the average benefit of 4 car washes per month?

247268You want to buy a TV that regularly costs $250. You can either buy the TV from a nearby store or from a store that’s downtown. Relative to going to the nearby store, driving downtown involves additional time and gas. The downtown store, however, has a 10%

247269Jody has purchased a non-refundable $75 ticket to attend a Miley Cyrus concert on Friday night. Subsequently, she is asked to go to out dinner at no expense to her. If she uses cost-benefit analysis to choose between going to the concert and going out to

247270Jack has a ticket to see Bo Bice for which he paid $30 yesterday. He takes an unpaid day off from work to get ready for the concert. When he arrives at the concert, five different people offer him $70 for his ticket. Jack decides to keep his ticket. At th

247271The following table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed b

247272The following table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed b

247273The following table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed b

247274The following table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed b

247275The following table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed b

247276The following table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed b

247277If Jane works for 6 hours she can rent out 9 apartments, and if she works for 7 hours she can rent out 12 apartments. The marginal benefit of Jane’s 7th hour of work equals:

247278Suppose a retail store was offering 10% off list prices on all goods. The benefit of the 10% savings is:

247279Tony notes that an electronics store is offering a flat $20 off all prices in the store. Tony reasons that if he wants to buy something with a price of $50, then it is a good offer, but if he wants to buy something with a price of $500, then it is not a g

247280Ginger bought a phone that came with a $10 rebate. Ginger should fill out and mail in the rebate form if:

247281The table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.The net benefit of hiring fundraisers is largest when __ employe

247282The table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.The marginal cost of the 4th employee is:

247283The table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.The marginal benefit (in terms of extra donations) of the 2nd em

247284The table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.The total labor cost with 4 employees is:

247285The table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.The total value of donations raised by three employees is:

247286Refer to the table below. The marginal benefit of the 6th unit of activity is:

247287Refer to the table below. The average benefit of 4 units of activity is:

247288Refer to the table below. The marginal cost of the 4th unit of activity is:

247289Refer to the table below. The average cost of 5 units of activity is:

247290Refer to the table below. According to the Cost-Benefit Principle, how many units of this activity should be carried out?

247291Refer to the table below. The marginal benefit of the 5th unit of activity is:

247292Refer to the table below. The average benefit of 2 units of activity is:

247293Refer to the table below. The marginal cost of the 3rd unit of this activity is:

247294Refer to the table below. The average cost of 4 units of this activity is:

247295Your scholarship depends on your maintaining a 3.5 cumulative GPA. Your GPA for last semester was 3.6, which brought your cumulative GPA down. What must be true?

247296You save $10 on gas every week because you take the bus to school. You have class 5 days a week. What is your average benefit per day of taking the bus to school?

247297The average benefit of n units of an activity is the:

247298For the Fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your marginal cost of the 100th meal is:

247299For the Fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your average cost for a meal is:

247300For the Fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat all of the meals, your average cost for a meal is:

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