Spending money on a new car instead of a used car when you are on a fixed budget is an example of __________.
An arrangement that allows buyers and sellers to exchange things is called __________.
The opportunity cost of going to college __________.
An unemployed individual decides to spend the day fishing. The opportunity cost of fishing is __________.
You rent a DVD of The Dark Knight Rises. The rental is for seven days and you watch the movie on the first day. You tell a friend about the film and your friend asks to come over and watch the movie with you before it is due back. What is your opportunity cost if you decide to watch the movie a second time instead of going to a football game?
Scarcity can best be defined as a situation in which __________.
Jerome has a "C" average in his philosophy course and a "B" average in his economics course. He decides to study an extra hour for his philosophy exam. This is an example of __________.
One factor that was responsible for roughly one-fifth of hybrid vehicles purchased in 2007 was a federal subsidy of up to $3,400 per hybrid vehicle. The increase in sales due to this subsidy is an example of which element of the economic way of thinking?
Economic models are used to __________.
Tradeoff is __________.
When determining an appropriate congestion tax, economists would use which of the following elements of the economic way of thinking?
If you remove resources from factory production, the quantity of factory goods will __________.
To make things simpler and focus attention on what really matters, economists would __________.
The principle that the cost of something is equal to what is sacrificed to get it is known as the __________.
To think at the margin means to consider __________.
Bath
Groom
0
6
7
5
13
4
18
3
22
2
25
1
27
0
Table 2.1
Kaitlyn and Larissa have formed a dog bathing and grooming business. The number of dogs they can bathe or groom in any given day is depicted in Table 2.1. The opportunity cost of grooming the first dog in a day is bathing __________ dog(s)
The production possibilities curve in Figure 2.1 illustrates the notion of __________.
Angelina, age 7, decides to dress up like Princess Fiona for Halloween. What is the opportunity cost of her decision?
If an economy is fully utilizing its resources, it can produce more of one product only if it __________.
[removed]
A. doubles manufacturing of the product
[removed]
B. produces less of another product
[removed]
C. adds more people to the labor force
[removed]
D. reduces the prices of the most expensive products
esudderth5
10 years ago
5
