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79. Multiple Choice: Marla will make $10 by tutoring for a...
Question Marla will make $10 by tutoring for an additional hour, but she will lose an hour of
studying for her economics test. Marla decides to study rather than tutor. Marla's
choice indicates that she:
80. Multiple Choice: Thinking in economic terms, when Mary...
Question Thinking in economic terms, when Mary Sweettooth is deciding whether to eat
another brownie, she:
81. Multiple Choice: For which of the following decisions ...
Question For which of the following decisions would marginal analysis be most relevant?
Answer Should I go to college or work after graduating from high school?
82. Multiple Choice: For which of the following decisions ...
Question For which of the following decisions would marginal analysis be most relevant?
Answer Should George accept a job with Delta Airlines or with Greenpeace?
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83. Multiple Choice: Marginal analysis:
Question Marginal analysis:
Answer refers to decisions about whether to do a bit more or a bit less of an activity.
84. Multiple Choice: Marginal analysis:
Question Marginal analysis:
Answer refers to decisions about whether or not to engage in a particular activity.
85. Multiple Choice: Your neighbor is mowing her yard one ...
Question Your neighbor is mowing her yard one afternoon when she stops to have some
lemonade. She drinks one glass and is considering having a second glass. This is
an example of:
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86. Multiple Choice: After eating three slices of pizza, y...
Question After eating three slices of pizza, you decide to eat one more piece. Your decision
is an example of the economic principle called:
Answer opportunity-cost decision.
87. Multiple Choice: You are planning to study eight hours...
Question You are planning to study eight hours this week for your economics final and are
considering studying a ninth hour. You should:
Answer compare the benefits of one more hour of study with the cost of one less hour
of sleep.
88. Multiple Choice: Marginal analysis studies how individ...
Question Marginal analysis studies how individuals decide:
Answer whether to live on the margin of society.
89. Multiple Choice: You are analyzing a trade-off when yo...
Question You are analyzing a trade-off when you compare the ________and ________ of
doing something.
Answer direct costs; opportunity costs
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90. Multiple Choice: For which of the following decisions ...
Question For which of the following decisions would marginal analysis be most relevant?
Answer Should I invest all of my savings in real estate or should I keep it all in a
savings account?
91. Multiple Choice: Some baseball fans leave the game in ...
Question Some baseball fans leave the game in the seventh or eighth inning to avoid the
post-game traffic. The fans are:
Answer not considering they have already paid the cost of their tickets.
92. Multiple Choice: Which of the following is an example ...
Question Which of the following is an example of marginal analysis?
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Should a commuter take the bus to work rather than driving.
93. Multiple Choice: Which of the following is an example ...
Question Which of the following is an example of marginal analysis?
Answer A hungry person orders a pizza rather than eating leftover meatloaf.
94. Multiple Choice: Which of the following demonstrates h...
Question Which of the following demonstrates how people respond to incentives to make
themselves better off?
95. Multiple Choice: Which of the following policies is mo...
Question Which of the following policies is most likely to reduce traffic congestion in a large
metropolitan area?
Answer a limited number of free “early bird” parking passes given only to those who
arrive prior to 6 A.M.
96. Multiple Choice: Which of the following methods of enc...
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Question Which of the following methods of encouraging recycling is likely to be most
effective?
Answer appealing to the consumers to “be a good citizen”
97. Multiple Choice: Which of the following methods of dis...
Question Which of the following methods of discouraging speeding is likely to be most
effective?
Answer increasing the number of signs stating the speed limit
98. Multiple Choice: In an attempt to reduce shooting deat...
Question In an attempt to reduce shooting deaths, some cities have offered money to people
who turn in illegal guns. This program is an example of the government using
________ to influence behavior.
99. Multiple Choice: If the price of gasoline rises and st...
Question If the price of gasoline rises and stays high for an extended period, we expect
people to:
Answer increase the number of miles they drive.
buy larger and less fuel-efficient cars.
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100. Multiple Choice: If the price of gasoline falls and st...
Question If the price of gasoline falls and stays low for an extended period, we expect people
to:
Answer reduce their reliance on gasoline-powered cars.
101. Multiple Choice: To encourage people to retire later, ...
Question To encourage people to retire later, the government could:
102. Multiple Choice: To encourage young people to go to co...
Question To encourage young people to go to college within their home state, state
universities can:
Answer charge higher tuition to in-state students.
103. Multiple Choice: Which of the following methods of red...
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Question Which of the following methods of reducing pollution is likely to be most effective?
Answer appealing to the polluter to “be a good citizen”
104. Multiple Choice: Economists tend to believe that to ch...
Question Economists tend to believe that to change people's behavior you must:
Answer appeal to their concern for society.
105. Multiple Choice: Which of the following is not true?
Question Which of the following is not true?
106. Multiple Choice: Corner offices in high-rise office bu...
Question Corner offices in high-rise office buildings usually cost more to rent than other
offices. This best illustrates the economic principle of:
Answer marginal analysis.
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107. Multiple Choice: In Ventura County, California, strawb...
Question In Ventura County, California, strawberry production is limited by the number of
acres available for agriculture production. This statement best represents this
economic concept:
108. Multiple Choice: You like to read Vogue and Sports Ill...
Question You like to read Vogue and Sports Illustrated. You have only $5 to spend, so you
only buy Sports Illustrated. This statement best represents this economic concept:
109. Multiple Choice: Intel finds it difficult to hire enou...
Question Intel finds it difficult to hire enough skilled computer engineers. This statement best
represents this economic concept:
110. Multiple Choice: In Colorado, there has been a drought...
Question In Colorado, there has been a drought, and rural communities are fighting with
urban areas over water. This statement best represents this economic concept:
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111. Multiple Choice: Which of the following is not one of ...
Question Which of the following is not one of the four principles for understanding individual
choice?
Answer Resources are scarce.
112. Multiple Choice: When the San Francisco city manager f...
Question When the San Francisco city manager faces a complaint that the city council
chamber podium is not accessible to individuals with disabilities, he responds that
the $1 million improvement will not happen because “that money could be spent
building 70 curb ramps.” This statement best represents this economic concept:
Answer Resources are scarce.
113. Multiple Choice: The student center on campus has burr...
Question The student center on campus has burritos, bagels, or burgers for lunch, and they
all cost the same. You love burgers and bagels, but you decide to have a burger
today. If they were out of burgers, you would have bought a bagel. This statement
best represents this economic concept:
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114. Multiple Choice: After swimming 100 laps at the pool, ...
Question After swimming 100 laps at the pool, Erik decides to swim 10 more before lifting
weights. This statement best represents this economic concept:
Answer Resources are scarce.
115. Multiple Choice: Nara has gone to three movies already...
Question Nara has gone to three movies already this week. She has some extra money, so
she decides to go to another. This statement best represents this economic
concept:
Answer Resources are scarce.
116. Multiple Choice: A busy professor can't decide whether...
Question A busy professor can't decide whether to stay in his office to grade papers for
another hour or to go home and go to bed. This is an example of:
Answer equity versus efficiency.
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117. Multiple Choice: Which of the following principles und...
Question Which of the following principles underlie the economics of individual choices?
Answer There are gains from trade.
118. Multiple Choice: Which of these is one of the four pri...
Question Which of these is one of the four principles of individual choice?
Answer Resources are usually renewable.
119. Multiple Choice: Which of the following is an example ...
Question Which of the following is an example of individual choice?
Answer The government announces plans to ban smoking in all Florida restaurants.
120. Multiple Choice: Which of the following is not one of ...
Question Which of the following is not one of the four principles of individual choice?
Answer Resources are scarce.
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121. Multiple Choice: Florida schools offered cash bonuses ...
Question Florida schools offered cash bonuses to students who scored high on the state's
standardized exams. The cash bonuses are an example of which of the following
basic economic principles?
Answer Resources are scarce.
122. Multiple Choice: Grades are low in class and your prof...
Question Grades are low in class and your professor makes available a 10-point extra credit
assignment. Most of the students turn in the assignment. This statement best
represents this economic concept:
Answer The real cost of something is what you must give up to get it.
123. Multiple Choice: Your local health club is offering a ...
Question Your local health club is offering a free one-year membership for the person who
attends the most yoga classes in March. This results in more people attending
yoga. This statement best represents this economic concept:
Answer The real cost of something is what you must give up to get it.
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124. Multiple Choice: Specialization and trade usually lead...
Question Specialization and trade usually lead to:
Answer lower economic growth.
125. Multiple Choice: Which book illustrates the advantages...
Question Which book illustrates the advantages of specialization using an eighteenth-
century pin factory?
Answer Free to Choose, by Milton Friedman
126. Multiple Choice: Who wrote The Wealth of Nations, a bo...
Question Who wrote The Wealth of Nations, a book that many credit with establishing
economics as a discipline?
Answer Karl Marx
127. Multiple Choice: Increases in total output realized wh...
Question Increases in total output realized when individuals specialize in particular tasks and
trade are known as:
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marginal analysis.
a trade-off.
128. Multiple Choice: Gains from trade arise because of:
Question Gains from trade arise because of:
129. Multiple Choice: Gains from trade exist for:
Question Gains from trade exist for:
Answer individuals only.
130. Multiple Choice: When the United States and Mexico trade:
Question When the United States and Mexico trade:
Answer the United States will be worse off because wages in Mexico are so low.
131. Multiple Choice: If every individual were required to ...
Question If every individual were required to be self-sufficient:
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132. Multiple Choice: Which of the following statements is ...
Question Which of the following statements is not true?
Answer Resource scarcity is a major economic concern in the rich countries of the
world.
133. Multiple Choice: Specialization and trade should lead ...
Question Specialization and trade should lead to all of the following except:
Answer individuals learning specific skills and earning a salary.
134. Multiple Choice: The phrase “gains from trade&rd...
Question The phrase “gains from trade” refers to the:
Answer profits obtained from sales of a good or service.
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135. Multiple Choice: Individuals gain from trade because:
Question Individuals gain from trade because:
136. Multiple Choice: Specialization in production was the ...
Question Specialization in production was the starting point for what book in economics that
many regard as the beginning of economics?
137. Multiple Choice: Two neighbors, Molly and Sandy, are s...
Question Two neighbors, Molly and Sandy, are separated by a white picket fence. Each
neighbor has a garden that grows tomatoes and peppers. How could Molly and
Sandy gain from trade?
Answer Molly could trade tomatoes to Sandy in exchange for peppers if Molly was the
more efficient grower of peppers.
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138. Multiple Choice: If the market for corn is in equilibr...
Question If the market for corn is in equilibrium:
Answer every buyer who wants to consume corn can acquire corn.
139. Multiple Choice: One consequence of equilibrium is tha...
Question One consequence of equilibrium is that when trying to figure out which checkout
line at the college bookstore is the fastest:
Answer choose the line nearest the door.
140. Multiple Choice: If equilibrium exists:
Question If equilibrium exists:
Answer all individuals must have an equal amount of income.
141. Multiple Choice: If disequilibrium exists in a market:
Question If disequilibrium exists in a market:
Answer it will continue unless there is government intervention.
no individual will be better off doing something different.
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142. Multiple Choice: According to economists, equilibrium ...
Question According to economists, equilibrium exists when:
Answer output is distributed equitably.
143. Multiple Choice: Which of the following statements is ...
Question Which of the following statements is true?
Answer The concept of equilibrium requires that all individuals have an equal amount of
income.
144. Multiple Choice: Which of the following statements is ...
Question Which of the following statements is correct?
Answer Resource scarcity is not a major economic concern in the rich countries of the
world.
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145. Multiple Choice: In baseball, when one manager decides...
Question In baseball, when one manager decides to send in a pinch hitter, the other
manager often changes pitchers. This sometimes causes the first manager to send
in a new pinch hitter. Once both managers decide there are no more player
substitutions to make that will benefit their team, the situation has reached:
Answer efficiency.
146. Multiple Choice: Economists use the term equilibrium t...
Question Economists use the term equilibrium to describe:
Answer when individuals are equal.
147. Multiple Choice: Twelve friends got together to celebr...
Question Twelve friends got together to celebrate a birthday. If the birthday cake is cut into
12 pieces of the same size and one slice is given to each of the 12 partygoers, this
cake distribution is:
Answer efficient but not equitable.
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