Econ1AFINALSpring2020 (1).doc - Econ 1A: FINAL Spring 2020...

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Econ 1A: FINAL Spring 2020____1.Which of the following is an example of a positive economic statement?a.The U.S. public should devote more resources to education.b.The poor should pay lower taxes and the rich should pay higher taxes.c.Soap operas should be taken off television.d.If you drop a ball from the top of a building, it will fall to the ground.
____2.Opportunity cost is the value of
____3.Refer to Exhibit 1-1.If the student whose study habits are illustrated here is currently studying for the 8thhour, she should
Exhibit 2-5____4.Refer to Exhibit 2-5. The economy is currently operating at point F. The opportunity cost of moving to point Eis approximately
____5.An increase in the number of buyers in a particular market will result in aa.movement up the demand curve.
b.movement down the demand curve.c.leftward shift in the demand curve.d.rightward shift in the demand curve.____6.An economic concept that explains why Disney World charges more for the first day of admission than theydo for each additional day is the law of

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