test one econ.docx - #1 What concept does economics primarily deal with Select one Scarcity#2 Which of the following best illustrates the concept

test one econ.docx - #1 What concept does economics...

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#1 What concept does economics primarily deal with? Select one: Scarcity #2 Which of the following best illustrates the concept represented by the adage " there is no such thing as a free lunch"? Select one: Martha must decide between going to Cancun and Miami for spring break. #3 A rational decision-maker takes a course of action only if the marginal cost exceeds the marginal benefit. Select one: True #4 What does efficiency mean? Society is getting the most it can from its scarce resources. #5 Maurice receives $100.00 as a birthday gift. In deciding how to spend the money, he narrows his options down to four choices, Option A, Option B, Option C, and Option D. Each option costs $100.00. Finally he decides on Option B. What is the opportunity cost of Option B? Select one: The value to him of the option he would have chosen if Option B were not available. #6 When society requires that firms reduce pollution, what happens? Select one: There is a tradeoff because of reduced incomes to the firms' owners, workers, and customers .
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