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Econ 101 HW 1

# Econ 101 HW 1 - c scarcity → choices → opportunity cost...

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Take Assessment: Homework, Due Sunday Feb 1 Name Homework, Due Sunday Feb 1 Instructions Pick the one best answer. Multiple Attempts This Test allows multiple attempts. Force Completion This Test can be saved and resumed later. Question Completion Status: Question 1 1 points Save When economists say that individuals make decisions "on the margin" they mean that individuals make decisions by a. Considering the overall costs and benefits of all units. b. Considering the benefit only of one additonal unit. c. Comparing the benefit of one additional unit to the cost of one additional unit. d. Considering the cost only of one additional unit. Question 2 2 points Save Which of the following is the key relationship that gives rise to economics? a. opportunity cost → scarcity → choices b. choices → opportunity cost → scarcity

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Unformatted text preview: c. scarcity → choices → opportunity cost d. scarcity → opportunity cost → choices Question 3 1 points Save In the Super Bowl, the Steelers can run 50 running plays (with 0 passing plays), 60 passing plays (with 0 running plays), or some combination thereof. In this case, what is the opportunity cost of a passing play? a. 50 running plays b. 60 passing plays c. 5/6 running plays d. 6/5 running plays Question 4 1 points Save In reference to the previous problem, what is the opportunity cost of a running play? a. 50 running plays b. 60 passing plays c. 5/6 passing play d. 6/5 passing play Question 1 points Save 5 If the Steelers want to run 10 running plays, they will be able to run ____ passing plays? a. 60 - 50/6 = 51 2/3 b. 60 - 60/5 = 48 c. 50 d. 60...
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Econ 101 HW 1 - c scarcity → choices → opportunity cost...

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