exampleEXAM1

exampleEXAM1 - Examination time 1 It might possible for us...

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Examination time. 1. It might possible for us to achieve greater efficiency (society getting the most it can from its scarce resources), but only at the cost of what? a. equity b. opportunity cost c. production d. pollution e. deficiency 2. The value of what I give up in order to produce something is called what? a. opportunity cost b. production cost c. marginal cost d. reservation price e. price 3. A point inside a PPC represents what? a. unemployment b. efficiency c. a decrease in the number of resources d. the effect of trade e. the effect of no trade 4. What does the slope of the PPC represent? a. opportunity cost b. elasticity c. cost of production d. the constant tradeoff between goods e. preferences 5. The law of demand is equivalent to which of the following? a. an increase in income means you buy more stuff b. price rations the good c. price and quantity move in opposite directions d. revenue is maximized at the middle of the demand curve e. if you violate demand, you don’t get any
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exampleEXAM1 - Examination time 1 It might possible for us...

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