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__172.20.40.61_Materials_l2xie-0010_Chapter_1

__172.20.40.61_Materials_l2xie-0010_Chapter_1 - Chapter 1...

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Chapter 1 Student: ___________________________________________________________________________ 1. Economic questions always deal with A. financial matters. B. political matters. C. insufficient resources. D. choice in the face of limited resources. 2. The central concern of economics is A. poverty. B. scarcity. C. wealth accumulation. D. overconsumption. 3. The scarcity principle indicates that 4. The principle of scarcity applies to 5. The cost-benefit principle indicates that an action should be taken
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6. The scarcity principle indicates that __________ and the cost-benefit principle indicates __________. A. choices must be made; how to make the choices B. choices must be made; the costs can never outweigh the benefits of the choices C. rare goods are expensive; the costs should outweigh the benefits of the choices D. rare goods are expensive; the costs can never outweigh the benefits of the choices 7. A rational person is one who Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year.
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