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HW 1 - DName Date 1 Which of the following is not true A...

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DName: __________________________ Date: _____________ 1. Which of the following is not true? A) Resources are scarce when you don't have enough money. B) The real cost of a choice is what you must give up to enjoy that choice. C) People typically make choices that will make them better off. D) Rational people use marginal analysis when making “how much?” decisions. 2. Manny is attending college and majoring in economics. Manny is improving his scarce resource of: A) land. B) labor. C) capital. D) human capital. 3. Margo spends $10,000 on one year's college tuition. The opportunity cost of spending one year in college for Margo is: 4. The problem of scarcity is confronted by: 5. The best example of making a choice at the margin is: 6. If the price of gasoline rises and stays high for an extended period of time, we expect people to: A) reduce the number of miles they drive. B) buy smaller and more fuel-efficient cars. C) use more public transportation. Page 1
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D) reduce the number of miles they drive, buy smaller and more gas efficient cars, and use more public transportation. 7. Lena and Jess are roommates. Lena hates to clean the bathroom. Jess will only agree to clean the bathroom if Lena vacuums the living room. This statement best represents the economic concept of: A) the real cost of something is what you must give up to get it. B) “how much?” is a decision at the margin. C) people usually exploit opportunities to make themselves better off. D) there are gains from trade. 8. If equilibrium exists: 9. Economists define an efficient use of resources as a situation where:
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