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Micro-Economics Ch 1-5 Review

Micro-Economics Ch 1-5 Review - Chapters 1 5 Review 1 How...

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Chapters 1 - 5 Review 1. How people choose among the alternatives available to them is: A) a description of economics. B) a theory of opportunity costs. C) the study of microeconomics. D) all of the above. Chapters 1 - 5 Review 2. If the state government allocates additional spending on education, the opportunity cost is: Chapters 1 - 5 Review 3. Khalil is offered a free ticket to the opera. His opportunity cost of going to the opera is: A) zero—the tickets were free. B) the price listed on the ticket. C) whatever Khalil would have done had he not gone to the opera. D) both B and C. Chapters 1 - 5 Review 4. The concept of the margin deals with:
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Chapters 1 - 5 Review 5. If the price of gasoline rises and stays high for an extended period of time, we expect people to: Chapters 1 - 5 Review 6. Increases in total output realized when individuals specialize in particular tasks and trade are known as: A) the gains from trade. B) the profits obtained from sales of a good or service. C) marginal analysis. D) a tradeoff. Chapters 1 - 5 Review 7. According to economists, equilibrium exists when: Chapters 1 - 5 Review 8. If an economy has not achieved efficiency, there must exist ways to:
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Chapters 1 - 5 Review
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