12.An economist would define the efficient amount of time spent playing tennis as that where the marginal benefit of playing tennisequals
13. Ivan stops studying before the point at which his marginal benefits of studying equal his marginal costs.
14.What does an economist mean if she says that there are no $10 bills on the sidewalk?
15.A change in X will lead to a change in Y. The predicted change in Y is desirable, so we should change X.What is an economist likely to say about this?
17.Positive economics deals with “what is” where
18.If scarcity did not exist, there would not be a need for a rationing device.
19.Jackie’s alarm clock buzzes. She reaches over to the small table next to her bed and turns it off. As she pulls the covers back up, Jackie thinks about her 8:30 American history class. Should she go to the class today or sleep a little longer? She worked late last night and really hasn’t had enough sleep. Besides, she’s fairly sure her professor will be discussing a subject she already knows wells. Maybe it would be ok to miss class today.