Microeconomics - Chapter 2 Homework Assignment
In a market system scarce goods are allocated through the operation of
a. market prices that are determined by consumers and producers acting in their own self-interest.
In a command economy scarce goods a
Alternate Outputs from One Day's Labor Input: USA: 12 bushels of wheat or 3 yards of textiles. India: 3 bushels of wheat or 12 yards of
textiles. From the data, the USA:
A. has an absolute advantage over India in the production of textiles.
B. has an a
Microeconomics - Chapter 3 Homework Assignment
What effect will each of the following have on the demand for small automobiles such as the Mini-Cooper and Fiat 500?
a. Small automobiles become more fashionable: Increase
b. The price of large automobi
Chapter 1 Homework
ECON 2020 Summer 2016: 402
1. Studies indicate that married men on average earn more income than unmarried men of the same age and
education level. From this statement, we can conclude that.
There is a correlation, but
Economics Microeconomics McConnell, Brie, Flynn, 20e
Economics is primarily the study of:
The problem of scarce resources relative to human wants
Two rational individuals will always make the same choices
when faced with the same circumstances
1. A decrease in money income shifts the demand curve for X to the left. X is:
A. an inferior good
B. a substitute good
C. a normal good
D. a complementary good
2. An increase in the price of tickets to a popular sporting event will increase total revenue
Chapter 33 Test Bank
Multiple Choice Questions
1. The slope of the production possibility frontier is determined by the _ of
expanding production of one good, measured by how much of the other good would be lost.
A. absolute advantage
B. opportunity cost