Chapter 1 Test Topics
1) An incentive
A) could be a reward but could not be a penalty.
B) could be a penalty but could not be a reward.
C) could be either a reward or a penalty.
D) is the opposite of a tradeoff.
2) Scarcity requires tha
Chapter 2 Test Topics
1) The production possibilities frontier
A) refers to the technology used in such goods as computers and military aircraft.
B) once applied to U.S. technology but now refers to Japanese technology.
C) marks the bou
Chapter 3 Test Topics
1) A relative price is
A) the slope of the demand curve.
B) the difference between one price and another.
C) the slope of the supply curve.
D) the ratio of one price to another.
2) If the price of a candy bar is $1
Chapter 5 Test Topics
1) All of the following statements about marginal benefit are correct EXCEPT
A) the marginal benefit is the benefit a person receives from consuming one more unit of a
good or service.
B) the marginal benefit of a
Chapter 4 Test Topics
1) The slope of a demand curve depends on
A) the units used to measure price and the units used to measure quantity.
B) the units used to measure price but not the units used to measure quantity.
C) the units used