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York University
ECON 1000
Ardeshir Noordeh

Principles of MicroeconomicsNameECON 101Exam 1Student ID73061Economics deals with howaindividuals make decisions to use scarce resources in order to satisfy their unlimited wantsbto run a business4cindividuals become richdsociety can eliminate scarcitye how to increase the profits of firms2The opportunity cost of a choice is the a cost associated with making a choicebvalue of the next best alternative which was not chosen4cfair market price of whatever is chosendamount paid to purchase whatever is chosenevalue of all the forgone alternatives not chosen3Which of the following would shift the production possibilities curve from curve W to Raan improvement in the technology for producing inkban improvement in the technology for 4producing papercan improvement in widely applicable technologydan increase in the unemployment rateepeople demand more ink 4The opportunity cost of moving from Point B to Point D is a4 units of X b6 units of Y 4 c10 units of Y d3units of Ye4 units of X and 3 units of Y 5Point E would most likely represent a an unattainable pointbinefficiency 4 c the best possible choice d an equally acceptable alternative available to society1
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