ECON 22060 Chapter Notes - Chapter 15: Price Floor, Economic Rent, Economic Equilibrium
Get access
Related Documents
Related Questions
Part 1
The term opportunity cost suggests that
A. | in any exchange situation where one person gains, someone else must lose |
B. not all individuals make the most of life's opportunities | |
C. | executives do not always recognize opportunities for profit as quickly as they should |
D.the only factor that is important in decision making is cost | |
E. | because goods are scarce, in order to get some good you must give up some other good in return |
Part 2:
Which of the following is an example of division of labor?
A.an author writing a book one chapter at a time | |
B. | a firm trying to get rid of a labor union |
C. | separating resources into four categories: land, labor, capital, and entrepreneurial ability |
D. | allocating revenue among a firm's resource suppliers |
E. | dividing an assembly process into separate steps |
Part 3:
In economics, specialization means
A.producing something using only one type of resource, such as labor | |
B. | producing something using only one type of labor |
C. | focusing efforts on a particular product or a single task |
D. | producing only one unit of output |
E. | producing something using only one unit of a variable resource |
Microeconomics
A | B | Answer |
As a student of economics, when you speak of scarcity, you are referring to the ability of society to. | A. Extra benefit | |
What is the economic meaning of the expression that "There is no such thing as a free lunch?" | B. Entrepreneur. | |
Which expression is another way of saying "marginal benefit"? | C. Very limited government role in the economy | |
A tradeoff exists between two economic goals, X and Y. This tradeoff means that. | D. Price ceilings and the resulting product shortages. | |
The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called the | E. Explicit costs. | |
The Soviet Union economy of the 1980s would best be classified as | F. Easy entry, many firms, and differentiated products | |
The simple circular-flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through | G. Product markets | |
Laissez-faire capitalism is characterized by | H. Satisfy economic wants given limited resources. | |
Black markets are associated with | I. Oligopoly | |
Cash expenditures a firm makes to pay for resources are called | J. The Resource Markets | |
Which set of characteristics below best describes the basic features of monopolistic competition | K. A command System | |
Mutual interdependence would tend to limit control over price in which market model | L. Getting more of X requires getting less of Y | |
Markets in which firms sell their output of goods and services are called | M. It means that there is an opportunity cost when resources are used to provide "free" products |