Possibility A Economics History I 94 76 II…

Possibility A Economics History I 94 76 II 87 84 III 77 91   A student has only a few hours to prepare for two different exams tomorrow morning. The above table shows alternative possible exam outcomes with three alternative uses of the student’s time. The opportunity cost of scoring an 84 on the history exam rather than 76 is: 10 points on the economics exam 8 points on the history exam 7 points on the economics exam 12 points on the economics exam  

Which of the following lies primarily within the realm of ma…

Which of the following lies primarily within the realm of macroeconomics?   a study of the demand for gasoline a study of how tax cuts stimulate aggregate production an analysis of supply and demand conditions in the electricity market a study of the impact of “mad cow” disease on the price of beef worldwide

The basic difference between macroeconomics and microeconomi…

The basic difference between macroeconomics and microeconomics is that:   microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). macroeconomics is concerned with generalization while microeconomics is concerned with specialization.

At Point A in the production possibilities graph shown above…

At Point A in the production possibilities graph shown above, the economy: is not using its resources efficiently. is using its resources efficiently while producing clothing but no food. is using its resources efficiently while producing food but no clothing. is using its resources efficiently to produce both food and clothing.