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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  

Domestically produced goods/services sold abroad.A. ImportsB. ExportsC. MarketD. GDP

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

What is the recommended crosshatch angle for cylinder honing?

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.

Exhibit 2-5 Refer to Exhibit 2-5. As more fax machines are produced, the opportunity cost of producing them

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.

Average cost falls as total output rises.A. Economies of scaleB. Fiscal policyC. ScarcityD. Labor market

Firms sell what they produce; households buy.A. Labor marketB. Goods and services marketC. Market economyD. Model

Marginal thinking is best demonstrated by: choosing to spend one more hour studying economics because you think the improvement in your score on the next quiz will be worth the sacrifice of time. deciding to never purchase a coat made with animal skins or furs acquiring the information relevant to a choice before making that choice measuring all of the costs of a meal against all of the benefits when deciding whether to order a second milkshake