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Trade can make everyone better off except in the case where one person is better at doing everything.

A) True
B) False

Correct Answer

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Trade with any nation can be mutually beneficial.

A) True
B) False

Correct Answer

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Equality refers to how the pie is divided,and efficiency refers to the size of the economic pie.

A) True
B) False

Correct Answer

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The opportunity cost of working one hour is the sum of the values you would have received from all other activities you could have done in that hour.

A) True
B) False

Correct Answer

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A rational decisionmaker takes an action if and only if the marginal cost exceeds the marginal benefit.

A) True
B) False

Correct Answer

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The classic tradeoff between "guns and butter" states that when a society spends more on national defense,it has less to spend on consumer goods to raise the standard of living.

A) True
B) False

Correct Answer

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Trade allows each person to specialize in the activities he or she does best,thus increasing each individual's productivity.

A) True
B) False

Correct Answer

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An increase in the marginal cost of an activity necessarily means that people will no longer engage in any of that activity.

A) True
B) False

Correct Answer

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Communist countries worked on the premise that government officials were in the best position to allocate the economy's scarce resources.

A) True
B) False

Correct Answer

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Scarcity means that there is less of a good or resource available than people wish to have.

A) True
B) False

Correct Answer

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With careful planning,we can usually get something that we like without having to give up something else that we like.

A) True
B) False

Correct Answer

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A marginal change is a small incremental adjustment to an existing plan of action.

A) True
B) False

Correct Answer

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Choosing not to attend a concert so that you can study for your exam is an example of a tradeoff.

A) True
B) False

Correct Answer

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An individual deciding how to allocate her limited time is dealing with both scarcity and trade-offs.

A) True
B) False

Correct Answer

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The fact that people are willing to pay much more for a diamond,which is not needed for survival,than they are willing to pay for a cup of water,which is needed for survival,is an example of irrational behavior.

A) True
B) False

Correct Answer

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Inflation and unemployment both increase as the money supply increases.

A) True
B) False

Correct Answer

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Because resources are scarce,a society cannot give all individuals the standard of living to which each aspires.

A) True
B) False

Correct Answer

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To say people respond to incentives means that people may alter their decisions when the costs and benefits of an action change.

A) True
B) False

Correct Answer

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Economists study how people make decisions.

A) True
B) False

Correct Answer

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The business cycle refers to fluctuations in economic activity such as employment and production.

A) True
B) False

Correct Answer

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Showing 21 - 40 of 51

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