There is no such thing as a free lunch. The marginal benefit of going to Cancun increases. Government policies are the primary forces that guide the decisions of firms and households. All of the above are correct. In one month, Ken can make 3 tables or 18 chairs, whereas Traci can make 8 tables or 24 chairs. Refer to Figure 2-8, Panel a and Panel b. Choose the correct answer.
An individual's probability of surviving an auto accident rose. Markets fail and are therefore not an acceptable way to organize economic activity. Making rational decisions "at the margin" means that people a. A rationale for government involvement in a market economy is as follows: a. It is difficult to conceive of a situation where time is not scarce, however. Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous. When the government prevents prices from adjusting naturally to supply and demand, a.
In a particular country in 2000, the average worker needed to work 40 hours to produce 55 units of output. In that same country in 2008, the average worker needed to work 30 hours to produce 45 units of output. A construction worker eats a sandwich during his lunch break. Economists use the word equality to describe a situation in which a. When a production possibilities frontier is bowed outward, the opportunity cost of producing an additional unit of a good a.
Which of the following statements is correct? A college student buys a deck of cards to play solitaire in her dorm room. Newton's third law of motion P Flag question c. Efficiency means that a. If education produces external benefits for society, which of the following might NOT be an appropriate policy for society to adopt regarding education? A ten-year-old uses his allowance to buy new Nike shoes. Markets are always a good way to organize economic activity. Which of the following statements best characterizes a basic difference between market economies and centrally planned economies? When computing the opportunity cost of attending a Broadway show you should include a. Newton's second law of motion Marked out of 1.
Starting tomorrow, lower the price on all donuts so they will all be sold earlier in the day. An externality arises when one person's actions have an impact on the well-being of others. If there is a market failure, such as an externality or monopoly, government regulation might improve the well-being of society by promoting efficiency. Suddenly its inflation rate drops to 4%. The price of cigarettes increased.
Which of the following observations was made famous by Adam Smith in his book The Wealth of Nations? Economists use the phrase "There is no such thing as a free lunch," to illustrate the principle that a. The term market failure refers to a. Efficiency is the property of society getting the most it can from its scarce resources. Which of the following statements is not true? Which of the following is the best example of a marginal change? Households decide which firms to work for and what to buy with their incomes. In the imaginary country of Countriana, in 1996, the average worker had to work 10 hours to produce 20 units of output. We would expect unemployment to be higher.
In an economy in which decisions are guided by prices and individual self-interest, there is a. All of the above are correct. All of the above are correct. Government plays a larger role in the economic affairs of a market economy than in the economic affairs of a centrally-planned economy. This is Not yet answered O a. Whatever must be given up to obtain some item it its opportunity cost.
South African firms are faced with stricter government regulations than Kenyan firms. Prior to the collapse of communism, communist countries worked on the premise that economic well-being could be best attained by a. Markets are usually inferior to central planning as a way to organize economic activity. . The average cost per seat on the 50-passenger Floating-On-Air Bus company's trip from Kansas City to St. Econoland experienced an improvement in widget-making technology.