Ch 2 Economics

Sensible buyers or sellers want to continue aquiring info a.as long as addtl benefits outweigh addtl costs of it b.addtl infoextends to choices c.indefinitely bc more info is better than less das long as they can be assured of acquiring correct info

Econ growth entails an increase in the rate of production of a.wealth b.money supply c. material goods d.services

What might prompt a fresh colege grad to turn down their first job offer he or she recieves a.continuing straight into grad school b.dontwish to start work c.expect a better offer d.all of the above

If households were to swwitch production from equal division of chores to a system based of specializtionandtrade, the efficiency of production would _____ and leisure time would _____ a. decrease,increase b.decrease,decrese c.increase , increase d.increase, decrease

Commercial society cant develop successfully in the absence of a.perfect and completeinfo b.rule of law c.massive govt works proects d.low interest rates e. central econplanning

No opportunity cost of obtaining a.any good really desired b.free good c.a good valued high enough d.scarce good

Someone who earns her living rolling out pizza dough a.is inefficiently employed if someone else could roll out more dough in less time b.inefficiently employed if she could shift to another occupation and produce more than the person she replaces c. thinks she has a comparative advantage in rolling out dough d.all of the above

If croatian firms can make 600 pitchforks or 100 hammers in a week and slovenian firms can make 200 pictchforks or 200 hammers in a week then a.1pf costs 1 hammer in SLA b.1pf costs 3 hammers in CTA c.1pf costs 6 hammers in CTA d.1 pf costs 2 haammers inSLA

Which of the following expands the range of opportunities available to customers a.used car dealer who posts prices onthe windsheilds of the cars b.the bank that advertises it will place ten dollars into any newly opened savings account c.the bookstore that provides comfortable chairs and couches for book browsers d.all of the above e.none of the above

Harry catches 20 bg or 5 we while gus catches either 20bg or 2 we...if they wish to maximize theyre catch a. gus only bg and harry only we b.harry fish and gus rows c.harry bg and gus we d.both harry and gus should ish for bg

What iis more efficient could usefully be translated into ... a. what will produce most econ growth b.what will best promote social welfare c.what is the best long term solution d. who should decide e.what will produce the most econ value

What is an efficient way to study for econ a.read assigned material before and after class b.form study sessionswith others c.cram night before d. attend every lecture and take notes e. any of the above depending on the persons percieved costs and benefits

Well organized market is a market in which a.all info available to sellers and buyers is also available to other parties to exchange transactions b.bids and offers of buyers and sellers are brought together to establish a single price over a wide area c.terms of exchange between buyers and sellers are controlled by a professional marketing association d.govt regulates max and min prices

Opportunity cost is a.objective cost of ones actions b.value one places on the item roject or plan c.regret one feels when making a choice d.monetary cost of ones actions e.all of the above

In bonnie can produce 10hats or 20 scarves and phil can produce 10hates or 5 scarves then a.phil better at scarves than bonnie b.bonnie better at scarves than phil c.bonnie is equally efficient at producing hats d.bonnie is more efficient at hats