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foundations of economics

Questions and Answers of Foundations Of Economics

List the opportunity costs of the following:a. going to collegeb. missing a lecturec. withdrawing and spending $100 from your savings account, which earns 5 percent interest annuallyd. going
List some things that you need. Then ask yourself if you would still want some of those things if the price were five times higher. Would you still want them if the price were 10 times higher?
Which of the following goods are scarce?a. garbageb. salt water in the oceanc. clothesd. clean air in a big citye. dirty air in a big cityf. a public library
Kelly is an attorney and also an excellent typist. She can type 120 words per minute, but she is pressed for time because she has all the legal work she can handle at $75.00 per hour. Kelly’s
Which of the following statements is most consistent with the rule of rational choice?a. The Environmental Protection Agency should strive to eliminate virtually all air and water pollution.b. When
Gallons of milk at a local grocery store are priced at one for $4 or two for $6. The marginal cost of buying a second gallon of milk equalsa. $6.b. $4.c. $3.d. $2.e. $0.
Which of the following best defines rational behavior?a. analyzing the total costs of a decisionb. analyzing the total benefits of a decisionc. undertaking an activity as long as the total benefit of
Lance’s boss offers him twice his usual wage rate to work tonight instead of taking his girlfriend on a romantic date.This offer will likelya. not affect the opportunity cost of going on the
The opportunity cost of an airplane flighta. differs across passengers only to the extent that each traveler pays a different airfare.b. is identical for all passengers and equal to the number of
The opportunity cost of attending college is likely to include all except which of the following?a. the cost of required textbooksb. tuition feesc. the income you forgo in order to attend classesd.
Which of the following statements is true?a. The opportunity cost of a decision is always expressed in monetary terms.b. The opportunity cost of a decision is the value of the best forgone
An example of a capital resource isa. stock in a computer software company.b. the funds in a CD account at a bank.c. a bond issued by a company selling electric generators.d. a dump truck.e. an
Which of the following is true?a. Scarcity and poverty are basically the same thing.b. The absence of scarcity means that a minimal level of income is provided to all individuals.c. Goods are scarce
Which of the following is not true?a. Voluntary exchange is expected to be advantageous to both parties to the exchange.b. What one trader gains from a trade, the other must lose.c. If one party to a
If a driver who had no change and whose cell phone battery was dead got stranded near a pay phone and chose to buy a quarter and a dime from a passerby for a dollar bill,a. the passerby was made
If resources and goods are free to move across states, and if Florida producers choose to specialize in growing grapefruit and Georgia producers choose to specialize in growing peaches, then we could
Which of the following demonstrates marginal thinking?a. deciding to never eat meatb. deciding to spend one more hour studying economics tonight because you think the improvement on your next test
Which of the following would be likely to raise your opportunity cost of attending a big basketball game this Sunday night?a. A friend calls you up and offers you free tickets to a concert by one of
Say you had an 8 A.M. economics class, but you would still come to campus at the same time even if you skipped your economics class. The cost of coming to the economics class would includea. the
“If I hadn’t been set up on this blind date tonight, I would have saved $50 and spent the evening watching TV.” The opportunity cost of the date isa. $50.b. $50, plus the cost to you of giving
Who would be most likely to drop out of college before graduation?a. an economics major who wishes to go to graduate schoolb. a math major with a B+ averagec. a chemistry major who has just been
If a country wants to maximize the value of its output, each job should be carried out by the person whoa. has the highest opportunity cost.b. has a comparative advantage in that activity.c. can
Ted has decided to buy a burger and fries at a restaurant but is considering whether to buy a drink as well. If the price of a burger is $2.00, fries are $1.00, drinks are $1.00, and a value meal
Which of the following is part of the economic way of thinking?a. When an option becomes less costly, individuals will become more likely to choose it.b. Costs are incurred whenever scarce resources
Not only does the market determine what goods are going to be produced and in what quantities, but it also determines the distribution of output among members of society. True or False
When the economy produces too little or too much of something, the government can potentially improve society’s well-being by intervening. True or False
Government price controls can short-circuit the market’s information transmission function. True or False
Voluntary trade directly increases wealth by making both parties better off, and it is the prospect of wealth-increasing exchange that leads to productive specialization. True or False
Without the ability to trade, people would not tend to specialize in those areas where they have a comparative advantage. True or False
People can gain by specializing in the production of the good in which they have a comparative advantage. True or False
The safety issue is generally not whether a product is safe, but rather how much safety consumers want. True or False
Positive incentives are those that either increase benefits or reduce costs, resulting in an increase in the level of the related activity or behavior; negative incentives either reduce benefits or
Good economic thinking requires thinking about average amounts rather than marginal amounts. True or False
Most choices in economics are all or nothing. True or False
In terms of the rule of rational choice, zero levels of pollution, crime, and safety would be far too costly in terms of what we would have to give up to achieve them. True or False
The actual result of changing behavior following the rule of rational choice will always make people better off. True or False
Scarcity implies that “there’s no such thing as a free lunch.” True or False
If we had unlimited resources, we would not have to choose among our desires. True or False
Increases in production could enable us to eliminate scarcity. True or False
Even the wealthy individual who decides to donate all of her money to charity faces the constraints of scarcity. True or False
Even intangible goods can be subjected to economic analysis. True or False
Entrepreneurship is the process of combining labor, land, and capital together to produce goods and services. True or False
In economics, labor includes physical and mental effort, and land includes natural resources. True or False
Why can markets sometimes fail to allocate resources efficiently?
How do price controls undermine the market as a communication device?
What do market prices communicate to others in society?
How does a market system allocate resources?
Why must every society choose some manner in which to allocate its scarce resources?
Could a student who gets a C in one class but a D or worse in everything else have a comparative advantage over someone who gets a B in that class but an A in everything else? Explain this concept
If you have a current comparative advantage in doing the dishes, and you then become far more productive than before in completing yard chores, could that eliminate your comparative advantage? Why or
If you can mow your lawn in half the time it takes your spouse or housemate to do it, do you have a
Why does the combination of specialization and trade make us better off?
What do we mean by comparative advantage?
Why do people specialize?
Why do many parents refuse to let their children have dessert before they eat the rest of their dinner?
How does the rule of rational choice imply that young children are typically more likely to misbehave at a supermarket checkout counter than at home?
According to the rule of rational choice, would you do more or less of something if its expected marginal costs increased? Why?
According to the rule of rational choice, would you do more or less of something if its expected marginal benefits increased? Why?
What is the difference between positive incentives and negative incentives?
Imagine driving a car with daggers sticking out of the steering wheel—pointing directly at your chest. Would you drive more safely? Why?
If pedestrians felt far safer using crosswalks to cross the street, how could adding crosswalks increase the number of pedestrian accidents?
If you decide to speed to get to a doctor’s appointment and then get in an accident due to speeding, does your decision to speed invalidate the rule of rational choice? Why or why not?
Why do students often stop taking lecture notes when a professor announces that the next few minutes of material will not be on any future test or assignment?
Why does rational choice involve expectations?
How could the rule of rational choice be expressed in terms of net benefits?
What is the rule of rational choice?
What are marginal choices? Why does economics focus on them?
Why is the opportunity cost of time spent getting an MBA typically lower for a 22-year-old straight out of college than for a 45-year-old experienced manager?
Why was the opportunity cost of staying in college higher for Tiger Woods than for most undergraduates?
Why is there no such thing as a free lunch?
What do we mean by opportunity cost?
What is given up when we make a choice?
Would we have to make choices if we had unlimited resources?
Why can’t a country become so technologically advanced that its citizens won’t have to choose?
Why might sunshine be scarce in Seattle but not in Tucson?
What are some of the ways that students act as entrepreneurs as they seek higher grades?
Why do you think economists often refer to training that increases the quality of workers’ skills as “adding to human capital”?
How and why does scarcity affect each of us differently?
Why does scarcity affect everyone?
Does wanting more tangible and intangible goods and services make us selfish?
What must be true for something to be an economic good?
Fill in the blanks:In the case of market _____________, appropriate government policies could improve on market outcomes.
Fill in the blanks:Sometimes a painful trade-off exists between how much an economy can produce _____________ and how that output is _____________.
Fill in the blanks:_____________ can lead the economy to fail to allocate resources efficiently, as in the cases of pollution and scientific research.
Fill in the blanks:The basis of a market economy is _____________ exchange and the _____________ system that guides people’s choices regarding what goods to produce and how to produce those goods
Fill in the blanks:Market prices serve as the _____________ of the market system. They communicate information about the _____________ to buyers, and they provide sellers with critical information
Fill in the blanks:Produce what we do _____________ best and _____________ for the _____________.
Fill in the blanks:We trade with others because it frees up time and resources to do other things we do _____________.
Fill in the blanks:The primary advantages of specialization are that employees acquire greater _____________ from repetition, they avoid _____________ time in shifting from one task to another, and
Fill in the blanks:If a person, a region, or a country can produce a good or service at a lower opportunity cost than others can, we say that they have a(n) _____________ in the production of that
Fill in the blanks:People _____________ by concentrating their energies on the activity to which they are best suited because individuals incur _____________ opportunity costs as a result.
Fill in the blanks:Because most people seek opportunities that make them better off, we can _____________ what will happen when incentives are _____________.
Fill in the blanks:If the benefits of some activity _____________ and/or if the costs _____________, economists expect the amount of that activity to rise. Economists call these _____________
Fill in the blanks:In acting rationally, people respond to _____________.
Fill in the blanks:The rule of rational choice is that in trying to make themselves better off, people alter their behavior if the _____________ to them from doing so outweigh the _____________ they
Fill in the blanks:Economists emphasize _____________ thinking because the focus is on additional, or ___________, choices, which involve the effects of ___________ or _____________ the current
Fill in the blanks:Many choices involve _____________ of something to do rather than whether to do something.
Fill in the blanks:The cost of grocery shopping is the _______________ paid for the goods plus the _______________ costs incurred.
Fill in the blanks:The highest or best forgone alternative resulting from a decision is called the _____________.
Fill in the blanks:In a world of scarcity, we all face _____________.

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