A model in the economic sense

A- never takes into consideration the rest of the world

B- is the same as the lab experiments

C- has a full and perfect description of an economic situation

D- whose essential elements allow researchers to better analyze a situation

When is it rational to hire outside help rather than do a task by oneself?

A- When one's own opportunity cost is equal to the opportunity cost of the hired

B- When one's own opportunity cost is less than the opportunity cost of the hired

C- One should never do any task by him/herself

D- When one's own opportunity cost is greater than the opportunity cost of the hired

Which of the following is NOT an input of production?

A- Entrepreneurial ability

B- Labor

C- Land

D-Shares

*Ceteris paribus, which of the following would cause the demand for labor curve to shift leftward?

A-An improvement in the training and education of potential workers

B- An increase in market demand

C- An increase

the productivity of the workers

D- A decrease in the productivity of the workers

"As the price of personal computers continues to fall, demand increases." This headline is inaccurate because

A-a change in the price of personal computers shifts the demand curve

B- the statement is backwards: increased demand leads to lower prices

C- falling prices for personal computers raise quantity demanded, not demand

D- a change in the price of personal computers leads to an upward movement over the supply curve