Economics Is Concerned With The Trade-Offs That Emerge Because Of Scarcity. The Term "Trade-Offs" Refers To A. The Decision About Whether Households Or Businesses Should Bear The Entire Burden Of The Scarcity Problem. B. The Buying And Selling That Occur As Unwanted Goods Are Exchanged For Goods That Are Desired. C. The Alternatives Given Up When Making

 

 

 

 

ame: ID: A 7. Economics is concerned with the trade-offs that emerge because of scarcity. The term "trade-offs" refers to a. b. c. the decision about whether households or businesses should bear the entire burden of the scarcity problem. the buying and selling that occur as unwanted goods are exchanged for goods that are desired. the alternatives given up when making choices. d. recycling and transforming old goods into new goods to reduce scarcity problems. forcing businesses to produce some goods and services and not others. e. 8. How are changes in opportunity cost related to decision-making behavior? a. The lower the opportunity cost of doing activity X, the more likely activity X will be done. b. The higher the opportunity cost of doing activity X, the more likely activity X will be done. c. Changes in the opportunity cost play no role in decision making. d. The lower the opportunity cost of doing activity Y, the more likely activity X will be done. e. The higher the opportunity cost of doing activity Y, the less likely activity X will be done. 9. When Lucy chose a major, she likely thought about her skills. Let's say Lucy doesn't enjoy dealing with numbers. How could she explain to her parents, using logic from economics, why she chose to major in English instead of mathematics? a. The opportunity cost of learning mathematics is too high. b. The opportunity cost of learning to appreciate literature is too high. C. The expected value of a major in English after graduation is low. d. The expected value of a major in mathematics after graduation is high. The opportunity cost of going to college is too low. e. The term a. marginal b. comparative C. incentive means "additional." When trade is voluntary, who benefits? a. the seller b. the buyer C. No one benefits. e. d. opportunity cost trade-off d. both the buyer and the seller Trade is never voluntary. e. When an individual chooses to act, he or she is said to be motivated by a. scarcity. b. incentives. C. disincentives. d. indifference. e. ambivalence. Corporate leadership sometimes waits until after presidential elections in order to make major business ecisions. An economist would maintain that this is in anticipation of future forecasting. d. incentives. e. taxes. fear. scarcity.