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20) When firms in an economy start producing more computers and fewer televisions, they are 20) answering the question. A) "where" B) "when" C) "what" D) "for whom" 21) U.S. producers decide to produce more compact cars and fewer SUVs as the price of gasoline 21) rises. Producers are answering the _ question. A) "what" B) "when" C) "how" D) "how many" 22) The question "Should movies or compact discs be produced?" is an example of the 22) A) "how" question. B) "who" question. C) "where" question. D) "what" question. 23) Which of the following statements is correct? 23) A) The percentage of people producing goods in the United States has steadily increased over the last 60 years. B) The United States produces an equal amount of goods and services. C) The United States produces more goods than services. D) The United States produces more services than goods. 24) Which of the following is correct concerning production in the United States? 24) A) The percentage of people employed in manufacturing has increased over the last 60 years. B) The percentage of people employed in farming has decreased over the last 60 years. C) The percentage of people employed in services has decreased over the last 60 years. D) The percentage of people employed in construction has increased over the last 60 years. 25) When China builds a dam using few machines and a great deal of labor, it is answering the 25) question. A) "how" B) "what" C) "where" D) "for whom" 26) When a textile company keeps track of its inventory using a computer and its competitor uses a 26) spreadsheet and pencil, they are both answering the question. A) "where" B) "what" C) "for whom" D) "how" 27) Human capital is 27) A) machinery that meets or exceeds federal safety standards for use by humans. B) all capital owned by individuals or corporations, but not by governments. C) the skill and knowledge of workers. D) all capital owned by individuals, but not by corporations or governments. 28) Entrepreneurs do all of the following EXCEPT 28) A) bear risk from business decisions. B) own all the other resources. C) come up with new ideas about what, how, when and where to produce. D) organize labor, land, and capital. 29) To answer the "for whom" question, we study 29) A) business cycles. B) technological change. C) the global economy. D) income differences. 3 30) The fact that people with higher incomes get to consume more goods and services addresses 30) the question. A) "how" B) "where" C) "for whom" D) "when"56) When the government chooses to use resources to build a dam, these sources are no longer 56) available to build a highway. This choice illustrates the concept of A) a market mechanism. B) a fallacy of composition. C) opportunity cost. D) macroeconomics. 57) Marginal benefit is the benefit 57) A) that arises from the secondary effects of an activity. B) of an activity that exceeds its cost. C) that arises from an increase in an activity. D) that your activity provides to someone else. 58) The benefit that arises from an increase in an activity is called 58) A) an incentive. B) the marginal cost. C) the marginal benefit. D) opportunity cost. 59) Marginal cost is the cost 59) A) of an activity that exceeds its benefit. B) that arises from an increase in an activity. C) that your activity imposes on someone else. D) that arises from the secondary effects of an activity. 60) Laura is a manager for HP. When Laura must decide whether to produce a few additional 60) printers, she is choosing at the margin when she compares A) the total revenue from sales of printers to the total cost of producing all the printers. B) the extra revenue from selling a few additional printers to the extra costs of producing the printers. C) HP's printers to printers from competing companies, such as Lexmark. D) the extra revenue from selling a few additional printers to the average cost of producing the additional printers. 61) In economics, positive statements are about 61) A) macroeconomics, not microeconomics. B) the way things are. C) the way things ought to be. D) microeconomics, not macroeconomics, 62) A positive statement is 62) A) valid only in the context of a model with simple assumptions. B) the result of a model's normative assumptions. C) about what ought to be. D) about what is. 63) A positive statement is 63) A) always true. B) one that does not use the ceteris paribus clause. C) about what is. D) about what ought to be. 64) A positive statement 64) A) is an affirming statement that is strongly worded. B) cannot be tested by checking it against the facts. C) is a statement of what is. D) is a statement of what ought to be.49) You decide to take a vacation and the trip costs you $2,000. While you are on vacation, you do 49) not report to work where you could have earned $750. The opportunity cost of the vacation is A) $2,750. B) $2,000. C) $750. D) $1,250 50) When an action is chosen, the highest-valued alternative NOT chosen is called the 50) A) accounting cost. B) opportunity cost. C) implicit cost. D) explicit cost. 51) The term "opportunity cost" points out that 51) A) there may be such a thing as a free lunch. B) executives do not always recognize opportunities for profit as quickly as they should. C) any decision regarding the use of a resource involves a costly choice. D) not all individuals will make the most of life's opportunities because some will fail to achieve their goals. 52) During the next hour John can play basketball, watch television, or read a book. The 52) opportunity cost of reading a book A) equals how much John enjoys the book. B) is the value of playing basketball and the value of watching television. C) is the value of playing basketball if John prefers that to watching television. D) is how much the book cost when it was purchased. 53) Misty has the option of purchasing one of three products: Brand A, Brand B, or Brand C. Each 53) costs ten dollars. If she decides that Brand A meets her needs best, then the opportunity cost of this decision is A) twenty dollars. B) Brand A. C) Brand B plus Brand C. D) Brand B or Brand C, depending on which is considered the highest-value alternative forgone. 54) Which of the following is NOT an example of an opportunity cost? 54) A) Because David used all of his vacation time to paint his house, he was unable to visit the Caribbean last year. B) By choosing to attend college, Jean was not able to continue working as an electrician; as a result, she gave up more than $85,000 in earnings while she was in college. C) Because Mary is now being paid a higher wage, she can afford to buy a new car even though she is moving into a bigger apartment. D) By spending Thursday night studying for an economics exam, a student was unable to complete a homework assignment for calculus class. 55) From 8 to 11 p.m., Sam can either attend a basketball game, a hockey match or the symphony. 55) Suppose that Sam decides to attend the hockey match and thinks to herself that if she did not go to the match she would go to the symphony. Then the opportunity cost of attending the hockey match is A) going to the basketball game. B) going to the symphony and the basketball game. C) three hours of time. D) going to the symphony.41) The term used to emphasize that making choices in the face of scarcity involves a cost is 41) A) utility cost. B) opportunity cost. C) accounting cost. D) substitution cost. 42) The loss of the highest-valued alternative defines the concept of 42) A) entrepreneurship. B) scarcity. C) marginal benefit. D) opportunity cost. 43) Opportunity cost means 43) A) the accounting cost minus the marginal benefit. B) the highest-valued alternative forgone. C) the monetary costs of an activity. D) the accounting cost minus the marginal cost. 44) The opportunity cost of any action is 44) A) the time required but not the monetary cost. B) all the possible alternatives forgone. C) the highest-valued alternative forgone. D) the monetary cost but not the time required. 45) The opportunity cost of something you decide to get is 45) A) the amount of money you pay to get it. B) the highest valued alternative you give up to get it. C) the lowest valued alternative you give up to get it. D) all possible alternatives that you give up to get it. 46) The ultimate cost of any choice is 46) A) the dollars expended. B) what someone else would be willing to pay. C) the after-tax cost. D) the highest-valued alternative forgone. 47) During the summer you have made the decision to attend summer school, which precludes 47) you from working at your usual summer job in which you normally earn $6,000 for the summer. Your tuition cost is $3,000, books and supplies cost $300, and room and board cost $1,000. The opportunity cost of attending summer school is A) $3,300. B) $4,300. C) $6,000. D) $10,300. 48) On Saturday morning, you rank your choices for activities in the following order: go to the 48) library, work out at the gym, have breakfast with friends, and sleep late. Suppose you decide to go to the library. Your opportunity cost is A) working out at the gym, having breakfast with friends, and sleeping late. B) zero because you do not have to pay money to use the library. C) working out at the gym. D) not clear because not enough information is given. 530) The fact that people with higher incomes get to consume more goods and services addresses 30) the question. A) "how" B) "where" C) "for whom" D) "when" 31) Which of the following is NOT a factor of production? 31) A) the water used to cool a nuclear power plant. B) the wages paid to workers. C) the effort of farmers raising cattle. D) the management skill of a small business owner. 32) Which of the following is NOT a factor of production? 32) A) a share of stock issued by a firm. B) a new computer used by a small business owner. C) a tractor used by a wheat farmer. D) the time worked by elementary school teachers. 33) An autoworker is considered and earns 33) A) labor; wages B) labor; rent C) capital; rent D) entrepreneurship; wages 34) Overtime worked by a JCPenney associate is considered and earns 34) A) entrepreneurship; profit B) labor; profit C) human capital; interest D) labor; wages 35) When a university decides to add to the football stadium instead of adding to the baseball 35) stadium, it faces the A) "what" tradeoff B) "how" tradeoff. C) macroeconomic question. D) "for whom" tradeoff. 36) When a farmer decides to increase the amount of acreage devoted to wheat and grow fewer 36) acres of soybeans, the farmer is facing the A) "how" tradeoff. B) microeconomic question. C) "what" tradeoff. D) "for whom" tradeoff. 37) When a photographer decides to use a digital camera to take shots versus using film, the 37) photographer is facing the A) "what" tradeoff. B) microeconomic question. C) "for whom" tradeoff. D) "how" tradeoff. 38) The "how" tradeoff occurs when 38) A) a firm decides to produce refrigerators instead of dishwashers. B) we answer the macroeconomic question. C) the government increases income taxes paid by the rich. D) a farm uses machinery to pick oranges instead of employing migrant workers. 39) When the government decides to provide tax relief for small businesses while placing higher 39) taxes on large corporations, it is facing the A) "for whom" tradeoff. B) "what" tradeoff. C) "how" tradeoff. D) macroeconomic