The study of economics: 1. is about people's decisions regarding their use of scarce resources. 2 doesn't apply to decisions made by businesses. 3. primarily considers the stock market. 4. states efficiency and equity don't conflict. If you were not studying economics, you could be doing one of the following: sleeping in (which you value at $5), playing cards with your friends (which you value at $10), or working (you would have earned an extra $8). The opportunity cost of studying economics is therefore: 1. $8. 2. $5. 3. $23. 4. $10. Sarita is a macroeconomist studying the economy of Singapore. Which of the following areas of study would she be most interested in researching? 1. Do consumer electronics firms prefer manufacturing in Singapore over China? 2. How will Singaporean businesses respond to new reports of U.S. trade tariffs? 3. What management techniques do firms in Singapore typically use to train employees? 4. How have government efforts to increase Singaporean wages affected the nation's economy? Capital includes all of the following, EXCEPT: 1. dollar bills in a bank vault. 2. drilling equipment at a tool-and-die company. 3. backhoes of a construction fitm. 4. copy machines in an insurance company. Ha-eun just received a significant increase in salary. Considering this, her demand for which of the following would most likely increase? 1. meals in fast-food restaurants 2. frozen foods 3. discounted produce 4. meals in gourmet restaurants Which of the following examples shows a shortage? 1. At $50 per watch, a company produces 10,000 watches and sells the same amount. 2. At $50 per watch, a company produces 10,000 watches and has a demand for 100 more, 3. At $50 per watch, a company produces 5,000 watches and sells 1,000, 4. At $50 per watch, a company produces 5,000 watches and sells 4,998. A new disease-resistant seed increases the yield of wheat. Which of the following would most likely be the result? 1. Buyers would stock up on bread, which is in short supply. 2. The price of wheat would soar. 3. Sellers would decrease the price of bread. 4. The supply of wheat would decline. Which of the following explains why there has been a shortage of toilet paper at the" original price" since the start of Covid 19? 1. The demand for toilet paper shifted to the left as households found that it is now too expensive to purchase. 2. The supply of toilet paper shifted to the right as firms started producing more of this very profitable good. 3. The supply of toilet paper shifts shifted to the left as it was harder to keep on the shelf. 4. The demand for toilet paper shifted to the right due to increased need by households since they cannot use the rstroom facilities at work and school. Alternating periods of macroeconomic expansion and contraction are known as: 1. business cycles. 2. trade surpluses and deficits. 3. hyperinflation 4. budget surpluses and deficits. A nation's Gross Domestic Product (GDP) is: 1. the value of all new, final goods and services produced during a given period by that nation's government. 2. the sum of all that nation's currency and coins in circulation. 3. the value of all new, final goods and services produced during a given time period within that nation's borders. 4. the value of all new, final goods and services produced during a given time period by that nation's citizens anywhere in the world