Question 1

Tracy quits her job, which pays $25,000 a year, to finish her college degree. Her annual college expenses are $12,000 for tuition and fees and $1,000 for books. What is her opportunity cost of attending college for the year?

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Question 2

What do prices reflect in a market economy?

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Question 3

Scenario 1-6 It costs a company $30,000 to produce 600 heart rate monitors. The company's cost will be $30,070 if it produces an additional heart rate monitor. The company is currently producing 600 heart rate monitors. -Refer to Scenario 1-6. What is the minimum price that would induce this company to produce the 601^st heart rate monitor?

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It costs a company $30,000 to...

Question 4

In a centrally-planned economy, economic activity is guided by ______.

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Question 5

What does the term "marginal change" mean?

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Question 6

Explain the concept of market failure.

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Question 7

Scenario 1-6
It costs a company $30,000 to produce 600 heart rate monitors. The company's cost will be $30,070 if it produces an additional heart rate monitor. The company is currently producing 600 heart rate monitors.
-Refer to Scenario 1-6. What is the company's marginal cost?

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It costs a company $30,000 to...

Question 8

What are the two possible causes of market failure?

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Question 9

Explain how trade with other countries is beneficial.

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Question 10

Scenario 1-6 It costs a company $30,000 to produce 600 heart rate monitors. The company's cost will be $30,070 if it produces an additional heart rate monitor. The company is currently producing 600 heart rate monitors. -Refer to Scenario 1-6. A customer is willing to pay $60 for the 601^st heart rate monitor. Should the company produce and sell it? Explain.

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It costs a company $30,000 to...

Question 11

What does the "invisible hand" refers to?

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Question 12

What are the two reasons for the government to intervene in a market?

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Question 13

Invisible hand is a term used by the economist ______ to describe how the decisions of households and firms lead to desirable market outcomes.

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Question 14

Invisible hand is a term used by the economist ______ in his 1776 book An Inquiry into the Nature and Causes of the Wealth of Nations.

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Question 15

Economists use the term ______ to refer to a situation in which the market on its own fails to produce an efficient allocation of resources.

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Question 16

Rational people make decisions "at the margin" by comparing ______.

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Question 17

What are the two basic types of economies?

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Question 18

Explain the concept of externality and give an example.

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Question 19

Melinda quits her job at a bank, which pays $30,000 a year, to enroll in a two-year graduate program. Her annual school expenses are $22,000 for tuition and fees and $2,000 for books. What is her opportunity cost of attending the two-year graduate program?

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Question 20

What is the main difference between a centrally planned economy and a market economy?

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Quiz 1: Ten Principles of Economics

Tracy quits her job, which pays $25,000 a year, to finish her college degree. Her annual college expenses are $12,000 for tuition and fees and $1,000 for books. What is her opportunity cost of attending college for the year?

What do prices reflect in a market economy?

In a centrally-planned economy, economic activity is guided by ______.

What does the term "marginal change" mean?

Explain the concept of market failure.

Scenario 1-6 It costs a company $30,000 to produce 600 heart rate monitors. The company's cost will be $30,070 if it produces an additional heart rate monitor. The company is currently producing 600 heart rate monitors. -Refer to Scenario 1-6. What is the company's marginal cost?

What are the two possible causes of market failure?

Explain how trade with other countries is beneficial.

What does the "invisible hand" refers to?

What are the two reasons for the government to intervene in a market?

Invisible hand is a term used by the economist ______ to describe how the decisions of households and firms lead to desirable market outcomes.

Invisible hand is a term used by the economist ______ in his 1776 book An Inquiry into the Nature and Causes of the Wealth of Nations.

Economists use the term ______ to refer to a situation in which the market on its own fails to produce an efficient allocation of resources.

Rational people make decisions "at the margin" by comparing ______.

What are the two basic types of economies?

Explain the concept of externality and give an example.

Melinda quits her job at a bank, which pays $30,000 a year, to enroll in a two-year graduate program. Her annual school expenses are $22,000 for tuition and fees and $2,000 for books. What is her opportunity cost of attending the two-year graduate program?

What is the main difference between a centrally planned economy and a market economy?