What is the best scenario to show the law of marginal utility?

The more a person plays a game the less enjoyment they get

When studying a school budget if an economist describes teacher salaries, number of employees..

They are using positive economics

The factors of production include

land, labor, capital, entrepreneurship

What is the correct definition of economics?

A study of how people deal with scarcity

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Ch. 1 and 2 Econ Alive Review

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Questions 12

Answers

1
When are anticipated costs outweigh our benefits we often...
are thinking at the margin
choose the activity
not choose the activity
has no effect upon our choice
2
Adam Smith's "Invisible Hand" idea is most closely related to...
Trade
Cost v. Benefit
Supply and Demand
Marginal Utility
3
What is the marginal benefit of exercising one more hour?
Date on Friday Night
Miss out on an hour of TV
Exhaustion
Lose more weight
4
What is the best scenario to show the law of marginal utility?
A student is eager to get more good grades
Someone who dislikes pizza doesn't eat it
The more a person plays a game the less enjoyment they get
An old bike doesn't work as well as it did when it was new
5
If you choose to hang out with friends on Sunday what is your opportunity cost?
Hanging out with family
Nothing
$10 at the movie theater
Getting a bad grade
6
Solar energy is a
stupid idea
Non-renewable resource
Renewable Resource
Perpetual Resource
7
When studying a school budget if an economist describes teacher salaries, number of employees..
They are using positive economics
They are using a model to fix a problem
They are using normative economics
They are looking at scarcity
8
The factors of production include
land, labor, capital, entrepreneurship
land, labor, and capital
land, labor, and workers
goods and services
9
The law of unintended consequences is most closely related to....
Future Consequences Count
Scarcity Forces Tradeoffs
Cost v. Benefitss
Thinking at the margin
10
What is the correct definition of economics?
A study of how people deal with scarcity
A study of how to manage production and distribution
A study of money, trading, and taxes
A study of what encourages people to act in certain ways
11
Corn on the cob is delicious, but it is also a
Renewable Resource
hassle to get out of my teeth
Perpetual Resource
Non-Renewable Resource
12
"Why do prices often end in 99 cents?" Is an example of
Markets Coordinate Trade
Enigma
Resource
Positive Economics

Ch. 1 and 2 Econ Alive Review Flashcards | StudBud