Which one of the following expressions best states the idea of opportunity cost?

"There is no such thing as a free lunch."

The typical production possibilities curve is:

a downsloping line that is bowed out.

The economizing problem is one of deciding how to make the best use of:

limited resources to satisfy unlimited wants.

A person should consume more of something when its marginal:

benefit exceeds its marginal cost.

studbud

Chapter 1 Limits, Alternatives, and Choices

12 termsStudBud Administration33 plays

The basics of economics

Flashcards12 cardsFPractice quizPHost liveL

Questions 12

Answers

1
Examples of capital goods
Utility
Food, haircuts and clothes
Money
Forklifts and robots
2
Everytime you produce one more unit of product A, you give up 3 units of product B
Scarcity
Marginal utility
Constant opportunity cost
Increasing opportunity cost
3
A point inside a production possibilities curve best illustrates:
the efficient use of resources.
the use of best-available technology.
unlimited wants.
unemployment
4
Which one of the following expressions best states the idea of opportunity cost?
"All that glitters is not gold"
"A penny saved is a penny earned."
"He who hesitates is lost."
"There is no such thing as a free lunch."
5
A point outside a production possibilities curve best illustrates:
unlimited wants.
the efficient use of resources.
unattainable
unemployment
6
The typical production possibilities curve is:
a downsloping line that is convex to the origin.
a straight upsloping line
a downsloping line that is bowed out.
an up-sloping line that is concave to the origin.
7
Everytime you produce one more unit of product A, you give up additional units of product B
Constant opportunity cost
Scarcity
Marginal utility
Increasing opportunity cost
8
For economists, the word "utility" means:
versatility and flexibility.
purposefulness
pleasure and satisfaction.
rationality.
9
The economizing problem is one of deciding how to make the best use of:
virtually unlimited resources to satisfy unlimited wants.
limited resources to satisfy unlimited wants.
limited resources to satisfy limited wants.
unlimited resources to satisfy limited wants.
10
A person should consume more of something when its marginal:
benefit exceeds its marginal cost.
cost equals its marginal benefit.
cost exceeds its marginal benefit.
benefit is still positive.
11
Examples of consumer goods
Money
Utility
Food, haircuts and clothes
Forklifts and robots
12
The economizing problem is also known as
utility
opportunity cost
scarcity
marginal benefit and marginal cost

Chapter 1 Limits, Alternatives, and Choices Flashcards | StudBud