Foundations of
microeconomics Scarcity,
Choice, and Opportunity
Cost
People respond to incentives blank .
A by ignoring negative incentives and responding to positive incentives only
B only when they are irrational
C by calculating their individual costs and benefits and determining which is greater
D when they have low incomes
Because the resources immediately available for use are limited, blank .
A only the wealthiest people will get everything they want
B people must make choices about resource use
eventually population growth will exceed resource availability, leading to famine
C
and starvation
markets can become arenas for vicious competition between producers and
D
consumers
An incentive blank .
A is the opposite of a tradeoff
This study source was downloaded by 100000829015476 from CourseHero.com on 02-05-2022 23:18:41 GMT -06:00
https://www.coursehero.com/file/46301201/Foundations-of-Microeconomics-Practice-Questionsdocx/
, B could be a reward but could not be a punishment
C could be either a reward or a punishment
D could be a punishment but could not be a reward
In economics, the opportunity cost of doing something is blank .
A total costs
B the money, out-of-pocket expenditure
C the value of the next best opportunity not taken
D the value that you place on the opportunity taken
The optimal amount of studying is determined by comparing the blank .
A marginal benefit and the total cost of studying
B marginal benefit and the total benefit of studying
C marginal benefit and the marginal cost of studying
This study source was downloaded by 100000829015476 from CourseHero.com on 02-05-2022 23:18:41 GMT -06:00
https://www.coursehero.com/file/46301201/Foundations-of-Microeconomics-Practice-Questionsdocx/
microeconomics Scarcity,
Choice, and Opportunity
Cost
People respond to incentives blank .
A by ignoring negative incentives and responding to positive incentives only
B only when they are irrational
C by calculating their individual costs and benefits and determining which is greater
D when they have low incomes
Because the resources immediately available for use are limited, blank .
A only the wealthiest people will get everything they want
B people must make choices about resource use
eventually population growth will exceed resource availability, leading to famine
C
and starvation
markets can become arenas for vicious competition between producers and
D
consumers
An incentive blank .
A is the opposite of a tradeoff
This study source was downloaded by 100000829015476 from CourseHero.com on 02-05-2022 23:18:41 GMT -06:00
https://www.coursehero.com/file/46301201/Foundations-of-Microeconomics-Practice-Questionsdocx/
, B could be a reward but could not be a punishment
C could be either a reward or a punishment
D could be a punishment but could not be a reward
In economics, the opportunity cost of doing something is blank .
A total costs
B the money, out-of-pocket expenditure
C the value of the next best opportunity not taken
D the value that you place on the opportunity taken
The optimal amount of studying is determined by comparing the blank .
A marginal benefit and the total cost of studying
B marginal benefit and the total benefit of studying
C marginal benefit and the marginal cost of studying
This study source was downloaded by 100000829015476 from CourseHero.com on 02-05-2022 23:18:41 GMT -06:00
https://www.coursehero.com/file/46301201/Foundations-of-Microeconomics-Practice-Questionsdocx/
