Question 1
(1 point)

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The cost-benefit principle states that a
consumer will be better off to follow a particular course of
action, only if the

Question 1 options:

total benefits increase.
total costs decrease.
total costs remain unchanged.
extra benefits from taking the action are
greater than the extra costs.
total benefits do not decrease.

Question 2
(1 point)

Question: Question 1(1 point)The cost-benefit principle states that aconsumer will be better off to...

If a given production combination is
efficient, then it must be

Question 2 options:

beyond the production possibilities
curve.
possible to expand production of one good
without lowering the amount of the other.
either an attainable or unattainable
point.
the best combination out of all possible
combinations.

estion 3 (1 point)

Question: Question 1(1 point)The cost-benefit principle states that aconsumer will be better off to...

The Latin expression for “all else equal” is
______.

Question 3 options:

ad infinitum.
carpe diem.
ceteris paribus.
de facto.
prima facie.

Question 4
(1 point)

Question: Question 1(1 point)The cost-benefit principle states that aconsumer will be better off to...

Dividing the total benefit of N units of an
activity by N quantifies the

Question 4 options:

average benefit.
marginal benefit.
average cost.
units per benefit.
additional benefit.

Question 5
(1 point)

Question: Question 1(1 point)The cost-benefit principle states that aconsumer will be better off to...

The cost-benefit principle indicates that an
action should be taken

Question 5 options:

if the total benefits exceed the total
costs.
if the extra benefits are positive.
if the average benefits exceed the average
costs.
if the resulting economic surplus is
zero.
if the extra benefits are greater than the
extra costs.

Question 6
(1 point)

Question: Question 1(1 point)The cost-benefit principle states that aconsumer will be better off to...

For a nation that finds it has a comparative
advantage in producing good Z, it is likely that the size of the
comparative advantage will

Question 6 options:

decline due to competition.
grow as production experience increases.
remain constant.
decline as production experience
increases.
change in unpredictable ways.

Question 7
(1 point)

Question: Question 1(1 point)The cost-benefit principle states that aconsumer will be better off to...

Decisions that involve doing something or not
(e.g., seeing a movie) and decisions that involve choosing a level
(e.g., square footage of an apartment) are

Question 7 options:

dissimilar, requiring two different models on
how to decide.
dissimilar, with the cost-benefit principle
useful only when deciding on the level.
similar, requiring a comparison of total
benefits and total costs.
similar, requiring a comparison of marginal
benefits and marginal costs.
similar, requiring a comparison of average
benefits and average costs.

Question 8
(1 point)

Question: Question 1(1 point)The cost-benefit principle states that aconsumer will be better off to...

Scarcity exists in the world today
because

Question 8 options:

human wants and desires are insatiable.
average households are too poor.
there is not enough money in the world.
people always make the wrong choices.
we are always producing the wrong
things.

Question 9
(1 point)

Question: Question 1(1 point)The cost-benefit principle states that aconsumer will be better off to...

Ethical or value standards are important for
the analysis of ______.

Question 9 options:

positive economics.
the fallacy of composition.
econometrics.
spurious correlation.
welfare economics.

Question 10
(1 point)

Question: Question 1(1 point)The cost-benefit principle states that aconsumer will be better off to...

Welfare economics reflects

Question 10 options:

society’s ethical standards.
economic analysis based on facts.
society’s ethical standards and economic
analysis based on facts.
value-free observations on economic
relationships.
subjective values.

Question 11
(1 point)

Question: Question 1(1 point)The cost-benefit principle states that aconsumer will be better off to...

The study of macroeconomics includes

Question 11 options:

the choices made by individual
consumers.
the production decisions of firms.
the causes of poverty.
the determinants of the national unemployment
rate.
individual markets.

Question 12
(1 point)

Question: Question 1(1 point)The cost-benefit principle states that aconsumer will be better off to...

Question: Question 1(1 point)The cost-benefit principle states that aconsumer will be better off to...

Sam possesses an absolute advantage in

Question 12 options:

the production of shoes.
neither shoe nor pants production.
the production of pants.
both shoe and pants production.
pants and possibly shoe production.

Question 13
(1 point)

Question: Question 1(1 point)The cost-benefit principle states that aconsumer will be better off to...

The scarcity problem indicates that

Question 13 options:

no matter how much one has, it is never
enough.
compared to 100 years ago, individuals have
less time today.
with limited resources, having more of “this”
means having less of “that.”
because trade-offs must be made, resources are
therefore scarce.
the wealthier a person is, the fewer
trade-offs he must make.

Question 14
(1 point)

Question: Question 1(1 point)The cost-benefit principle states that aconsumer will be better off to...

Which is the best example of a sunk cost of
production to a firm?

Question 14 options:

Rent on the factory.
Wages paid to production workers.
Electricity charges.
Cost of production materials.
Transportation costs.

Question 15
(1 point)

Question: Question 1(1 point)The cost-benefit principle states that aconsumer will be better off to...

The production possibilities curve shows

Question 15 options:

the relationship between inputs and
output.
the minimum amount of one good that can be
produced for every possible production level of the other
good.
a positive relationship.
the maximum production of one good for every
possible production level of the other good.
how increasing the production of one good
allows production of the other good to also increase.

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