100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
econ ch 1 (Correct answers) $11.19   Add to cart

Exam (elaborations)

econ ch 1 (Correct answers)

 7 views  0 purchase
  • Course
  • Econ
  • Institution
  • Econ

Even a person with unlimited wealth must deal with opportunity costs. correct answers true Sunk costs are irrelevant. correct answers true You should carefully consider sunk costs when making economic decisions. correct answers false People make decisions based upon the expected opportunit...

[Show more]

Preview 2 out of 7  pages

  • September 19, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Econ
  • Econ
avatar-seller
sh3rrymagdah
econ ch 1 (Correct answers)
Even a person with unlimited wealth must deal with opportunity costs. correct answers true


Sunk costs are irrelevant. correct answers true


You should carefully consider sunk costs when making economic decisions. correct answers false


People make decisions based upon the expected opportunity cost of a choice. correct answers true


Your opportunity cost never depends on you alternatives. correct answers false


With every choice comes an opportunity cost. correct answers true


Because acquiring information about alternatives is costly and time-consuming, you usually make choices
based on limited or even faulty information. correct answers true


It is not wise to spend your time and effort figuring out how to avoid sunk costs. correct answers true


Opportunity costs are always measured in dollar amounts. correct answers false


Once the opportunity cost of attending college is calculated, it is clear that it is more useful for every
young person to go to college instead of enter the workforce. correct answers false


The supply and demand for resources come together in product markets to determine what firms pay for
resources. correct answers false


Economist agree on most theoretical principles based on positive economic analysis. correct answers true


Households both demand services and supply resources in the economy. correct answers true


Macroeconomics focuses on the economy as a whole. correct answers true

, Economic theories are directly responsible for causing future economic trends. correct answers false


Making rational consumer choices can be done without time and information. correct answers false


In order to be accurate, theories must be detailed in nature. correct answers false


in the context of economics, marginal is defined as incremental or additional. correct answers true


Although it is assumed that people are driven by rational self-interest, this does not mean that people are
not concerned for others. correct answers true


According to the circular-flow model, the flows of resources and products are supported by the flows of
income and expenditure. correct answers true


A bus station is an example of a capital good. correct answers true


a good is free if it involves no apparent cost to you. correct answers false


tutoring is an example of a service, not a good. correct answers true


Depending on the situation, an entrepreneur does not always need to assume the risk of success or failure
in a business venture. correct answers false


Because productive resources are scarce, goods and services are scarce, too. correct answers true


An exhaustible resource can be drawn upon indefinitely, as long as it is used wisely. correct answers false


Labor is a type of human resource. correct answers true

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller sh3rrymagdah. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.19. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

82871 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$11.19
  • (0)
  Add to cart