Chapter 1 Macro

If all discrimination in the United States were eliminated, the economy would:

Suppose that an economy is producing on its production possibilities curve but is not producing quantities of each good where the marginal benefit equals the marginal cost for each good. This economy:

If price (P) and quantity (Q) are directly related, this means that:

Refer to the diagram. Which line(s) show(s) a negative relationship between x and y?

Which of the following will shift the production possibilities curve to the right?

Purposeful behavior suggests that:

Which of the following do economists consider to be capital?

(Consider This) A direct cost of going to college is:

Refer to the diagram. Other things equal, which of the following positions relative to PP1 would be the most likely to result in a future production possibilities curve of PP3 rather than PP2?

Refer to the diagram. Which one of the following would shift the production possibilities curve from PP1 to PP2?

economic resources are also called

(Last Word) The fallacy of composition states that:

Refer to the table. As compared to production alternative D, the choice of alternative C would:

Any combination of goods lying outside of the budget line:

Refer to the tables. The opportunity cost of the fifth unit of capital goods:

Refer to the data sets. The variables are directly related in:

The marginal benefit curve is:

economics may best be defined as the

(Consider This) The assertion by economists that "there is no free lunch":