ECON#1

The adage, "There is no such thing as a free lunch," means

Which of the following is a principle concerning how people interact?

In 2011, the average American earned about $48,000 while the average Nigerian earned about $1,200. Which of the following statements is likely?

Scarcity means that there is less of a good or resource available than people wish to have.

The English word that comes from the Greek word for "one who manages a household" is

Economics is the study of how evenly goods and services are distributed within society.

Economics is the study of how society allocates its unlimited resources.

Resources are

Which basic principle of individual choice does Musashi's plan illustrate that his wife's advice does not?

The word "economy" comes from the Greek word oikonomos, which means

Because resources are scarce, a society cannot give all individuals the standard of living to which each aspires.

The principle that trade can make everyone better off applies to

Which of the following statements best represents the principle represented by the adage, "There is no such thing as a free lunch"?

The term "productivity"

Economics deals primarily with the concept of

Economists study how people make decisions.

The principle that "people face tradeoffs" applies to

The overriding reason why households and societies face many decisions is that

What is the most important factor that explains differences in living standards across countries?

Equality means distributing society's resources in the most efficient manner.

Which of the following is correct?

Productivity is defined as the

England can benefit from trade

With careful planning, we can usually get something that we like without having to give up something else that we like.