The overriding reason why households and societies face many decisions is that...
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Resources are scarce.
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Economics is the study of...
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how society manages its scarce resources.
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Consider Frank's decision to go to college. If he goes to college, he will spend $21,000 on tuition, $11,000 on room and board, and $1,800 on books. If he does not go to college, he will earn $16,000 working in a store and spend $7,200 on room and board. Frank's cost of going to college is...
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$42,600.
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Which is the most accurate statement about trade?
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Trade can make every nation better off.
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Tuition is the single-largest cost of attending college for most students.
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False.
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A market economy cannot produce a socially desirable outcome because individuals are motivated by their own selfish interests.
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False.
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All of the following are a result of scarcity, EXCEPT
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Everyone can have as much as they want.
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The law of demand implies, holding everything else constant, that as the price of bagels increases,
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The quantity of bagels demanded will decrease.
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Elvira decreased her consumption of bananas when the price of peanut butter increased. For Elvira, peanut butter and bananas are...
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Complements in consumption.
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The law of diminishing marginal utility states that...
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Eventually total utility falls as more of a good is consumed, other things constant.
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If the price and quantity is going up it will be...
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A Supply Curve
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If the price goes up and quantity goes down it will be...
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A Demand Curve
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