Econ Final

Front

Which of the following scenarios best illustrates the concept of opportunity cost? A student decides to study for an exam instead of going to a movie, missing out on the entertainment. A company invests in new machinery, leading to increased production. A person buys a new car, which depreciates in value over time. A government increases taxes to fund public services.

Back

A student decides to study for an exam instead of going to a movie, missing out on the entertainment.

Front

If a farmer can either plant corn or wheat, with corn yielding a profit of 150 per acre and wheat yielding 200 per acre, what is the opportunity cost per acre if the farmer chooses to plant corn?

Back

$50

Front

In the context of trade-offs in economic choices, which of the following statements is true? Trade-offs only occur in financial decisions. Trade-offs require sacrificing one goal to achieve another. Trade-offs are irrelevant in a market economy. Trade-offs always result in a net loss.

Back

Trade-offs require sacrificing one goal to achieve another.

Front

What type of market structure is described where many vendors sell identical crops with no major differences and no limit to the number of vendors?

Back

Pure Competition

Front

In Monopolistic Competition you would find that purchases are made generally based on __

Back

brand loyalty

Front

An Oligopoly is when there are

Back

few producers who control the market

Front

The effort by sellers to agree to secretly set production levels or prices is called

Back

collusion

Front

If a price is above equilibrium price, it creates a...

Back

surplus

Front

What does this curve represent?

Back

supply

Front

What does this curve represent?

Back

demand