ECON 1 Lecture Notes - Lecture 1: Income Distribution, Opportunity Cost, Human Capital
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Part 1
The term opportunity cost suggests that
A. | in any exchange situation where one person gains, someone else must lose |
B. not all individuals make the most of life's opportunities | |
C. | executives do not always recognize opportunities for profit as quickly as they should |
D.the only factor that is important in decision making is cost | |
E. | because goods are scarce, in order to get some good you must give up some other good in return |
Part 2:
Which of the following is an example of division of labor?
A.an author writing a book one chapter at a time | |
B. | a firm trying to get rid of a labor union |
C. | separating resources into four categories: land, labor, capital, and entrepreneurial ability |
D. | allocating revenue among a firm's resource suppliers |
E. | dividing an assembly process into separate steps |
Part 3:
In economics, specialization means
A.producing something using only one type of resource, such as labor | |
B. | producing something using only one type of labor |
C. | focusing efforts on a particular product or a single task |
D. | producing only one unit of output |
E. | producing something using only one unit of a variable resource |
(1). Which of the following statements best reflects the focus of economic research?
A. Economics is the study of making choices in the face of constrained resources |
B. Economics is the study of how politicians distort market circumstances for their own purposes |
C. Economics is the study of graphs |
D. Economics is the study of the cost of health service delivery (2). Which of the following assumptions do economists make about situations as the starting point for explaining what is going on?
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