1. Who benefits from voluntary trade?
a. buyers
b. sellers
c. buyers and sellers
d. the government
e. buyers and the government
2. The usual purpose of an experiment is to
a. observe an interesting phenomenon.
b. test a model that is based on a hypothesis.
c. formulate a hypothesis that explains a phenomenon.
d. construct a model based on a hypothesis.
e. turn a hypothesis into a theory.
3. An increase in general resources that affects the production of both goods on a production possibilities frontier (PPF) would cause an
a. inward shift of the PPF.
b. outward shift of the PPF.
c. outward rotation along the x-axis.
d. outward rotation along the y axis.
d. increase in opportunity cost.
4. Goods that are produced for current consumption are called ___________ goods.
a. investment
b. normal
c. opportunity
d. consumer
e. capital
1. Who benefits from voluntary trade?
a. buyers
b. sellers
c. buyers and sellers
d. the government
e. buyers and the government
2. The usual purpose of an experiment is to
a. observe an interesting phenomenon.
b. test a model that is based on a hypothesis.
c. formulate a hypothesis that explains a phenomenon.
d. construct a model based on a hypothesis.
e. turn a hypothesis into a theory.
3. An increase in general resources that affects the production of both goods on a production possibilities frontier (PPF) would cause an
a. inward shift of the PPF.
b. outward shift of the PPF.
c. outward rotation along the x-axis.
d. outward rotation along the y axis.
d. increase in opportunity cost.
4. Goods that are produced for current consumption are called ___________ goods.
a. investment
b. normal
c. opportunity
d. consumer
e. capital
