Eco101102 Notes Parkland College

ECO NOTES PARKLAND COLLEGE 01/01/01 f (1) QID: 12876 The opportunity cost of any particular choice is the least expensive alternative to the choice. the best alternative to the choice. the price that one pays for the choice. the most expensive alternative to the choice. (2) QID: 12879 If you wait in line one hour to buy a concert ticket for $30, the opportunity cost of that ticket is the best alternative use of the $30. the best alternative to the one hour it took to buy the ticket. the best alternative to both the $30 and the one hour. not measurable because there is no opportunity cost to consumption. (3) QID: 12880 Scarcity is a problem only during a recession or depression. is a problem only in developing countries. is a problem only among poor people. requires people to make choices. (4) QID: 12883 The study of economics is primarily concerned with determining the most equitable distribution of income in the economy. choices which have to be made concerning the use of scarce resources. demonstrating the superior nature of capitalist economies. keeping businesses from losing money. (5) QID: 13997 Which of the following is a correct statement? During a depression or recession, economic principles are not neccessarily valid. Economics laws are important because they allow us to predict and possibly control economic events. Economics laws are as precise as laws in physics or chemistry. Economics laws are concerned with judging outcomes and therefore are not scientific. (6) QID: 15243 The opportunity cost of a college education is the cost of books and tuition. the time you spend studying for tests. the salary that you made at a part-time job last year. the highest salary that you could make if you worked full time instead of going to school. (7) QID: 15244 Which of the following is not a scarce good? Air Space Water Garbage (8) QID: 15245 A good is not scarce if everybody can have all they want of it. if someone can buy all he/she wants of the good.