ECO 2023 Final Exam Study Set || with Accurate Answers 100%.

Adam Smith believed that if people were free to pursue their own interests correct answers public interest would be served quite well Andre, a wheat farmer, is deciding whether or not to add fertilizer to his crops. If he adds 1 pound of fertilizer per acre, the value of the resulting crops rises from $80 to $100 per acre. According to marginal analysis, Andre should add fertilizer if it costs less than correct answers $20 per pund The expression, "There's no such thing as a free lunch," implies that correct answers the use of resources to produce a good has opportunity cost because of scarcity The opportunity cost of going to college is correct answers the value of the best opportunity a student gives up to attend college. People are willing to pay more for a a diamond than for a bottle of water because correct answers the marginal benefit of an extra diamond far exceeds the marginal benefit of an extra bottle of water A student noted that the football team won by a larger margin when the third-string played more minutes. Therefore, he recommended that the third-stringers become the first team. His conclusion was probably erroneous because he correct answers failed to recognize that association is not causation Which of the following is a positive economic statement? correct answers Government control of rent decreases the number of new apartments constructed Retired persons travel by bus and automobile more frequently than do business executives, who more commonly use air travel. An economic explanation for this would be that correct answers business executives value their time more highly Which of the following will most likely cause an outward shift in the production possibilities curve? correct answers an increase fro40 to 50 hours in the average number of hours worked per week With time, which one of the following strategies will most likely result in an outwards shift in an economy's production possibilities curve? correct answers institution of a tax policy encouraging research that advances technology Which of the following is true regarding private ownership? correct answers With private ownership, owners are held accountable for using their resources in a manner that harms resources of others