ECO 2023 Exam 1 || All Questions Answered Correctly.

the study of economics correct answers the choices people make to attain their goals, given their scarce resources productive efficiency correct answers when goods and services are produced at the lowest possible cost _________ occurs a statement that is true about competition in a market correct answers competitions forces firms to produce and sell products as long as the margin benefit to consumers exceeds the marginal cost of production whether or not consumers will buy its products correct answers which of the following is NOT an example of an economic trade-off that a firm has to make each faces the problem of scarcity which necessitates trade-offs in making economic decisions correct answers Which of the following is correct about the economic decisions consumers, firms, and the government have to make scarcity correct answers the study of economics arises due to as long as the marginal benefit it receives is just equal to or greater than $200 correct answers if the marginal cost of producing a television is constant at $200, then a firm should produce this item... the machines workers have to work with correct answers what is counted as "capital" in economics microeconomics correct answers the branch of economics which studies how households and firms make choices, interact in markets and how government attempts to influence their choices is called a fashion designer should be allowed to copyright designs to promote innovation correct answers which of the following is a normative statement if the price of gasoline rises, a smaller quantity will be bought correct answers Which of the following is a positive economic statement at least $60,000 correct answers ted quits his $60,000 a-year job to be a stay at home dad. What is the opportunity cost of his decision they assume that rational behavior is useful in explaining choices people make even though people may not behave rationally all the time correct answers What best describes an assumption economists make about human behavior