ECON 1580 Questions with Detailed Verified and
100% Accurate Solutions
According to the textbook, economics is a:
social science.
A/an _______ does not pose the problem of scarcity; one use of the good is not an
alternative to another use.
free good
Water is considered a scarce good rather than a free good because:
it has alternative uses.
The Case in Point on the oil extraction suggests that one reason oil may become more costly
is that:
we will have to give up more and more valuable alternatives to extract oil.
The opportunity cost of something is:
The value of the next best alternative is forgone when a choice is made.
The BEST example of making a choice at the margin is:
a coffee drinker drinking another cup of coffee.
The study of a single firm and how it determines prices would fall under:
microeconomics.
100% Accurate Solutions
According to the textbook, economics is a:
social science.
A/an _______ does not pose the problem of scarcity; one use of the good is not an
alternative to another use.
free good
Water is considered a scarce good rather than a free good because:
it has alternative uses.
The Case in Point on the oil extraction suggests that one reason oil may become more costly
is that:
we will have to give up more and more valuable alternatives to extract oil.
The opportunity cost of something is:
The value of the next best alternative is forgone when a choice is made.
The BEST example of making a choice at the margin is:
a coffee drinker drinking another cup of coffee.
The study of a single firm and how it determines prices would fall under:
microeconomics.
