In The Real World Opportunity Cost Tends To Be

Question: Which of the following can best be characterized as a subject of microeconomics?

-An examination of how much of a particular good gets produced

-An examination of inflation

An examination of an economy’s overall level of production

-An examination of a country’s imports and exports

Answer:

Question: Which of the following can best be characterized as a subject of microeconomics?

An examination of consumer behavior

An examination of an economy’s price level

An examination of monetary policy

An examination of a country’s economic growth

Answer:

Question: Which of the following can best be characterized as a subject of macroeconomics?

An examination of how much of a particular good gets produced

An examination of consumer behavior

An examination of where goods come from

An examination of inflation

Answer:

Question: Which of the following can best be characterized as a subject of macroeconomics?

An examination of how a change in demand or supply impacts the price of a good

An examination of the production of a good

An examination of specialization

An examination of monetary policy

Answer:

Question: _________ examines economies on a large scale, while ___________ examines economic activity on a relatively small scale.

Answer:

Question:

Answer:

Question:

Answer: Cotton to be woven into fabric Correct

Land is all of the natural resources used in production; sometimes referred to as “gifts of nature.” Cotton is a natural resource and therefore an example of land.

Question:

Answer: A stenographer who can type courtroom proceedings

Labor is all physical and mental activity devoted to producing goods and services. A stenographer’s work is an example of labor.

Question: The ability to see a market need and to organize inputs to meet that need is what type of market resource?

Entrepreneurial ability

Labor

Land

Capital

Answer:

Question: The fish in the ocean are what type of market resource?

Entrepreneurial ability

Capital

Labor

Land

Answer: Land Correct

Land is all of the natural resources used in production; sometimes referred to as “gifts of nature.” Fish in the ocean are a natural resource and therefore an example of land.