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unit 1 macro

Terms in this set (10)

it is impossible to completely fulfill the unlimited human desire for goods and services with the limited resources
available.
Scarcity implies that:
consist of land, labor, capital, and entrepreneurial skills.
An economy's resources:
both monetary and non-monetary costs.
Opportunity cost includes
The cost of haircuts received during the school term
The opportunity cost of attending college is likely to include all except which of the following?
differs across passengers to the extent that both the airfare paid and the highest valued use of travel time
vary.
The opportunity cost of an airplane flight:
the highest valued alternative use of the resources devoted to the shuttle program.
A university offers a free shuttle service around campus. The opportunity cost of the shuttle service is equal
to:
The opportunity cost to him of making his own clothes is very high because it takes away from his lucrative hockey career
Sergei makes millions of dollars a year playing hockey. Sergei is also the best tailor in his hometown in Russia. What is the most likely explanation for why Sergei doesn't make his own clothes?
can produce at the lowest opportunity cost
An individual has a comparative advantage in production if that
individual:
None of the above would be efficient from an economic perspective.
Which of the following would be efficient from an economic
perspective?
all of the above are true
Which of the following is true?
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