The choice on a production possibilities set that is socially preferred, or the choice on an individual's budget constraint that is personally preferred, will display _____.

A. allocative efficiency

B. the production possibilities frontier

C. trade-offs

D. scarcity

Outline the contractile process. Use a step-by-step format illustrating the entire process, beginning with the nerve impulse reaching the neuromuscular junction.

The slope of the _________________ is determined by the relative price of the two goods, which is calculated by taking the price of one good and dividing it by the price of the other good.

A. personal preference

B. utility level

C. budget constraint

D. opportunity set

Marginal thinking is best demonstrated by:

A. Choosing to spend one more hour studying economics because you think the improvement in your score on the next quiz will be worth the sacrifice of time.

B. Deciding to never purchase a coat made with animal skins or furs

C. Acquiring the information relevant to a choice before making that choice

D. Measuring all of the costs of a meal against all of the benefits when deciding whether to order a second milkshake

Question relate to price in a monopolistic market. Write your answers in the blanks provided. Is it easier for a perfectly competitive firm or for a monopolist determine price? Explain.

As a person receives more of a good, the _____ from each additional unit of the good declines.

A. utility

B. sunk costs

C. marginal utility

D. budget constraint

According to the circular flow model, in what market do households receive goods and services and pay firms for them?

Finish the sentence below.

According to the circular flow diagram, households and firms interact in the ________ and the __________.

Which of the following is most likely a topic of discussion in macroeconomics?

A an increase in the price of a hamburger

B a decrease in the production of DVD players by a consumer electronics company

C an increase in the wage rate paid to automobile workers

D a decrease in the unemployment rate

The imposition of a price ceiling on a market often results in __________.

Whenever there is a shortage at a particular price, the quantity sold at that price will equal:
a. the quantity demanded at that price.
b. the quantity supplied at that price.
c. the quantity supplied minus the quantity demanded.
d. quantity demanded plus quantity supplied.

What are the elements of the circular flow diagram?

What is an example of a real flow in the circular flow diagram?

A severe freeze has once again damaged the Florida orange crop. The impact on the market for orange juice will be a leftward shift of:

a. The supply curve and the rightward shift of the demand curve resulting in a higher equilibrium price

b. Both the supply and demand curves

c. The supply curve

d. The demand curve, as consumers try to economize because the shortage