Referring to Figure 1.4, the opportunity cost of producing the first unit of pizza is 
A. the same as the opportunity cost of producing the second unit of pizza.
B. three units of soda.
C. one unit of soda.
D. six units of soda.
Answer: C
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Economists contend that most economic decisions are:
A. random. B. chaotic. C. spontaneous. D. purposeful.
According to the above table, which assumes that opportunity costs of producing goods X and Y are constant, which of the following statements is TRUE?
A. Holly will be willing to produce only good X and trade units of that good to Sherry as long as she receives less than 2.5 units of good Y in exchange. B. Holly will be willing to produce only good Y and trade units of that good to Sherry as long as she receives less than 0.4 unit of good X in exchange. C. Sherry will be willing to produce only good Y and trade units of that good to Holly as long has she receives less than 2 units of good X from her in exchange. D. Sherry will be willing to produce only good X and trade units of that good to Holly as long as she receives more than 0.5 units of good Y from her in exchange.
Your wage this year is $15 per hour and the CPI is 178. Next year you get a raise to $17 and the CPI rises to 185. What has happened?
A) Your real and nominal wages have each increased by the same percentage. B) Your real wage has increased but by a smaller percentage than your nominal wage. C) Your nominal wage has increased but your real wage has declined. D) Your nominal wage has increased but your real wage has not changed. E) Your real wage rate has increased by a larger percentage than your nominal wage.
The term used to describe a more realistic conception of human problem-solving that assumes less than perfect analysis is: a. framing
b. compartmentalizing. c. countercyclical policy. d. bounded rationality.