When individuals come together to buy and sell goods and services, they form a(n)
a. economy
b. market
c. production possibilities frontier
d. supply curve
e. demand curve
B
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Which of the following reasons best explains why Julio mows his lawn, cleans up trash in his yard, paints his shutters, and does other maintenance projects on his house?
A. Scarcity B. Opportunity cost C. Property rights D. Specialization and trade
Which of the following groups is most likely to participate in an employer-sponsored retirement plan?
A. Workers with defined benefit plans in small workplaces B. Low-wage workers C. High-wage workers in part-time jobs D. High-wage workers in full-time jobs
From a strictly economic perspective, immigration should be:
A. Expanded until its marginal benefits equal its marginal costs B. Expanded until its total benefits equal its total costs C. Expanded as long as its marginal costs exceed its marginal costs D. Reduced if its marginal benefits exceed its marginal costs
Agnes can produce either 1 unit of X or 1 unit of Y in an hour, while Brenda can produce either 2 units of X or 4 units of Y in an hour. The opportunity cost of producing a unit of Y is
A) 1 unit of X per unit of Y for Agnes and 2 units of X per unit of Y for Brenda. B) 1 unit of X per unit of Y for Agnes and 1/2 unit of X per unit of Y for Brenda. C) 1 hour for Agnes and 1/2 hour for Brenda. D) 1 hour for Agnes and 2 hours for Brenda.