Economists tend to believe that to change people's behavior you must: A legislate the change. B. appeal to their concern for society. C. appeal to their religious values. D. change their incentives. In the market for com tortilla chips, what would cause a price increase? A. Doctors tell their patients that tortilla chips are unhealthy. If there is an excess supply of a good, the problem of scarcity does not apply to that good. True False B. The price of salsa triples. C.A fungus kills much of the com crop in Nebraska. D. There is a technological advance in tortilla chip production. Macroeconomics deals with: A bits and pieces of the economy. B. how a business unit should operate profitably. C. the working of the entire economy or large sectors of it. D. how individuals make decisions. Microeconomics deals with: 5 points Save Answer A. gross domestic product. B. individual decision makers in the economy. OC. economic growth. OD. the working of the entire economy or large sectors of it. 5 points Save Answer 5 points 5 points 5 points Save Answer Save Answer Save Answer iPad QUESTION 22 Microeconomics deals with: A gross domestic product. B. individual decision makers in the economy. C. economic growth. D. the working of the entire economy or large sectors of it. C. D. 80; $200 80; $1,600 4:42 PM centralstate.blackboard.com QUESTION 23 5 points Suppose the market demand curve for TV remotes is given by the equation Qd = 100-2P, where P is the price and Qd is the number of TV remotes demanded. If the market price of TV remotes is $10, then the quantity demanded equals_____ and the value of consumer surplus is, A. 20; $1,600 B. 20; $100 QUESTION 24 The best measure of the opportunity cost of any choice is: A. the monetary cost of that choice. 5 points B. the cost associated with not taking full advantage of the opportunity offered by that choice. your hourly wage. 5 points D. whatever you have given up to make that choice, even if no monetary costs are involved. B. are always limited to variables that are directly related. C. are of necessity unrealistic and not related to the real world. D. emphasize basic relationships by abstracting from complexities in the everyday world. QUESTION 26 QUESTION 25 The models used in economics: A are essentially not reliable because they are not testable in the real world. 5 points 5 points Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Close Window Save Answer Save Answer Save Answer Save Answer Save Answer Save and Submit 79 % 1 iPad 4:42 PM centralstate.blackboard.com QUESTION 26 The opportunity cost of something is: A greater during periods of rising prices. B. what is given up to acquire it. C. equal to the money cost. D. less during periods of falling prices. QUESTION 27 We have to make choices because: A with good planning, trade-offs can be avoided. B. resources are scarce. C. we have unlimited income. D. resources are infinite. QUESTION 28 Which of the following principles underlies the gains from trade? A. Marginal analysis is used for "how much" decisions. B. People usually exploit opportunities to make themselves better off. C. Resources should be used as efficiently as possible to achieve society's goals. D. Resources are scarce. 5 points Save Answer III Save All Answers 5 points Save Answer 5 points QUESTION 29 5 points Save Answer Why are economists so particular about the difference between an increase in quantity demanded and an increase in demand? Aren't they the same thing? TTT Arial 3 (12pt) Path: p Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save Answer Close Window Words:0 Save and Submit 79% QUESTION 30 5 points You decide to join the economics club, but this means you can't join the accounting club because it meets at the same time. This statement best represents this economic concept: A. There are gains from trade. B. "How much" is a decision at the margin. C. The real cost of something is what you must give up to get it. D. People usually exploit opportunities to make themselves better off. QUESTION 31 5 points You like to read Vogue and Sports Illustrated. You have only $5 to spend, so you buy only Sports Illustrated. This statement best represents this economic concept: A. There are gains from trade. B. The real cost of something is what you must give up to get it. C. Resources are scarce. D. "How much is a decision at the margin. Save Answer Path: p Save Answer QUESTION 32 5 points Save Answer You read that college tuition is rising every year, and yet more students attend college every year. Isn't this a violation of the law of demand? Arial 3 (12pt) T Words:0