When allocating resources using market price,
A.everyone who is able to pay for a good gets one.
B.everyone who wants a good gets one.
C.everyone who is willing and able to pay for a good gets one.
D.everyone who is willing to pay for a good gets one.
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In every economic system, choices must be made because resources are ( ) and our wants are ( ).
A.unlimited; unlimited
B.limited; limited
C.limited; unlimited
D.unlimited; limited
Suppose that for the past two months, you have studied economics one hour a day. You now decide to study economics two hours a day. For the past two months, ( ).
A.the opportunity cost of studying economics must have risen.
B.the marginal cost of studying economics must have fallen
C.your marginal cost of studying economics for an hour must have exceeded its marginal benefit
D.your marginal benefit from studying economics an hour must have been greater than its marginal cost
The opportunity cost of economic growth is
A.future consumption that a nation gets if it gives up some present consumption.
B.present consumption that a nation gives up to accumulate capital.
C.future consumption that a nation gives up to consume more today.
D.present investment that a nation gives up to increase its economic growth.
When the competitive market is using its resources efficiently, the
A.total amount of consumer surplus is maximized.
B.sum of the total amount of consumer surplus plus the total amount of producer surplus equals zero.
C.total amount of producer surplus is maximized.
D.sum of the total amount of consumer surplus plus the total amount of producer surplus is maximized.
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