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
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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.
Which of the following correctly defines utilitarianism?
A.The difference between what a consumer is willing to pay and what actually has to be paid.
B.Equality will not result in efficient outcomes.
C.Cost will increase if production increases.
D.Society should strive to achieve the greatest good for the greatest number.
When a market is in equilibrium,
A.the supply curve has the same slope as the demand curve.
B.there is no shortage and no surplus at the equilibrium price.
C.the number of buyers is exactly equal to the number of sellers.
D.everyone has all they want of the commodity in question.
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