A marginal change is one that       a. is not important for public policy.       b. incrementally alters an existing plan.       c. makes an outcome inefficient.       d. does not influence incentives.

Scarcity Implies? a. there isn't an opportunity cost b. there will be shortages.  c. there will be choices d. there will be downward pressure on prices

Scarcity requires people to make choices. O requires people to reduce their wants. means that wants and needs are scarce. does not exist in the 21st century because resources are sufficient to meet peoples' wants and needs.

Complete the following sentence. Marginal cost Select one: A. remains constant. B. is the opportunity cost of producing one more unit of a good or service. C. is unrelated to the production possibilities frontier. D. is always greater then marginal benefit. E. always equals marginal benefit.

If the marginal cost of a cup of tea is greater than its marginal benefit, then to increase efficiency a. nothing should be done if the marginal benefit is greater than the marginal cost by the maximum amount because in this case the efficient quantity of cups of tea is being produced. b. more cups of tea should be produced. production should be halted. c. fewer cups of tea should be produced d. More information is needed about the price of a cup of tea in order to determine if production should be increased, decreased, or not changed.

Which of the following is a microeconomic problem? (A) the reasons why average prices are falling (B) the reasons Kathy is buying less orange juice (C) the reason why overall employment may fall (D) the impact of the government budget deficit on inflation

What is a way to determine the value of a forest that remains intact? A. The number of people who visit this forest. B. How much money people would pay to protect this forest. C. The amount of money that people spend to purchase gear for camping in this forest. D. How long it takes for people to reach the forest by different modes of transportation. E. A and B. F. All of the above.

Scarcity means what?           time and resources spent researching a cure for breast cancer are time and resources that could have been spent researching cures for lymphoma.     25 year olds might be more willing to start a family than 35 year olds.     government funding of federal programs equals the amount paid in taxes.     all consumers are assumed to have limited financial resources.     money flows in a circle.

Find the attached file.

Answer the question, using the 3 step approach? 9. Forecast the effects of changing market conditions when there is an economic downturn and employers need fewer workers.