Refer to Figure 2-1. An economy is operating at full employment, and then workers in the bread industry are laid off. This change is portrayed in the movement from:

Refer to Figure 2-1. The most inefficient point depicted is:

Why is there scarcity?

Scarcity implies that:

Gomer decides to spend an hour playing basketball rather than studying. His opportunity cost is:

"If I didn't have class tonight, I would save the $4 campus parking fee and spend four hours at work where I earn $10 per hour." The opportunity cost of attending class this evening is:

Referring to Table 2-1: A student has only a few hours to prepare for two different exams this afternoon. The above table shows alternative possible exam scores with three alternative uses of the student's time. The opportunity cost of scoring a 94 on the economics exam rather than a 77 is:

Refer to Table 2-1. A student has only a few hours to prepare for two different exams tomorrow morning. The above table shows alternative possible exam outcomes with three alternative uses of the student's time. The opportunity cost of scoring an 84 on the history exam rather than 76 is:

The slope of the _____ is determined by the relative price of the two goods, which is calculated by taking the price of one good and dividing it by the price of the other good.

Most choices involve ____________, which involves comparing the benefits and costs of choosing a little more or a little less of a good.

Marginal thinking is best demonstrated by:

The general pattern that consumption of the first few units of any good tends to bring a higher level of _____ to a person than consumption of later units is a common pattern.

The lesson of ______ is to forget about the money that’s irretrievably gone and instead to focus on the marginal costs and benefits of future options.

The model that economists use for illustrating the process of individual choice in a situation of scarcity is the __________, sometimes also called the opportunity set, a diagram which shows what choices are possible.

Refer to the Figure. At Point A in the production possibilities graph shown above, the economy:

Refer to the Figure. When the economy moves from Point A to Point B in the diagram above:

Philosophers draw a distinction between ___________, which describe the world as it is, and normative statements, which describe how the world should be.

The law of ________explains why people and societies rarely make all-or-nothing choices.

As a person receives more of a good, the _______________ from each additional unit of the good declines.

The slope of the __________ is determined by the relative price of the two goods, which is calculated by taking the price of one good and dividing it by the price of the other good.

In many cases, it is reasonable to refer to the _______________ as the price.

In deciding how many hours to work, Beulah will make a choice that maximizes her _utility______; that is, she will choose according to her preferences for leisure time and income.

The model that economists use for illustrating the process of individual choice in a situation of scarcity is the budget constraint, sometimes also called the ____________, a diagram which shows what choices are possible.

The choice on a production possibilities set that is socially preferred, or the choice on an individual’s budget constraint that is personally preferred, will display _____

Most real-world choices aren't about getting all of one thing or another, instead, most choices involve _________________, which involves comparing the benefits and costs of choosing a little more or a little less of a good.

Who is this absolute DOLL?