Final Exam
1. A nation has a productive lobster fishery off the coast. Which of the nation’s economic resources do the lobsters represent?
A. Labor
B. Land
C. Capital
D. Food
2. Kelly has a difficult decision to make concerning how she should spend two hours this evening. She can study for her economics exam, she can babysit and earn $10 per hour, or she can work at the campus library and earn $7 per hour. The opportunity cost of studying for her economics exam is:
A. $20
B. $17
C. $14
D. $34
3. When a consumer weighs the additional benefit of doing something against the additional cost of doing it, it is said that she is engaging in:
A. Resource analysis
B. Consumer analysis
C. Marginal analysis
D. Profit analysis
4. Which of the following headlines ...
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