Practice mode / Introduction To Economics A student chooses to study because the marginal benefit is greater than the ____ cost? A Option A: average B Option B: expected C Option C: total D Option D: marginal Correct answer D. marginal Show answer
Question 01 / Introduction To Economics Opportunity cost is? A Option A: the cost incurred in the past before we make a decision about what to do in the future. B Option B: a cost that cannot be avoided. regardless of what is done in the future C Option C: that which we forgo, or give up, when we make a choice or a decision. D Option D: the additional benefit of buying an additional unit of a product Correct answer C. that which we forgo, or give up, when we make a choice or a decision. Show answer Open question
Question 02 / Introduction To Economics Periods of less than full employment corresponds to? A Option A: points outside the production possibility curve B Option B: either points inside or outside the production possibility curve. C Option C: points on the production possibility curve D Option D: points inside the production possibility curve. Correct answer D. points inside the production possibility curve. Show answer Open question
Question 03 / Introduction To Economics In a free market system, the amount of goods and services that any one household gets depends upon its? A Option A: income B Option B: income and wealth C Option C: wealth D Option D: wage and interest income Correct answer B. income and wealth Show answer Open question
Question 04 / Introduction To Economics Which one of the following is a normative statement? A Option A: The richest 10 per cent of the population has had a bigger percentage increase in incomes over the past 10 years than the poorest 10 percent B Option B: Inflation is rising C Option C: The proportion of people’s income paid in taxes is higher under this government than under the previous one. D Option D: Inequality in the distribution of income is a more serious problem than unemployment Correct answer D. Inequality in the distribution of income is a more serious problem than unemployment Show answer Open question
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