Micro - Homework 2

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1.
1 point
Which of the following sayings best reflects the concept of opportunity cost?
2.
1 point
The use of theory and observation is more difficult in economics than in sciences such as physics due to the difficulty in
3.
1 point
Does voluntary exchange create wealth (value)?
4.
1 point
Which of the following statements is correct?
5.
1 point
Refer to Figure 2-1. Which arrow represents the flow of goods and services?
6.
1 point
Refer to Figure 2-1. Which arrow represents the flow of spending by households?
7.
1 point
Refer to Figure 2-1. Sonia completes her first week of employment working as a hairdresser at a salon. On Friday of that week, she receives her first paycheck. To which of the arrows does this transaction directly contribute?
8.
1 point
Refer to Table 2-3. What is the opportunity cost to Libraryland of increasing the production of books from 200 to 300?
9.
1 point
Refer to Table 2-3. Which of the following statements is correct?
10.
1 point
Refer to Figure 2-3. This economy has the ability to produce at which point(s)?