Micro - Homework 2

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1 point

Which of the following sayings best reflects the concept of opportunity cost?

1 point

The use of theory and observation is more difficult in economics than in sciences such as physics due to the difficulty in

1 point

Does voluntary exchange create wealth (value)?

1 point

Which of the following statements is correct?

1 point

Refer to Figure 2-1. Which arrow represents the flow of goods and services?

1 point

Refer to Figure 2-1. Which arrow represents the flow of spending by households?

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?

1 point

Refer to Table 2-3. What is the opportunity cost to Libraryland of increasing the production of books from 200 to 300?

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)?

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