ECON 201 Exam 1 OSU

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Do you feel prepared

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Economists assume that rational people do all of the following except

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Economists reason that the optimal decision is to continue any activity up to the point where the

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The idea that because of scarcity, producing more of one good or service means producing less of another good or service refers to the economic concept of

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Which of the following is a positive economic statement?

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Which of the following is a normative economic statement?

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Scarcity

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Increasing opportunity cost is represented by a bowed out production possibilities frontier.

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Economic decline (negative growth) is represented on a production possibilities frontier model by the production possibility frontier

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If society decides it wants more of one good and all resources are fully utilized, then

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Refer to Figure 2-7. Which country has a comparative advantage in the production of coconuts?

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Refer to Figure 2-7. What is the opportunity cost of producing 1 ton of pineapples in Costa Rica?

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Specializing in the production of a good or service in which one has a comparative advantage enables a country to do which of the following?

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The natural resources used in production are made available in the

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When you purchase a new pair of jeans you do so in the

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