Econ 205 Final review Flashcards Questions and Answers 2023
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Tradeoffs are required because wants are unlimited and resources are - -Scarce -Suppose you find $20 on the sidewalk and decide to spend it having dinner at Applebees. Your opportunity cost for goi... ng to dinner is - -The $20 because you could have spent it on something else, plus the value of your time spent at Applebees -Which is the best example of marginal analysis? - -I decide to study for only 1 more hour because sacrificing one hour of sleep is okay but sacrificing 2 would be too impactfully on my alertness tomorrow -Adam Smith's invisible hand metaphor is about the way markets usually allocate resources well. - -True -Which explains the shape of a PPF (or PPC)? - -Its bowed because of the fact that resources used in production are diverse and increasing one category of production will start to require using ill suited workers who were better at the other activity [Show More]
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