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the United States should import automobiles and export wheat. 20 of 20. Quiz yourself with questions and answers for Eco Quizzes (Study for Exam), so you can be ready for test day. Explore quizzes and practice tests created by teachers and students or create one from your course material.
Study with Quizlet and memorize flashcards terms like Air travel from New York to Miami costs $300 and takes 6 hours. A bus ticket between the cities costs $150 and takes 56 hours. Other things constant, the minimum value of one's time that would induce a rational individual to fly rather than drive would be Select one: a. $1 per hour. b. $3 per hour. c. $50 per hour. d. $5 per hour., Because ...
Study with Quizlet and memorize flashcards containing terms like Opportunity costs exist because A. the decision to engage in one activity means forgoing some other activity. B. wants are scarce relative to resources. C. households and businesses make rational decisions. D. most decisions do not involve sacrifices or trade-offs., Which of the following most closely relates to the idea of ...
Economies that are poorer and trying to become developed. Developing Economies. Resources that can be used again or brought back. Renewable Resources. Study with Quizlet and memorize flashcards containing terms like Any item that can be traded for goods or services, Anything that has value that can be touched, Job done for money and more.
An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something. a diagram showing the relation between variable quantities, typically of two variables, each measured along one of a pair of axes at right angles. Just the definition of economic vocabulary Learn with ...
ECON & 202 Quiz #2. Air travel from New York to Miami costs $300 and takes 6 hours. A bus ticket between the cities costs $150 and takes 56 hours. Other things constant, the minimum value of one's time that would induce a rational individual to fly rather than drive would be. A. $1 per hour.
Study with Quizlet and memorize flashcards containing terms like Explain why the concept of scarcity is important to the study of economics., Tonight I can either (1) go out to dinner and a movie, or (2) cook dinner for some friends, or (3) eat a hamburger at the baseball game. I prefer to do (1), then (2), and finally (3) if I can only do one. If these are my best choices and the dollar cost ...
