【正文】 TOP: Opportunity cost MSC: Applicative 47. Russell spends an hour studying instead of playing tennis. The opportunity cost to him of studying isa. the improvement in his grades from studying for the hour.b. the improvement in his grades from studying minus the enjoyment of playing tennis.c. the enjoyment and exercise he would have received had he played tennis.d. zero. Since Russell chose to study rather than to play tennis, the value of studying must have been greater than the value of playing tennis.ANS: C DIF: 3 REF: 11TOP: Opportunity cost MSC: Applicative 48. Collegeage athletes who drop out of college to play professional sportsa. are not rational decision makers.b. are well aware that their opportunity cost of attending college is very high.c. are concerned more about present circumstances than their future.d. underestimate the value of a college education.ANS: B DIF: 2 REF: 11TOP: Opportunity cost MSC: Interpretive 49. A rational decisionmaker a. ignores marginal changes and focuses instead on “the big picture.”b. ignores the likely effects of government policies when he or she makes choices.c. takes an action only if the marginal benefit of that action exceeds the marginal cost of that action.d. takes an action only if the bined benefits of that action and previous actions exceed the bined costs of that action and previous actions.ANS: C DIF: 2 REF: 11TOP: Marginal changes MSC: Interpretive 50. Rational people make decisions at the margin bya. following marginal traditions.b. behaving in a random fashion.c. thinking in blackandwhite terms.d. paring marginal costs and marginal benefits.ANS: D DIF: 1 REF: 11TOP: Marginal changes MSC: Interpretive 51. The word margin meansa. edge.b. distance.c. space.d. measure.ANS: A DIF: 1 REF: 11TOP: Marginal changes MSC: Definitional 52. Making rational decisions at the margin means that peoplea. make those decisions that do not impose a marginal cost.b. evaluate how easily a decision can be reversed if problems arise.c. pare the marginal costs and marginal benefits of each decision.d. always calculate the marginal dollar costs for each decision.ANS: C DIF: 2 REF: 11TOP: Marginal changes MSC: Interpretive 53. A person’s willingness to pay for a good is based on a. the availability of the good.b. the marginal benefit that an extra unit of the good would provide for that person.c. the marginal cost of producing an extra unit of the good.d. esoteric factors, the study of which lies beyond the boundaries of economics.ANS: B DIF: 2 REF: 11TOP: Marginal changes MSC: Interpretive 54. To say that people respond to incentives is to say thata. changes in costs (but not changes in benefits) influence people39。s members.d. society is getting the maximum benefits from its scarce resources.ANS: D DIF: 1 REF: 11TOP: Efficiency MSC: Definitional 27. Economists use the word equity to describe a situation in whicha. each member of society has the same ine.b. each member of society has access to abundant quantities of goods and services, regardless of his or her ine.c. society is getting the maximum benefits from its scarce resources.d. the benefits of society39。s members.c. society39。 equity refers to how the pie is divided.b. Government policies usually improve upon both equity and efficiency.c. As long as the economic pie continually gets larger, no one will have to go hungry.d. Efficiency and equity can both be achieved if the economic pie is cut into equal pieces.ANS: A DIF: 2 REF: 11TOP: Efficiency, Equity MSC: Interpretive 26. Efficiency means thata. society is conserving resources in order to save them for the future.b. society39。s role in society.c. how a market system functions.d. how to increase production.ANS: A DIF: 1 REF: 10TOP: Economies, Scarcity MSC: Definitional 14. In most societies, resources are allocated bya. a single central planner.b. a small number of central planners.c. those firms that use resources to provide goods and services.d. the bined actions of millions of households and firms.ANS: D DIF: 1 REF: 10TOP: Resource allocation MSC: Interpretive 15. The adage, There is no such thing as a free lunch, is used to illustrate the principle thata. goods are scarce.b. people face tradeoffs.c. ine must be earned.d. households face many decisions.ANS: B DIF: 2 REF: 11TOP: Tradeoffs MSC: Interpretive 16. The adage, There is no such thing as a free lunch, meansa. even people on welfare have to pay for food.b. the cost of living is always increasing.c. to get something we like, we usually have to give up another thing we like.d. all costs are included in the price of a product.ANS: C DIF: 1 REF: 11TOP: Tradeoffs MSC: Definitional 17. Economists use the phrase There is no such thing as a free lunch, to illustrate the principle thata. inflation almost always results in higher prices over time.b. nothing is free in a market economy.c. making decisions requires trading off one goal against another.d. if something looks too good to be true, it probably is not worth pursuing.ANS: C DIF: 2 REF: 11TOP: Tradeoffs MSC: Interpretive 18. Which of the following statements best represents the principle represented by the adage, There is no such thing as a free lunch?a. Melissa can attend the concert only if she takes her sister with her.b. Greg is hungry and homeless.c. Brian must repair the tire on his bike before he can ride it to class.d. Kendra must decide between going to Colorado or Cancun for spring break.ANS: D DIF: 3 REF: 11TOP: Tradeoffs MSC: Applicative 19. The principle that people face tradeoffs applies toa. individuals.b. families.c. societies.d. All of the above are correct.ANS: D DIF: 1 REF: 11TOP: Tradeoffs MSC: Applicative 20. A typical society strives to get the most it can from its scarce resource