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1.Marginal analysis compares ____________ and ____________ to determine the optimal outcome or
1.Marginal analysis compares ____________ and ____________ to determine the optimal outcome or
choice.
Select the correct answer below:
total benefits, total costs
total benefits, marginal costs
marginal benefits, total costs
2.In marginal analysis, if possible, the optimal outcome is found when ______.
Select the correct answer below:
TB > TC
MC > MB
MB = MC
TB=TC
3.When considering the characteristics of the budget constraint, which of the following statements is true?
Select the correct answer below:
It is a legal limit on how much individuals may spend without going into bankruptcy.
The budget constraint slopes upward.
The budget constraint is a straight line.
The budget constraint is only for countries, not individuals.
4.If a family spends its entire budget in a given time frame, the family can afford either 10
restaurant meals or 30
home meals. Assuming the family spends its entire budget on just these two goods, what is the opportunity cost of one extra restaurant meal in the time frame? (Round your answer to two decimal places.)
5.Define opportunity cost.
Select the correct answer below:
All possible consumption combinations of goods that someone can afford when all income is spent.
A cost that is made in the past and cannot be recovered.
All possible combinations of consumption that someone can afford given the prices of goods and the individual's income.
The measure of cost by what is given up in exchange for what is obtained.
