A.   The fact that there is infinite quantities of that good/service in an infinite amount of time.

B.   The fact that there is finite quantities of that good/service in a fixed amount of time.

C.   The fact that goods/services are limited by human ingenuity.

D.   The fact that goods/services are highly desirable.

A.   non-market rationing

B.   non-economic forces

C.   the price mechanism

D.   social, political, and cultural means

E.   social forces

A.   the allocating Ferrraris to those who can afford the price of a Ferrari

B.   the allocating of kidneys based on life expectancy

C.   not enough information to answer

D.   the allocating of healthcare to those who are the best candidates for treatment

E.   the allocating of slots into U.C. Berkeley based on SAT scores

A.   note enough information to answer

B.   marginal costs

C.   marginal benefits

D.   the price mechanism

E.   social, cultural, and political means

A.   the allocating of kidneys based on life expectancy

B.   cost-benefit analysis

C.   the allocating of Ferraris to those who can afford the price of Ferraris

D.   the allocating of slots into Harvard based on who can afford the price of tuition

E.   the allocating of healthcare to those who can afford the price of care

A.   Inflation, which is primarily a topic studied under macroeconomics, can impact how individuals make consumption decisions, which is a topic relegated primarily to microeconomics.

B.   Unemployment, which is primarily a topic studied under macroeconomics, can impact aggregate demand, which is a topic relegated primarily to microeconomics.

C.   Unemployment, which is primarily a topic studied under microeconomics, can impact aggregate demand, which is a topic relegated primarily to macroeconomics.

D.   Inflation, which is primarily a topic studied under microeconomics can impact aggregate demand, which is a topic relegated primarily to microeconomics.

A.   Cannot be recovered and thus are irrelevant to the decision at hand

B.   Are constant in the long run, but are variable in

C.   Are purely variable

D.   Can be recovered and thus are relevant to the decision at hand

E.   Are variable and change when you engage in some activity

A.   The fixed benefit of going to college over 4 years.

B.   The additional expense incurred by engaging in an activity.

C.   The additional money a firm spends on purchasing a computer.

D.   The additional revenue gained from selling an additional computer.

A.   All else being equal you are worse off from the activity

B.   The marginal cost is greater than the marginal benefit

C.   marginal benefit is greater than the marginal cost

D.   All of the answers available are correct

E.   The total cost is greater than the total benefit

A.   The net benefit that they could have received by spending that 8 hours in college

B.   transportation costs

C.   The net benefit that they could have received from working at their job

D.   Textbook costs

E.   The parking fees at the factory

A.   The investment in building educational facilities

B.   The foregone net benefit from spending $50 billion on healthcare

C.   The foregone benefit of improved education outcomes

D.   The cost of paying teacher's salaries

E.   The foregone cost of education spending

A.   MC=$5,000 MB=$12,000

B.   MC=$6,000 MB=$12,000

C.   MC=$5,000+$6,000=$11,000 MB=$12,000

D.   MC=$5,000+$6,000=$11,000 MB=$12,000+$11,000=$23,000

A.   No, due to the following reason: M B = 12 , 000 > M C = 5 , 000

B.   Yes, due to the following reason: M C = 12 , 000 > M B = 11 , 000

C.   Yes, due to the following reason: M B = 12 , 000 > M C = 11 , 000

A.   Gain an understanding of how economic variables converge and diverge from one another by making increased complexity an inherent part of the model.

B.   Increase complexity and gain insights into that complexity.

C.   Gain an understanding of how economic variables converge by making the real world more complex, and making predictions based on the insights from the increased complexity.

D.   Gain an understanding of how economic variables interact by making simplifying assumptions, and making predictions based on the insights from the model.

A.   Prices have a tendency to remain constant

B.   Prices are in equilibrium

C.   Prices have a tendency to fall

D.   Prices have a tendency to rise

E.   Quantity demanded will shift

A.   Prices have a tendency to rise

B.   not enough information to answer

C.   prices have a tendency to fall

D.   prices are constant

E.   prices are in equilibrium