A.   human capital resources

B.   human resources

C.   livestock

A.   producing data.

B.   predicting outcomes.

C.   graphing equations.

A.   profitable.

B.   expensive.

C.   productive.

A.   the theory behind the model needs to be refined.

B.   the model is valuable.

C.   the assumptions of the model are generally accurate.

A.   expensive.

B.   profitable.

C.   productive.

A.   graphically, the data line representing the relationship between the variables has a positive slope.

B.   the value of the two variables will move in opposite directions from each other.

C.   the values of the two variables will move in the same direction.

A.   result

B.   cause

C.   effect

A.   are two variables that are negatively related.

B.   is no relationship between x and y.

C.   is a constant relationship between x and y.

A.   is no relationship between x and y.

B.   is a constant relationship between x and y.

C.   are two variables that are negatively related.

A.   the relationship between X and Y is direct.

B.   the relationship between X and Y is indirect.

C.   there is a trade-off between X and Y.

A.   value judgements.

B.   facts.

C.   conjecture.

A.   the production possibilities model demonstrates diminishing returns.

B.   the budget constraint demonstrates diminishing returns.

C.   the budget constraint depicts an inverse relationship, or a trade-off.

A.   the opportunity cost of producing more of something will rise.

B.   of diminishing returns.

C.   production of different types will compete for limited resources.

A.   sunk costs.

B.   opportunity costs.

C.   monetary costs.

A.   total benefit.

B.   marginal benefit.

C.   opportunity cost.

A.   close friends and family.

B.   strangers.

C.   humankind as a whole.

A.   technology can advance.

B.   the opportunity cost of producing more of something will remain constant.

C.   some land or labor is more productive in one use than another.

A.   Is it worth paying twice as much for the same amount of water?

B.   Are the benefits of cleaner water greater than the additional costs of the new filtration system?

C.   Are the total benefits of having a city water supply greater than the total cost?

A.   The revenue sacrificed will help to make the audience more diverse.

B.   The revenue sacrificed represents a very small share of the show’s revenues.

C.   The revenue sacrificed is worth the boost it gives to her image as lines form for tickets.

A.   income (budget) limitations.

B.   utility.

C.   the prices of the goods that we may purchase.

A.   Good weather and heavy winter rain increases the supply of agricultural products. This means that at any given price, a higher quantity will be supplied. Conversely, a drought would shift the

B.   supply curve to the left.

C.   supply curve to the right.

A.   market equilibrium.

B.   price and supply model.

C.   law of supply

A.   private companies control the government.

B.   economic decision-making happens through markets.

C.   there is no private property.

A.   Government regulation of production.

B.   A decrease in the price of inputs to production.

C.   A change in consumer tastes and preferences.

A.   460 million gallons to 700 millions gallons

B.   600 million gallons to 460 million gallons

C.   460 million gallons to 600 million gallons

A.   As the demand for milk increases, the price of milk will also increase.

B.   As the price of milk increases, the quantity of milk demanded will increase.

C.   As the price of milk decreases, the quantity of milk demanded will increase.

A.   460 million gallons to 700 millions gallons

B.   460 million gallons to 600 million gallons

C.   600 million gallons to 460 million gallons

A.   supply curve to the left.

B.   demand curve to the right.

C.   supply curve to the right.

A.   equilibrium.

B.   supply schedule.

C.   market stability.

A.   MP3 players and CD players are substitutes.

B.   MP3 players and CD players are normal goods.

C.   MP3 players and CD players are inferior goods.