From the list on your right select the letter that contains the word, phrase, na

Question

From the list on your right select the letter that contains the word, phrase, name, etc that best matches the word, phrase, name, etc listed on the left. A. There is no such thing as a free lunch." consumer's surplus A normative microeconomics statement Equilibrium price for the item will necessarily increase The Law of Diminishing Marginal Utility Negative marginal utility Increase price to raise revenue A society that produces at a point above its PPF A PPF With increasing opportunity cost Although increased government investments in infrastructure saved or created 1.1 million jobs in construction industry and 400,000 jobs in manufacturing by March 2011, the U.S. unemployment rate for the month was still 8.8% c. A downward sloping curve that is bowed outward E. F. Represents a situation where it is possible to increase production in one area without reducing in another If Hurricane Harvey reduces both demand and supply of natural H gas 8 The diferencebetween the maximum price a person is willing The difference between the maximum price a person is willing and able to pay and the actual price he/she paid positive macroeconomics statement Each time a choice is made opportunity costs are incurred. Price elasticity of demand for good X is 2.5 Equilibrium price for the item can increase, decrease, or remain the same A small increase in price of a good reduces quantity demanded to zero A PPF with constant or decreasing opportunity cost The Budget Constraint line rotates clockwise A situation of no-exchange Total utility declines as the quantity consumed of a good increases Income declines O. The Budget Constraint shifts inward Perfectly inelastic demand Prfectly elastic demand R. Productive inefficient Decrease price to raise revenue

Explanation / Answer

1 J
(When one option is chosen, something else has to be given up)

2 I
(It is based on facts and overall economy)

3 H
(A PPF with increasing opportunity costs is downward sloping bowed outward)

4 N
(Production in one area can be increased without reducing in other when there is no exchange)

5 K
(It depends on the extent of shift on the two curves)

6 A
(Consumer surpus is the difference between willingness to pay and amount actually paid)

7 S
(The given demand is elastic, and when demand is elastic total revenue can be increased by decreasing the price)

8 Q
(demand is hightly sensitive to change in price)

9 D
(marginal utility decreases as nuber of units consumed increases)

10 O
(As income declines, budget constraint shifts inward)

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