Final Exam

1. A nation has a productive lobster fishery off the coast. Which of the nation’s economic resources do the lobsters represent?

A. Labor

B. Land

C. Capital

D. Food

2. Kelly has a difficult decision to make concerning how she should spend two hours this evening. She can study for her economics exam, she can babysit and earn $10 per hour, or she can work at the campus library and earn $7 per hour. The opportunity cost of studying for her economics exam is:

A. $20

B. $17

C. $14

D. $34

3. When a consumer weighs the additional benefit of doing something against the additional cost of doing it, it is said that she is engaging in:

A. Resource analysis

B. Consumer analysis

C. Marginal analysis

D. Profit analysis

4. Which of the following headlines ...

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