B) they always tell us something about profits.
C) positive slopes are always preferred to negative slopes.
D) they always relate to resource and output scarcity.
241) In a linear equation relating income and consumption, you know that the intercept is $1,000 and the slope of the line is.4. If income is $20,000, then consumption is:
A) $8,000
B) $9,000
C) $10,000
D) $11,000
242) Scarcity in relation to wants means you face trade-offs; therefore, having to make choices is which of the ten key concepts to retain for a lifetime?
A) Facing trade-offs
B) Opportunity cost
C) Choosing a little more or a little less
D) The influence of incentives
243) The cost of the choice you make is what you give up for it, is which of the ten key concepts to retain for a lifetime?
A) Facing trade-offs
B) Opportunity cost
C) Choosing a little more or a little less
D) The influence of incentives
244) Choices are usually made at the margin, is which of the ten key concepts to retain for a lifetime?
A) Facing trade-offs
B) Interest Expense
C) Marginal analysis
D) The influence of incentives
245) Markets usually do a good job of coordinating trade among individuals, groups, and nations. Is which of the ten key concepts to retain for a lifetime?
A) Facing trade-offs
B) Opportunity cost
C) The effectiveness of markets
D) The influence of incentives
246) The economic perspective focuses largely on:
A) marginal analysis.
B) rational task analysis.
C) total revenues.
D) total costs.
247) Like other branches of social science, economics relies on the:
A) trial and error method.
B) sub-optimization model.
C) heuristic method.
D) scientific method.
248) Which of the following countries had the highest average income in 2015?
A) Norway
B) Switzerland
C) United States
D) Canada