ECO 365T Wk 1 - Apply: Fundamentals of Economics Homework

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ECO 365T Wk 1 - Apply: Fundamentals of Economics Homework

Review the Week 1 The Fundamentals of Economics Quiz in preparation for this assignment. 

Complete the Week 1 The Fundamentals of Economics Homework in McGraw-Hill Connect®. These are randomized questions. 

Note: You have only one attempt available to complete assignments. Grades must be transferred manually to eCampus by your instructor. Don't worry, this might happen after the due date.

The opportunity cost of an action is always equal to:

the things you could have done instead of the action you chose to undertake.

the time you give up to undertake the action.

the money you give up to undertake the action.

the next-best alternative for the resources used to undertake the action. 

Bob, the owner of a local deli in town, needs to purchase something that economists would label as "capital" to help him produce sandwiches. Which of the following is an example of capital?

A meat slicer to cut ham for sandwiches 

An additional worker

Ham for the sandwiches

A new idea that automates the making of sandwiches

Which of the following is a labor resource?

Multiple Choice

a computer programmer

a computer

a piece of software used by a firm

silicon (sand) used to make computer chips

Marginal cost can be defined as the change in

Multiple Choice

cost resulting from one less unit of production.

benefit resulting from one more unit of production.

cost resulting from one more unit of production.

benefit resulting from one less unit of production.

The two basic markets shown by the simple circular flow model are

Multiple Choice

product and resource.

capital goods and consumer goods.

household and business.

free and controlled.

Macroeconomics approaches the study of economics from the viewpoint of

Multiple Choice

the operation of specific product and resource markets.

the entire economy.

governmental units.

individual firms.

The basic truth that underlies the study of economics is the fact that we all face

Multiple Choice

In the circular flow model of the market system, households

Multiple Choice

buy products and resources.

sell products and resources.

sell products and buy resources.

buy products and sell resources.