What do economists mean when they state that a good is scarce?

Question 1 What do economists mean when they state that a good is scarce?

Question 2 Economic analysis assumes that

Question 3 Jacob and Mason go to a diner that sells burritos for $5 and tacos for $3. They agree to split the lunch bill evenly. Mason chooses a taco. The marginal cost to Jacob of ordering a burrito instead of a taco is

Question 4 While waiting in line to buy two tacos at 75 cents each, and a medium drink for 80 cents, Emma notices that the restaurant has a value meal containing three tacos and a medium drink all for $2.50. For Emma, the marginal cost of purchasing the third taco would be

Question 5 Which one of the following is a positive economic statement?

Question 6 Which of the following sayings best reflects the concept of opportunity cost?

Question 7 Suppose the price of an airline ticket from Dallas to Boston costs $600. A bus ticket costs $150. Traveling by plane takes 6 hours compared with 51 hours by bus. Other things constant, an individual would gain by choosing air travel if, and only if, his time were valued at more than

Question 8 “Now that Terrance paints the broad surfaces and I do the trim work, we can paint a house in three-fourths the time that it took for each of us to do both.” This statement most clearly reflects

Question 9 With voluntary exchange,

Question 10 Three basic decisions must be made by all economies. What are they?

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