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1. John works at a coffee shop and makes S10 per hour. He decides to leave work an hour early to go see a movie that costs S8 per ticket. The opportunity cost of going to the movie is: a) $8 b) $10 c) $16 d) $184. The best economic theories are the result of which of the following a) A good idea b) An idea, formulation of the idea into a theory, test of theory against data, revision of the theory c) Trying to replicate the real world d) A complicated formula9. Which of the following is a key relationship of the circular flow model? a) The members of the household are related to the owners of the firm b) Goods and labor are related c) Everyone has their price d) Each transaction involves an exchange ofa good or labor for money 10. In economics, a positive statement is: a) A descriptive statement b) A prescriptive statement c) A statement that improves the situation d) A statement that is not negative 11. In economics, a normative statement is a) A descriptive statement b) A prescriptive statement c) A statement that improves the situation d) A statement that is not negative 12. A demand and supply diagram includes curves that examine the relationship which of the following: a) demand and supply b) price and quantity c) equilibrium and disequilibrium d) excess demand and excess supply 13. A typical-looking supply curve is best described as: a) Downward sloping b) Upward sloping c Horizontal d) Vertical 14. A typical-looking demand curve is best described as: a) Downward sloping b) Upward sloping c Horizontal

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Answer #1

1. Option B. $10

Explanation: Opportunity cost is the benefit foregone in order to select another alternative. Here, the benefit foregone is the $10 income.

4. Option B

Explanation: A theory must be tested against real-life data and necessary corrections must be made to the theory.

9. Option D

Explanation: In the circular flow model, firms sell goods and receive money and households sell labor and receive money.

10. A

Explanation: A positive statement is fact-based and can be empirically tested.

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