Microeconomics, Fourteenth Canadian Edition Test Bank

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ExamName___________________________________MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.1)A small landscaping firm purchases a tractor that, in one day, is capable of drilling 60 fence-postholes or removing 12 tree stumps (or some intermediate combination). For this landscaper, what isthe opportunity cost of removing one extra tree stump?1)A)1/12th of the cost of the tractorB)there is no opportunity costC)drilling 5 fence-post holesD)drilling 12 fence-post holesE)1/5 of the cost of the tractorAnswer:CExplanation:A)B)C)D)E)2)Scarcity arises from limited resources. For this reason, all economic choices involve2)A)greed.B)an opportunity cost.C)complementary ends.D)pride.E)a value judgement.Answer:BExplanation:A)B)C)D)E)1

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Economics

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Microeconomics by Christopher T.S. ...

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