Mia spends Saturday working a paid shift instead of attending a soccer game, her next-best alternative. What is the opportunity cost of working?

A bakery can use its oven to make either 100 loaves of bread or 50 cakes each day. What trade-off does making more cakes create?

Land, labor, capital, and entrepreneurship are the four categories of what?

A restaurant buys a new commercial oven to increase its output. The oven is an example of which factor of production?

After studying one more hour, Jordan's quiz score rises slightly, but the improvement is smaller than after the first hour. This illustrates what idea?

A nation can produce 20 computers and 0 buses, or 0 computers and 40 buses with all resources fully used. What is the opportunity cost of one computer?

A point inside a production possibilities curve represents what condition?

A drought reduces a farm's usable cropland. How should this affect the farm's production possibilities curve?

In a market economy, who primarily decides what goods are produced?

A county owns the water system, while private firms own restaurants and stores. What type of economic system is best described?

A business owner takes the risk of opening a new coffee shop and organizes workers, equipment, and financing. What is the owner's economic role?

A city has limited funds and chooses to repair bridges rather than build a new park. What fundamental problem forces this choice?

A freeze destroys much of the strawberry crop, while buyers' preferences do not change. What happens in the strawberry market?

The price of movie tickets falls, and more tickets are purchased. What does this change represent?

Consumers learn that a brand of bottled water is unsafe. With the price unchanged, what is most likely to happen?

The price of steel rises for bicycle manufacturers. What is the most likely market effect for bicycles?

Coffee and tea are substitutes. If the price of coffee rises, what is likely to happen to demand for tea?

Printers and ink cartridges are complements. If the price of printers falls, what is likely to happen to demand for ink cartridges?

At a price above equilibrium, sellers offer more smartphones than buyers want to purchase. What condition exists?

A binding price ceiling is set below equilibrium rent. What is the likely result in the rental housing market?

Four identical firms control most of an airline market, and each watches rivals' pricing closely. Which market structure is this?

A town's only electric utility faces no close competitors because building another power grid would be extremely costly. What market structure is most likely?

A factory releases smoke that harms nearby residents who are not part of the factory's transactions. This is an example of what?

A tax on gasoline is intended to make drivers consider pollution costs. What is the tax designed to do?

The civilian labor force is 160 million people, and 8 million are unemployed. What is the unemployment rate?

A worker leaves one job and spends several weeks searching for a better job. What type of unemployment is this?

A new automated system replaces many assembly-line workers whose skills no longer match available jobs. What type of unemployment results?

Nominal GDP rises from $500 billion to $525 billion, while prices also rise 5 percent. What is the best conclusion about real output?

Real output is falling, unemployment is rising, and consumer spending is declining. Which business-cycle phase is described?

The Consumer Price Index rises from 200 to 210 in one year. What is the inflation rate for that year?

Congress increases infrastructure spending during a recession without raising taxes. What fiscal-policy effect is intended?

To reduce high inflation, the Federal Open Market Committee sells government securities. What is the intended result?

The Federal Reserve lowers the discount rate. What is the likely effect on banks' willingness to borrow reserves?

During a recession, Congress cuts income tax rates. What is the likely short-run effect on aggregate demand?

Which institution conducts monetary policy in the United States?

The economy faces severe unemployment, and the Federal Reserve buys government securities. What chain of effects is intended?

Country A needs 2 hours for a shirt and 4 hours for a table. Country B needs 6 hours for a shirt and 9 hours for a table. In which good does Country A have a comparative advantage?

Nation X can produce either 12 tons of wheat or 6 cars. Nation Y can produce either 8 tons of wheat or 8 cars. Which specialization follows comparative advantage?

A tariff is placed on imported shoes. What is the most likely immediate effect for domestic consumers?

A country sets an import quota on foreign cars. What is the direct effect of the quota?

The U.S. dollar appreciates relative to the Japanese yen. How does this generally affect U.S. exports to Japan?

The U.S. dollar depreciates relative to the euro. What is the likely effect on European goods sold in the United States?

What does an absolute advantage describe?

Why can two nations gain from trade even when one nation has an absolute advantage in both goods?

A U.S. firm sells software services to a Canadian company. In the U.S. balance of payments, this transaction is recorded as what?

USMCA replaced which North American trade agreement?

A country removes tariffs on imported machinery. What is a likely benefit for domestic firms that use machinery?

Leah earns $800 gross pay this week. Her paycheck has $120 in deductions. What is her net pay?

A savings account has $1,000 and earns 10 percent interest compounded annually. With no deposits or withdrawals, what is the balance after two years?

A borrower takes a $2,000 loan at 6 percent simple annual interest for 3 years. How much interest will be charged?

A credit card balance is $500. It charges 18 percent APR, and the balance is carried for one year without additional purchases. About how much interest is charged using the annual rate?

Noah's monthly take-home pay is $2,400. His budgeted expenses total $2,250. How much can he save or use for an unbudgeted expense?

A $3,000 investment gains 4 percent in one year. What is the dollar increase in its value?

Car insurance Plan A has a $500 deductible and Plan B has a $1,000 deductible. After a covered $2,000 repair, which plan requires less out-of-pocket payment for the repair?

Card A charges 15 percent APR and no annual fee. Card B charges 10 percent APR plus a $40 annual fee. If Priya carries a $400 balance for a year, which costs less?

A borrower can choose a 36-month loan with $30 monthly payments or a 24-month loan with $40 monthly payments. Which loan has the lower total payment?

Andre has a $1,000 emergency fund and chooses a savings account rather than a volatile stock for money he may need next month. What financial goal is he emphasizing?

An investor owns shares in one technology company only. What action would most directly reduce the risk from that single investment?

A renter has no health insurance through an employer and wants financial help paying for a private health plan. What application may determine eligibility for that help?

Why is paying a credit-card bill on time important for a borrower?