Paul and John are two eagle scouts who are both good at setting up tents and building camp fires.  Paul can set up 5 tents or build 10 camp fires in one hour while John can set up 5 tents  or build 5 camp fires in one hour. Which of the following statements is correct?

The economic way of thinking stresses that

Suppose the demand for tacos decreases. What will happen to producer surplus in the market for tacos?

“Henry Ford made millions of dollars producing and marketing automobiles. Many workers and consumers must have suffered in order for Ford to amass such enormous wealth.” The person who made this observation

Which of the following types of unemployment would best characterize a snow ski instructor’s unemployment living in the Bahamas?

In economics, secondary effects refer to the

Which of the following most accurately states the economic significance of trade?

Using the table above, calculate the Unemployment Rate in Nellyville.     

Dwight, a beet farmer, is deciding whether or not to add fertilizer to his crops. If he adds 1 pound of fertilizer per acre, the value of the resulting crops rises from $80 to $100 per acre. According to marginal analysis, Dwight should add fertilizer if it costs less than

Alex has decided to hike one of most dangerous hikes in America “Angles Landing” in Zion National Park. The last half mile of the trail involves climbing the spine of a mountain with only chains helping you from falling 2,000 feet off a cliff. Fully realizing the risk of hiking this trail, he enjoys the rush of adrenaline and the beautiful sights from the top. According to the economic way of thinking, Alex is