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25 May 2018

5) The night before a history test, you decide to go to the movies instead of reviewing your notes. You get 60 percent on your test compared with the 75 percent that you normally score. You a tradeoff , and the opportunity cost of your evening at the movies was A) faced; between a higher test score and an evening at the movies; the 15 percent fall in your grade B) faced; between a higher test score and an evening at the movies, the mark of 60 percent on your test C) did not face; most students get 60 percent on history tests; the mark of 60 percent on your test D) did not face; because you made the best choice; zero E) did not face; because your roommates agreed you should go to the movies and not study; zero

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28 May 2018

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George Washington University got rid of its SAT requirement, and applications soared 28 percent. This kind of jump is unprecedented, the school said. About 6,000 more students applied compared to the year before. It also saw a "significant" increase in applications from blacks, Hispanics, international students, and those who would be the first in their family to go to college. That's what GW was hoping for when it started allowing applicants to opt-out of submitting their standardized test scores this year. The school says it won't hurt your chances of getting in. About 20 percent of those who applied chose not to submit their scores. GW is one of the largest and most prestigious schools to go "test-optional," but it's a growing trend. More than 30 schools dropped the requirement in the past year, bringing the total to about 850. The list includes mostly liberal arts schools, including Wesleyan University, Bryn Mawr, and Wake Forest. The thinking is that dropping the test requirement will encourage more low-income and minority students -- who tend to score lower on the SAT -- to apply. While academic research is mixed on whether a "test-optional" policy really does increase diversity among enrolled students, some schools have seen it work. Diversity is up, and they're attracting strong applicants who may not have applied before. Experts say that high school grades can be much better at predicting whether or not a student will succeed in college than their SAT or ACT scores. Some other factors may have played a role in GW's spike in applicants, too. The college also credits its new, data-driven recruitment strategy and revamped campus visit experience. The increase in applications could make it more difficult to get in. GW admitted about 60 more applicants who applied early-decision compared to last year, but a spokeswoman said the college has not yet determined how many total students will be accepted. And it appears that the applicant pool could be more competitive this year. Of those already admitted, high school GPAs are slightly higher than in last year's class.

Is this an increase in demand or an increase in quantity demanded? There is no wrong answer, just back up your answer with sound economic reasoning.

mauvesalmon81

Custom Chip, Inc. is a semiconductor manufacturer specializing in custom chips for use in radio frequency devices such as satellite transmitters. Cost reduction had become a priority because corporate growth had stopped from a downturn in the industry. Wafer fabrication takes 8 to 12 weeks and assembly takes 4 to 6 weeks. At each step operations are subject to considerable operator and machine error, resulting in an average product yield of 60-70 percent. Note that âyieldâ refers to the ratio of finished products that meet specifications relative to the number that initially entered the manufacturing process. Whenever yield falls in the 35-50 percent range, the company runs the risk of not being able to complete the order on time or of having too much waste.

In this case, students see the dynamics between product engineering, applications engineering, and manufacturing. Product engineers may stop their work to respond to six questions from the manufacturing floor and four calls to testing stations. Applications engineers, who feel that they get little recognition for solving manufacturing problems, are also called to manufacturing for resign when there are problems. Manufacturing, under the gun for output, feels that they suffer for lack of adequate documentation of the manufacturing steps. Each department has its separate goals, although it is evident that those separate goals are not yet brought together in the form of unified corporate goals.

Critical Thinking Questions:

3. Based on your analysis, what recommendations would you give to management and would you recommend a change in the organizationâs design?

ultramarineferret614

Can you solve them and tell me if youre sure 100% 100% 100%

Question 1 (1 point)

If two variables move together but are otherwise unrelated, we have

Question 1 options:

a fallacy of composition.

an econometric model.

a spurious correlation.

an efficiency problem.

evidence of a weak correlation but strong causation.

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Question 2 (1 point)

The Latin expression "ceteris paribus": is essential in ______.

Question 2 options:

collecting data.

identifying sunk costs.

evaluating theories.

recognizing scarcity.

developing spurious relationships.

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Question 3 (1 point)

Opportunity cost is best defined as

Question 3 options:

marginal cost minus marginal benefit.

the time spent on an economic activity.

the value of the best forgone alternative.

the monetary cost of an economic decision.

marginal cost plus marginal benefit.

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Question 4 (1 point)

A cost that cannot be recovered at the time a decision is being made is termed a(n)

Question 4 options:

marginal cost.

scarcity cost.

sunk cost.

average cost.

opportunity cost.

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Question 5 (1 point)

If the marginal costs of 1, 2, and 3 hours of talking on the phone are $50, $75, and $105, then the total costs are

Question 5 options:

$50, $150, and $315.

$50, $41.67, and $115.

$50, 125, and $230.

$50, $175, and $405.

impossible to calculate with information given.

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Question 6 (1 point)

In general, individuals should specialize in producing those goods for which they

Question 6 options:

can produce more quickly than others.

can produce less quickly than others.

have the lowest opportunity cost compared to others.

have the highest opportunity cost compared to others.

have an average opportunity cost.

Save

Question 7 (1 point)

The extra benefit that comes from an extra unit of activity is called the _________ of the activity.

Question 7 options:

benefit

marginal benefit

marginal cost

average benefit

reservation benefit

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Question 8 (1 point)

The marginal benefit of an activity is the

Question 8 options:

same as the total benefits of the activity.

total benefit divided by the level of the activity.

change in the activity divided by the change in benefits.

extra benefit associated with an extra unit of the activity.

total benefit divided by the change in the level of the activity.

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Question 9 (1 point)

The fundamental problem that is studied in economics is that

Question 9 options:

consumers have limited wants in the face of unlimited resources.

markets should function without government interference.

Canada is too wealthy.

consumers have unlimited wants in the face of limited resources.

there are unlimited resources.

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Question 10 (1 point)

The range of topics, or issues, that fit within the definition of economics is

Question 10 options:

limited to market activities, e.g., buying soap.

limited to individuals and firms.

extremely wide, requiring only the ideas of choice and scarcity.

limited to governments and nations.

very limited.

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Question 11 (1 point)

When economists make predictions using the framework of a given economic model, it is usually based on

Question 11 options:

personal experiences.

important relationships between particular variables.

mathematical abstractions.

political implications.

the profit-maximizing objective.

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Question 12 (1 point)

The cost of spending an evening partying instead of studying economics is

Question 12 options:

the resulting decrease in the test score in Economics.

the time spent at the party.

the score of the test.

the cost of the textbook.

university tuition.

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Question 13 (1 point)

As one progresses from a one-person economy to a large, multi-person economy, the shape of production possibilities curve changes from

Question 13 options:

downward sloping to upwards sloping.

linear to convex (bowed into the origin).

concave (bowed out from the origin) to linear.

convex (bowed into the origin) to concave (bowed out from the origin).

linear to concave (bowed out from the origin).

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Question 14 (1 point)

Which is NOT a sunk cost?

Question 14 options:

Monthly rent of $1,000 contractually specified in a one-year lease.

An insurance premium of $50 per year, paid last month.

An attorney's retainer of $50,000 per year.

A worker's wage of $15 per hour.

A non-refundable deposit for a tender.

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Question 15 (1 point)

"We should support government intervention because the market produces undesirable outcomes" is an example of

Question 15 options:

positive economics.

normative economics.

comparative economics.

negative economics.

formative economics.

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