Emma decided to study an extra hour an extra hour for her Economics exxam instead of completing the final edit for her English Lit paper. Assume that Emma's best opition is to study for her exam and her next best opition is to edit her paper. The opportunity cost of this decision is best measured as the amoung by which Emma's grade may:

a. rise on her English Lit paper

b. rise on her Economics exam

c, fall on her English Lit paper

D, fall on her Economics exam

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Bunny GreenfelderLv2

10 Mar 2019

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1. Three fundamental economic questions

A manager asks an employee, "Should we use our research budget to improve the quality of the products we already make, or to develop new products?"

The manager's question is best classified as which one of the following fundamental economic questions?

a)For whom to produce

b)What to produce

c)How to produce

2. Scarcity, opportunity cost, and marginal analysis

Crystal is training for a triathlon, a timed race that combines swimming, biking, and running.

Consider the following sentence: Because her pool sessions are helping her swim more quickly, Crystal plans to reduce by 1 hour per week the time she spends training on the bike and increase by 1 hour the time she spends in the swimming pool; however, her husband says that she should stop doing any biking and running and spend all 20 hours per week in the pool.

Which basic principle of individual choice does Crystal's plan illustrate that her husband's advice does not?

a)People usually exploit opportunities to make themselves better off.

b)Many decisions are made on the margin.

c)Resources are scarce.

d)All costs are opportunity costs.

Juanita is a hard-working college freshman. One Tuesday, she decides to work nonstop until she has answered 250 practice problems for her physics course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem.

Time	Total Problems Answered
8:00 AM	0
9:00 AM	100
10:00 AM	175
11:00 AM	225
Noon	250

Use the table to answer the following questions.

1) The marginal, or additional, gain from Juanitaâs second hour of work, from 9:00 AM to 10:00 AM, is---------problems.

2) The marginal gain from Juanitaâs fourth hour of work, from 11:00 AM to noon, is------------problems.

Later, the teaching assistant in Juanitaâs physics course gives her some advice. âBased on past experience,â the teaching assistant says, âworking on 62.5 problems raises a studentâs exam score by about the same amount as reading the textbook for 1 hour.â For simplicity, assume students always cover the same number of pages during each hour they spend reading.

Given this information, in order to use her 4 hours of study time to get the best exam score possible, how many hours should she have spent working on problems and how many should she have spent reading?

a) 0 hours working on problems, 4 hours reading

b) 1 hour working on problems, 3 hours reading

c) 2 hours working on problems, 2 hours reading

d) 4 hours working on problems, 0 hours reading

1.

John just bought shares of stock in IBM for $10,000 and paid a $90commission to his broker. How did this affect GDP?

A) It had no impact on GDP.

B) GDP increased by $90.

C) GDP increased by $10,000.

D) GDP increased by $9,990.

E) GDP increased by $10,090.

2.

Opportunity cost is the ____ alternative forfeited when a choice ismade.

A) least-valued

B) most highly-valued

C) most convenient

D) most recently considered

3.

If there is an increase in the amount of good B foregone as everyadditional unit of good A is produced, the PPF between A and Bwould

A) be a straight line.

B) be a bowed-outward curve.

C) be a bowed-inward curve.

D) not exist.

4.

Persons who are retired or engaged in own-home housework areconsidered to be in which of the following categories?

A) in the civilian labor force

B) not in the labor force

C) employed

D) unemployed

5.

A recessionary gap exists if (actual) Real GDP is ____ Natural RealGDP.

A) less than

B) greater than

C) equal to

D) b and c

E) none of the above

6.

Decision making "at the margin" means making a choice based on ____of a decision.

A) the total benefits

B) the total costs

C) comparing the total benefits and costs

D) comparing the additional benefits and costs

7.

When Claudia trades $100 for good X, economists assume that sheis

A) trading something of less value to her for something of morevalue to her.

B) trading something of more value to her for something of lessvalue to her.

C) trading something that gives her less utility for something thatgives her more utility.

D) a and c

E) none of the above

8.

An increase in investment at a given price level

A) shifts the AD curve to the right.

B) shifts the AD curve to the left.

C) causes an upward movement along the existing AD curve.

D) causes a downward movement along the existing AD curve.

E) none of the above

9.

If the demand for a good falls by less than the supply of the goodrises, then equilibrium price will ____ and equilibrium quantitywill ____.

A) rise; fall

B) rise; rise

C) fall; fall

D) fall; rise

10.

The CPI was 140 in one year and 144 the following year.Approximately how much did prices rise between the two years?

A) 2.86 percent

B) 2.78 percent

C) 0.03 percent

D) 1.03 percent

E) none of the above

ochrespider430

Microeconomics Multiple choice questions. Please answer all the questions.

1. Scarcity:
A. exists because resources are limited while human wants are unlimited.
B. means we are unable to have as much as we would like to have.
C. will likely be eliminated as technology continues to expand.
D. is not an issue addressed in economics.

2. People are forced to make choices because of:
A. unlimited wants and unlimited resources.
B. limited wants and unlimited resources.
C. unlimited wants and limited resources.
D. limited wants and limited resources.
E. irrational wants and limited resources.

3. Which of the following is closest to the definition of capital?
A. c and e.
B. c and d.
C. Tools, equipment, means of transportation
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E. Borrowed money.

4. Which one of the following is the most accurate definition of economics?
A. Economics is the study of stocks and bonds.
B. Economics is the study of how people allocate unlimited resources.
C. Economics is the study of how consumers choose to spend their income.
D. Economics is the study of how society chooses to allocate scarce resources.

5. The basic difference between macroeconomics and microeconomics is:
A. microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade.
B. microeconomics concentrates on the behavior of individual consumers while macroeconomics focuses on the behavior of firms.
C. microeconomics concentrates on the behavior of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.
D. microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment.

6. Which of the following is not a resource?
A. Land.
B. Labor.
C. Money.
D. Capital.

7. Which of the following would an economist classify as capital?
A. 100 shares of Microsoft stock.
B. $50 bill.
C. credit card.
D. lawyer's personal computer.

8. Economics, according to its definition, studies how people:
A. earn and spend money.
B. invest in the stock and bond markets.
C. make choices in the face of scarcity.
D. supply goods in response to demand.

9. Which of the following is the best example of a microeconomic topic?
A. The impact that the money supply has on inflation.
B. The reasons for increases in the price of soft drinks.
C. The effect that federal budget deficits have on the interest rate.
D. The tradeoff between inflation and unemployment.

10. Which of the following is a macroeconomics topic?
A. Wages of textile workers in the Northeast.
B. The cost of producing 10,000 bookcases.
C. The economy's annual growth rate.
D. National demand for fish.
E. Effects of farm subsidies on food prices.

11. An economic theory claims that a rise in gasoline prices will cause gasoline purchases to fall, Ceteris paribus. The phrase "Ceteris paribus" means that:
A. other relevant factors like consumer incomes must be held constant.
B. the gasoline prices must first be adjusted for inflation.
C. the theory is widely accepted but cannot be accurately tested.
D. consumers' need for gasoline remains the same regardless of the price.

12. An economic model is:
A. a plastic scaled version of the economy.
B. a complete depiction of reality.
C. an abstraction from reality.
D. applicable to consumer behavior but not to producer behavior.
E. not an accepted tool of the economics profession.

13. Which of the following sayings best reflects the concept of opportunity cost?
A. "You can't teach an old dog new tricks."
B. "There is no such thing as a free lunch."
C. "I have a baker's dozen."
D. "There's no business like show business."

14. The opportunity cost of watching television is:
A. all of the alternative programs that appear on other stations.
B. zero because there is no money expenditure involved.
C. the alternative use of the time foregone by watching the program.
D. zero if it benefits you.

15. Which of the following does not illustrate opportunity cost?
A. If I study, I must give up going to the football game.
B. If I buy a computer, I must do without a 35" television.
C. More consumer spending now means more spending in the future.
D. If I spend more on clothes, I must spend less on food.

16. When deciding whether to buy a second car, marginal analysis indicates that the purchaser should compare the:
A. benefits expected from two cars with the cost of both.
B. additional benefits expected from a second car with the cost of the two cars.
C. dollar cost of the two cars with the potential income that the cars will generate.
D. additional benefits of the second car with the additional cost of the second car.

17. According to marginal analysis, you should spend more time studying economics if the extra benefit from an additional hour of study:
A. is positive.
B. outweighs the extra cost.
C. exceeds the benefits of the previous hour of study.
D. will raise your exam score.