ECN 104 Study Guide - Final Guide: Economic Equilibrium, Marginal Revenue, Demand Curve

86 views32 pages

olivefish844

12 Oct 2016

School

Department

Course

Professor

For unlimited access to Study Guides, a Grade+ subscription is required.

Document Summary

Answer: a: a person should consume more of something when its marginal: a. benefit exceeds its marginal cost, cost exceeds its marginal benefit. Answer: a: the process of developing hypotheses, testing them against facts, and using the results to construct theories is called, opportunity cost calculation, microeconomics, marginal analysis, the scientific method. Answer: c: a schedule or curve that shows the various combinations of two products a consumer can purchase with a specific amount of money income is, a tradeoff, a budget line, a tangent point, an optimal output. Answer: b: which of the following is real capital, a pair of stockings b. a construction crane c. a savings account, a share of ibm stock. Answer: b: a point inside a production possibilities curve best illustrates: a. unemployment, the efficient use of resources, the use of best-available technology. Answer: a: a normative statement is one that: a. is based on the law of averages.

Related Questions

Economics is a social science concerned with

A. the best use of scarce resources to achieve the maximum satisfaction of economic wants.

B. increasing the level of productive resources so there is a minimum level of income.

C. increasing the level of productive resources so there is maximum output in the society.

D. the best use of scarce resources paid for at the minimum level of cost to consumers and businesses.

harlequincricket554

Economics is the study of:

a.) The efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses.

b.) How people, institutions, and society make choices under conditions of scarcity.

c.) Increasing the level of productive resources so there is a minimum level of income.

d.) Increasing the level of productive resources so there is maximum output in society.

harlequincricket554

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.

Save

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.

Save

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.

Save

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.

Save

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.

Save

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

Save

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.

Save

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.

Save

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.

Save

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.

Save

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.

Save

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).

Save

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.

Save

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.

Save

amberchimpanzee966

ECN 104 Study Guide - Final Guide: Economic Equilibrium, Marginal Revenue, Demand Curve

Document Summary

Get access

Related Documents

ECN 104 Lecture Notes - Lecture 1: Marginal Utility, Marginal Cost, Marginalism

ECN 104 Lecture Notes - Lecture 1: Fallacy, Pood, Birds Eye

ECN 104 Lecture Notes - Mira-Bhayandar Municipal Corporation, Capital Good, Opportunity Cost

Related Questions