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ECO 304K Study Guide - Final Guide: Helen Schneider, Normal Good, Economic Equilibrium

United States

Introduction to Microeconomics

Economics

University of Texas at Austin

<p><p>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:</p> <p>a. rise on her English Lit paper</p> <p>b. rise on her Economics exam</p> <p>c, fall on her English Lit paper</p> <p>D, fall on her Economics exam</p></p>

<p>A student only has a few hours to prepare for two different exams this afternoon. The table shows alternative possible e.x.a.m scores with three alternative uses of the student's time.</p>
<table border="0" align="center">
<tbody>
<tr>
<td>Option</td>
<td>Economics Score</td>
<td>History Score</td>
</tr>
<tr>
<td>I</td>
<td>94 percent</td>
<td>76 percent</td>
</tr>
<tr>
<td>II</td>
<td>87</td>
<td>84</td>
</tr>
<tr>
<td>III</td>
<td>77</td>
<td>91</td>
</tr>
</tbody>
</table>
<p>What is the opportunity cost of scoring 91 percent on the history exam rather than 76 percent?</p>
<p>The opportunity cost is _________ percent on the economics exam.</p>

<div>Which of the following is a statement of positive economics?</div>
<div> </div>
<div>(i) An unemployment rate of greater than 8 percent is good because prices will fall.</div>
<div>(ii) An unemployment rate of 7% is a serious problem.</div>
<div>(iii) Unemployment is a more severe problem than inflation.</div>
<div>(iv) If the overall unemployment rate is 7%, black unemployment rates will average 15%.</div>

ECO 304K Study Guide - Final Guide: Helen Schneider, Normal Good, Economic Equilibrium

ECO 304K Full Course Notes

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Related Questions

Option	Economics Score	History Score
I	94 percent	76 percent
II	87	84
III	77	91