he last time gas prices increased drastically, sales of large Sport Utility Vehicles (SUVs) fell. Why? -
Higher gas prices increased the cost of driving a SUV.
You want to buy a TV that regularly costs $250. You can either buy the TV from a nearby store or from a
store that's downtown. Relative...
Straighterline Macroeconomics Exam |
Questions and Answers| 100% Passed| Latest
update 2024
The last time gas prices increased drastically, sal es of large Sport Utility Vehicles (SUVs) fell. Why? -
✔✔ Higher gas prices increased the cost of driving a SUV.
You want to buy a TV that regularly costs $250. You can either buy the TV from a nearby store or from a
store that's downtown. Relative to goin g to the nearby store, driving downtown involves additional time
and gas. The downtown store, however, has a 10% off sale this week. Last week you drove downtown to
save $20 on some concert tickets, a 15% savings. Should you drive downtown to buy the TV? -
✔✔ Yes, because you will save more than $20.
Matt has decided to purchase his textbooks for the semester. His options are to purchase the books
online with next day delivery at a cost of $175, or to drive to campus tomorrow to buy the books at the
univers ity bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because
they offered 25 percent off the regular price of $16. The benefit to Matt of driving to campus to buy the
concert ticket last week was: - ✔✔ $4
Janie must choose to either mow the lawn or wash clothes. If she mows the lawn, she will earn $30, and
if she washes clothes, she will earn $45. She dislikes both tasks equally and they both take the same
amount of time. Janie will therefore choose to ______ because it gene rates a ______ economic surplus.
- ✔✔ wash clothes; bigger
Refer to the table below. The average cost of 4 units of this activity is:
The cost -benefit model used by economists is: - ✔✔ useful because most people follow it most of the
time.
The marginal benefit of an activity is the: - ✔✔ extra benefit associated with an extra unit of the
activity.
Jack has a ticket to see Bo Bice for whi ch he paid $30 yesterday. He takes an unpaid day off from work to
get ready for the concert. When he arrives at the concert, five different people offer him $70 for his
ticket. Jack decides to keep his ticket. At the time he makes this decision, his opport unity cost of seeing
Bo Bice is: - ✔✔ $70
The opportunity cost of an activity includes the value of: - ✔✔ the next -best alternative that must be
foregone.
Jen spends her afternoon at the beach, paying $1 to rent a beach umbrella and $11 for food and drinks
rather than spending an equal amount of money to go to a movie. Her opportunity cost of going to the
beach is: - ✔✔ the value she places on seeing the movie
You are trying to decide whether to purchase the latest Harry Potter book online or borrow it from the
library. There is no charge for borrowing a book from the library, but going to the library takes more
time than ordering a book online. Regardless of how you get the book, its benefit to you is the same. If
the cost of buying the book online is $13, then you should: - ✔✔ borrow the book from the library if
the cost of doing so (in terms of the extra time it takes) is less than $13.
Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per
year and did not o ffer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State
College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending
State College at $40,000 per year. NoName U costs $20,000 per ye ar, and offered Larry a full $20,000
annual scholarship. Larry values attending NoName at $15,000 per year. Larry's opportunity cost of
attending Elite U is: - ✔✔ $70,000
Dividing the total cost of n units of an activity by n reveals the: - ✔✔ average cost
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The table below shows how total donations, average donations, total labor costs and average labor
costs vary depending on the number of employees State U hires for its fundraising activities.
The Chair of the Economics Department at State U says that fu ndraising employees should be hired as
long as their marginal benefit exceeds their marginal cost. If the University follows this advice, then
______ employee(s) will hired, and the net benefit (total donations minus total labor costs) will be
______. - ✔✔ 2; $25,426
The following table shows the relationship between the speed of a computer's CPU and its benefits and
costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source
of variation), and only the CPU speeds listed be low are available for purchase. - ✔✔ $400
Economists use abstract models because: - ✔✔ they are useful for describing general patterns of
behavior.
Suppose there are two parallel highways between two cities with approximately equal traffic. What
would you expect to happen if the state began charging tolls to drive on one of those highways? -
✔✔ More drivers would drive on the non -toll road, making the toll road less congested.
Which branch of economics is most likely to study differences in countries' growt h rates? -
✔✔ macroeconomics
Which of the following would not be studied in macroeconomics? - ✔✔ How a sharp increase in
gasoline prices is likely to affect SUV sales.
The field of economics that would be most concerned with a recent fall in interest rates is: -
✔✔ macroeconomics
An increase in an economy's productive resources will lead the production possibilities curve to: -
✔✔ shift outward
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