B251 - FINAL EXAM 2024 WITH 100% CORRECT ANSWERS
All economic questios are ultimately about - correct answer ✔✔allocating scarce resources
Which of the following is a microeconomic question? - correct answer ✔✔- Will a shortage of electricians lead to an increase in their wages?
- Will taxing pizza increase the amount of pizzas sold?
Because we face scarcity, every choice involves - correct answer ✔✔tradeoffs
You decide to take a vacation and the trip costs you $2,000. While you are on vacation, you do not report to work where you could have earned $750. The opportunity cost of the vacation is $ - correct answer ✔✔$2,750
The night before an exam, Ashley decides to go to a free movie showing instead of studying. She scores 60 points on the exam. Assume that if she had studied the night before, she'd have scored 70 points.
Assuming studying was her highest-valued foregone opportunity, the cost of her evening at the movies was ___ points on the exam? - correct answer ✔✔10
Which of the following is a positive statement? - correct answer ✔✔A 10 percent increase in income leads to a 4 percent increase in the consumption of beef.
Which of the following is a normative statement? - correct answer ✔✔You should eat less candy
Which of the following are true statements? - correct answer ✔✔- Economists often use required empircal analysis - Economists try to focus on a small number of relationships at a time A successful instance of arbitrage could best be classifed as? - correct answer ✔✔Kirznerian entrepernuership
Production at point D in the above diagram: - correct answer ✔✔underutilizes available resources
which point in the above diagram represents an unattainable level of production? - correct answer ✔✔Point E
If Shen produces both paninis and burgers, then when production is efficient, - correct answer ✔✔He can produce more sandwichs only by producing fewer burgers
The principle of decreasing marginal benefit implies that: - correct answer ✔✔The additional benefit from obtaining one more of a good or service decreases as more is consumed
If the economy achieves allocative efficiency: - correct answer ✔✔It produces the combination of goods and services on the PPC that is valued most highly
In a year, Keisha could produce 40 sandwiches or 100 cups of coffee.In a year, Doug could produce 30 sandwiches or 90 cups of coffee.
Based on this information, Keisha has an absolute advantage in producing cups of coffee, and Doug has a comparative advantage in producing cups of coffee. - correct answer ✔✔Keisha has an absolute advantage in sandwiches and cups of coffee, since Keisha produces more sandwiches and cups of coffee than Doug.
Doug has a comparative advantage in cups of coffee, since Doug's opportunity cost of 1 cup of coffee is 0.33 sandwiches, while Keisha's opportunity cost of 1 cup of coffee is 0.40 cups of coffee.
Keisha has a comparative advantage in sandwiches, since Keisha's opportunity cost of 1 sandwich is 2.5 sandwiches, while Doug's opportunity cost of 1 sandwich is 3 sandwiches.
n a year, Keisha could produce 40 sandwiches or 100 cups of coffee.In a year, Doug could produce 30 sandwiches or 90 cups of coffee.
To maximize the total output of sandwiches and cups of coffee, Keisha should specialize in [ Select ] ["cups of coffee", "neither good", "sandwiches", "both goods"] and Doug should specialize in [ Select ] ["cups of coffee", "sandwiches", "both goods", "neither good"] . - correct answer ✔✔- Sandwiches
All economic questios are ultimately about - correct answer ✔✔allocating scarce resources
Which of the following is a microeconomic question? - correct answer ✔✔- Will a shortage of electricians lead to an increase in their wages?
- Will taxing pizza increase the amount of pizzas sold?
Because we face scarcity, every choice involves - correct answer ✔✔tradeoffs
You decide to take a vacation and the trip costs you $2,000. While you are on vacation, you do not report to work where you could have earned $750. The opportunity cost of the vacation is $ - correct answer ✔✔$2,750
The night before an exam, Ashley decides to go to a free movie showing instead of studying. She scores 60 points on the exam. Assume that if she had studied the night before, she'd have scored 70 points.
Assuming studying was her highest-valued foregone opportunity, the cost of her evening at the movies was ___ points on the exam? - correct answer ✔✔10
Which of the following is a positive statement? - correct answer ✔✔A 10 percent increase in income leads to a 4 percent increase in the consumption of beef.
Which of the following is a normative statement? - correct answer ✔✔You should eat less candy
Which of the following are true statements? - correct answer ✔✔- Economists often use required empircal analysis - Economists try to focus on a small number of relationships at a time A successful instance of arbitrage could best be classifed as? - correct answer ✔✔Kirznerian entrepernuership
Production at point D in the above diagram: - correct answer ✔✔underutilizes available resources
which point in the above diagram represents an unattainable level of production? - correct answer ✔✔Point E
If Shen produces both paninis and burgers, then when production is efficient, - correct answer ✔✔He can produce more sandwichs only by producing fewer burgers
The principle of decreasing marginal benefit implies that: - correct answer ✔✔The additional benefit from obtaining one more of a good or service decreases as more is consumed
If the economy achieves allocative efficiency: - correct answer ✔✔It produces the combination of goods and services on the PPC that is valued most highly
In a year, Keisha could produce 40 sandwiches or 100 cups of coffee.In a year, Doug could produce 30 sandwiches or 90 cups of coffee.
Based on this information, Keisha has an absolute advantage in producing cups of coffee, and Doug has a comparative advantage in producing cups of coffee. - correct answer ✔✔Keisha has an absolute advantage in sandwiches and cups of coffee, since Keisha produces more sandwiches and cups of coffee than Doug.
Doug has a comparative advantage in cups of coffee, since Doug's opportunity cost of 1 cup of coffee is 0.33 sandwiches, while Keisha's opportunity cost of 1 cup of coffee is 0.40 cups of coffee.
Keisha has a comparative advantage in sandwiches, since Keisha's opportunity cost of 1 sandwich is 2.5 sandwiches, while Doug's opportunity cost of 1 sandwich is 3 sandwiches.
n a year, Keisha could produce 40 sandwiches or 100 cups of coffee.In a year, Doug could produce 30 sandwiches or 90 cups of coffee.
To maximize the total output of sandwiches and cups of coffee, Keisha should specialize in [ Select ] ["cups of coffee", "neither good", "sandwiches", "both goods"] and Doug should specialize in [ Select ] ["cups of coffee", "sandwiches", "both goods", "neither good"] . - correct answer ✔✔- Sandwiches
