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StraighterLine Microeconomics Graded Exam 1(with solutions)
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StraighterLine Microeconomics Graded Exam 1(with solutions)
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StraighterLineMicroeconomics
Graded Exam
1(with solutions)
What branch of economics is most likely to study
differences in countries' growth rates?
a. Macroeconomics
b. Normative economics
c. Microeconomics
d. Experimental economics - answer a.
Macroeconomics
The Scarcity Principle applies to
a. consumers primarily
b. firms primarily
c. poor people primarily
,d. everyone - answer d. everyone
Enrique can either drive to work, which takes half
an hour and uses $1.50 worth of gas, or take the
bus, which takes an hour and costs $1. How should
Enrique get to work?
a. Enrique should drive if saving half an hour is
worth $0.50 or more
b. Enrique should take the bus if saving half an
hour is worth $0.50 or more.
c. Enrique should take the bus because it costs
$0.50 less than driving
d. Enrique should drive because it saves half an
hour relative to taking the bus - answer a. Enrique
should drive if saving half an hour is worth $0.50
or more.
Choosing to study for an exam until the extra
benefit (e.g., improved score) equals the extra cost
(e.g., the value of foregone activities) is
a. not rational because it ignores the importance of
total benefits and total costs
b. an application of the Cost-Benefit Principle
c. not an economic choice
, d. an application of the Scarcity Principle - answer
b. an application of the Cost-Benefit Principle
The average benefit of n units of an activity is the
a. n times the total benefit of n units
b. total benefit of n units divided by n
c. n divided by the total benefit of n units
d. extra benefit from carrying out one additional
unit of the activity - answer b. total benefit of n
units divided by n
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?
a. More drivers would drive on the non-toll road,
making the toll road less congested
b. Traffic would remain evenly divided between the
two roads as drivers continuously sought the less-
congested route
c. More drivers would drive on the toll road making
the non-toll road less congested
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