Exam (elaborations)
BNAD 301 questions with correct answers 2024/2025
- Course
- Institution
BNAD 301 questions with correct answers 2024/2025
[Show more]
Content preview
BNAD 301Astrology is not a science, according to current ideas, because: - ANSAstrologers make no
systematic attempt to test its predictions.
Since chemists and economists are scientists, they try to produce accurate theories about the
world. In these efforts, the economist has one potential advantage: - ANSShe has insight into
human behavior, because she is human.
Based on the discussion in class, which science has the most similarities with economics? -
ANSMeteorology
Which kind of economic behavior seems hardest to explain, using economists' fundamental
assumptions about behavior? - ANSContributing anonymously to a charity.
Evolutionary biology - ANSPeople act to promote the success of their offspring and genetic kin.
Economics - ANSPeople rationally pursue their individual selfish goals.
Sociology - ANSPeople conform or try to conform to the norms and expectations of their group.
Psychology - ANSBrain chemistry determines much human behavior.
Of the major groups of actors in the economy, which do economists generally assume make
selfish and rational decisions (for the purpose of building their models and making predictions?
(Mark all that apply.) - ANSFirms
Consumers
The opportunity cost of a resource is: - ANSThe current value of that resource in its next best
use.
If a businessman owns a 20-year-old building, which is expected to last 10 more years, then
what is the annual opportunity cost of using that building in his business? - ANSThe annual rent
that he could currently earn from renting the building to someone else.
Why does the PPC bow outward (compared to a straight line connecting the intercepts)? -
ANSSome of the available resources are better suited to producing wheat, while others are
better suited to producing cotton.
What affects the position of the curve? - ANSThe technologies for producing wheat and cotton.
The quantity of resources available for the production of wheat and cotton.
, Which of the following can be true in a competitive market (mark all that apply)? - ANSThe
market has more sellers than buyers.
A significant barrier to entry makes it difficult for new sellers to enter the market.
In market equilibrium the quantity sold must equal the quantity purchased, but the numbers of
buyers and sellers can be different. Free entry is not required for a competitive market
Many economists believe that ______ sometimes provide an exception to the Law of Supply. -
ANSlabor markets
Many economists believe that ______ sometimes provide an exception to the Law of Demand. -
ANSstatus goods
Suppose that the labor market is competitive and initially in equilibrium. Suddenly the demand
for labor shifts left, but the market price (i.e., the wage) sticks at the old level for awhile, before
gradually moving to the new equilibrium. We expect the quantity of labor traded to: - ANSFall
sharply at first, but then rise gradually to a new equilibrium.
The demand curve shifts left, but the price does not change, so the quantity demanded falls.
This is also the quantity traded, since it is smaller than the quantity supplied. As the price
gradually falls to its new equilibrium value, the quantities demanded and traded rise together to
their new equilibrium value.
A change in the demand curve has no effect on the equilibrium price if the ______ curve is a
______ line. - ANSSupply; horizontal.
The Federal Reserve and most economists estimate that the Natural Rate of Unemployment
currently lies in what range? - ANS4-4.5%
Economists divide unemployment into which categories? - ANSCyclical
Frictional
Structural
The U.S. unemployment rate is currently ______ the estimated Natural Rate, and economists
generally believe that this situation tends to lead to ______. - ANSBelow; inflation.
If there is excess demand in a market, then which things do we normally expect to happen, to
bring the market into equilibrium? - ANSMarket price will rise.
Many economists believe that one of the clearest exceptions to the general rule that market
prices adjust rapidly to equilibrium values is the market for: - ANSLabor
In a competitive market, which situation allows buyers to discriminate arbitrarily among sellers in
certain groups, at little or no cost to themselves? - ANSExcess supply
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller QualityPDF. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81531 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now