ECON 1000 exam 1 UPDATED Exam Questions and CORRECT Answers
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Course
ECON 1000
Institution
ECON 1000
ECON 1000 exam 1 UPDATED Exam
Questions and CORRECT Answers
Efficient - CORRECT ANSWER- Point on the PPF that lies exactly on the line
Production Possibilities Schedule:
0 80
20 60
40 40
60 20
80 0
GB Corn
What does this show? - CORRECT ANSWER- There is an opportunity cost when
What does this show? - CORRECT ANSWER- ✔✔There is an opportunity cost when
producing green beans
Total benefit chart - CORRECT ANSWER- ✔✔add up all the columns to the point it's asking
for
output total cost
0 10
1. 20
2. 28
3. 38
4. 53
The marginal cost of producing 3 units of output is: - CORRECT ANSWER- ✔✔$10
Comparative advantage - CORRECT ANSWER- ✔✔Whoever can produce more of the
product
A point inside the production possibilities frontier is _______ while a point outside the
frontier is ________ - CORRECT ANSWER- ✔✔attainable, unattainable
, If a point on a PPF lies under the line and in the sector it is: - CORRECT ANSWER-
✔✔attainable and efficient
A point or combination that is on the production possibilities frontier is - CORRECT
ANSWER- ✔✔attainable and efficient
On a production possibility schedule when the units are opposite but equal in value, the
opportunity of producing _____ lbs. of something is equal in that amount for opportunity cost
- CORRECT ANSWER- ✔✔
Which of the following exemplifies a microeconomic question? - CORRECT ANSWER-
✔✔Will a new type of electric reader or tablet increase the number of buyers?
Scarfs. Sweaters
0. 4
23
42
61
80
Which good should be exported? - CORRECT ANSWER- ✔✔Sweaters
The law of diminishing marginal benefit explains why - CORRECT ANSWER- ✔✔demand
curves slope downward
A point outside (to the right of) the production possibilities frontier is - CORRECT
ANSWER- ✔✔not attainable
If the price of Sea World tickets increased what might we expect to see happen to tickets for
Disneyland? - CORRECT ANSWER- ✔✔increased demand for Disney land tickets
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