Exam (elaborations)

ECON 201 FINAL EXAM Questions and Correct Answers | Latest Update

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Course
Econ 201

Institution
Econ 201

Table 2.1 Kaitlyn and Larissa have formed a dog bathing and grooming business. The number of dogs they can bathe or groom in any given day is depicted in Table 2.1. The opportunity cost of grooming the third dog in a day is bathing ________ dog(s). a. 3 b. 4 c. 5 d. 18  b. 4 Suppose th...

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econ 201 final exam questions and correct answers
table 21 kaitlyn and larissa have formed a dog ba

Institution Econ 201
Course Econ 201

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ECON 201 FINAL EXAM Questions and
Correct Answers | Latest Update
Table 2.1 Kaitlyn and Larissa have formed a dog bathing and grooming business. The

number of dogs they can bathe or groom in any given day is depicted in Table 2.1. The

opportunity cost of grooming the third dog in a day is bathing ________ dog(s).

a. 3

b. 4

c. 5

d. 18

 b. 4

Suppose that you own a house. What is the opportunity cost of living in the house?

a. There is no opportunity cost unless you could set up a business in the house.

b. The opportunity cost is the rent you could have received from a tenant if you didn't live

there.

c. The opportunity cost is the cost of your monthly mortgage payment plus bills.

d. There is no opportunity cost because you own the house.

 b. The opportunity cost is the rent you could have received from a tenant

if you didn't live there.

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Kaitlyn and Larissa have formed a dog bathing and grooming business business. The number

of dogs they can bathe or groom in any given day is depicted in Table 2.1. The opportunity

cost of grooming the first dog in a day is bathing ________ dog(s).

a. 1 b. 2 c. 24 d. 25

 b. 2

Steven lives in a big city where there is a shortage of parking. He has a parking spot in his

driveway where he parks his car. Which of the following statements is most correct?

a. The opportunity cost depends on how much Steven's mortgage payment is.

b. Steven has a lower opportunity cost of owning a car than his neighbor, who must rent a

parking spot.

c. The opportunity cost of using the spot is zero, because Steven owns the house

d. The opportunity cost of using the parking spot is the price he could charge someone else for

using the spot.

 d. The opportunity cost of using the parking spot is the price he could

charge someone else for using the spot.

Refer to Table 2.4. The principle of diminishing returns sets in with the addition of the tank of

fertilizer.

a. second

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b. third

c. fourth

d. fifth

 a. second

Diminishing returns occurs because

a. consumers don't buy enough of the products produced.

b. not enough people have jobs

c. two people have not satisfied their self-interests.

d. one of the inputs in the production process is fixed.

 d. one of the inputs in the production process is fixed.

In table 2.3, the principle of diminishing returns first occurs when how many workers are hired?

a. 2 b. 3 c. 4 d. 5

 c. 4

According to the principle of diminishing returns, an additional worker decreases total output.

a. True b. False

 b. False

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Kaitlyn and Larissa have formed a dog bathing and grooming business. The number of dogs

they can bathe or groom in any given day is depicted in Table 2.1. The opportunity cost of

grooming the sixth dog in a day is bathing ________dog(s).

a. 0 b. 5 c. 6 d. 7

 d. 7

If the demand for jelly decreases, and the price of grapes (used to make jelly) rises

a. the equilibrium price of jelly might rise or fall, and the equilibrium quantity of jelly falls.

b. the equilibrium price of jelly rises and the equilibrium quantity of jelly might rise or fall.

c. the equilibrium price of jelly might rise or fall, and the equilibrium quantity of jelly rises.

d. the equilibrium price of jelly falls and the equilibrium quantity of jelly might rise or fall.

Demand Down [P Q ] , Supply Down from P(inputs) Up [P , Q ] P ~, Q

 a. the equilibrium price of jelly might rise or fall, and the equilibrium

quantity of jelly falls.

Fig. 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $15, we

would expect that

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