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Econ B-251 Exam 1 Questions with 100% Correct Answers | Verified | Latest Update
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Econ B-251 Exam 1 Questions with 100% Correct Answers | Verified | Latest Update
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Econ B-251 Exam 1 Questions with100% Correct Answers | Verified | Latest
Update
Allieconomiciquestionsiareiabouti-iCorrectiAnswer-
howitoidealiwithiscarcity.
Whichiofitheifollowingiisiaimicroeconomiciquestion?i-iCorrectiAnswer-
Williaishortageiofielectriciansileaditoiincreaseiinitheiriwages?
Willitaxingipizzaiincreaseitheiamountiofipizzasisold?
Rationalidecisionimakersiareicalledimaximizersi.i-iCorrectiAnswer-
maximizers
Becauseiweifaceiscarcity,ieveryichoiceiinvolvesi-iCorrectiAnswer-trade-
offs.
Youidecideitoivisitiaifriendiforitheiweekendianditheivisiticostsiyoui$200.i
Whileiyouiareivisitingiyourifriend,iyouidoinotireportitoiworkiwhereiyouic
ouldihaveiearnedi$800.iTheiopportunityicostiofitheitripiisi$i-
iCorrectiAnswer-1,000
Strategicidecisionsiincludei-iCorrectiAnswer-
other'sidecisions,ione'siownibenefits,ione'siownicosts.
, Theinightibeforeiaimidtermiexam,iyouidecideitoigoitoiaifriend'sihouseiins
teadiofistudyingiforitheiexam.iTheinextiday,iyouiscorei70ipercentioniyour
iexam.iIfiyouihadistudieditheinightibefore,iyou'dihaveiscoredi78ipercent.i
Theiopportunityicostiofivisitingiyourifriendiisi
__________ipercent.i-iCorrectiAnswer-8
Whichiofitheifollowingiisiaipositiveistatement?i-iCorrectiAnswer-
Ai10ipercentibeefitaxileadsitoianiincreaseiinitheiconsumptioniofibeef.
Whichiofitheifollowingiisiainormativeistatement?i-iCorrectiAnswer-
Youishouldieatilessicandy.
Whichiofitheifollowingiareitrueistatements?i-iCorrectiAnswer-
Economistsiuseiempericalianalysis,iasiwelliasinaturaliandieconomiciexpe
riments,iEconomistsitryitoiisolateicauseiandieffectirelationships.
Whenianieconomyiproducesimoreismartphonesiandifewericars,iitiisians
weringithei"______"iquestion.i-iCorrectiAnswer-what
IfiSheniproducesibothipaninisiandiburgers,itheniwheniproductioniisieffic
ient,i-iCorrectiAnswer-
Shenicaniproduceimoreipanisisionlyibyiproducingilessiburgers.
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