Examination
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, ECON 1000 - Introduction to Microeconomics 2024 –
2025 ECON 1000 Exam Test 1 Review Questions with
Correct Answers | 100% Pass Guaranteed | Graded A+ |
Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
The Incentive Principle states that - Answer>> if the
marginal benefit of an activity increases, then a rational
person will engage
in more of the activity
In 2015 High School graduates earned 11,037 per year
more than non-High School graduates. If this difference
had instead been $8,500 per year, then we would
expect - Answer>> more people to drop out of school
before graduating High School.
Consider the following two statements. Statement 1:
"The U.S. should restrict employers from outsourcing
work to foreign countries." Statement 2: "A ceiling on
rents reduces the quantity and quality of available
housing." Most economists would - Answer>> agree with
Statement 2, but disagree with Statement 1
Economics is - Answer>> the social science that studies
decision making in the face of scarcity and the resulting
impact of such decisions on both society as a whole
and on the individual members therein
In July 2012 professional golfer Adam Scott bogeyed
the last four holes of the British Open to lose the
tournament to Ernie Els by one stroke. Around the
same time flooding in Beijing, China resulted in the
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, death of at least 77 people. If Adam was more upset
about the outcome of the British Open than about the
loss of life from the flooding in Beijing, then it would
seemingly suggest that he - Answer>> is a self-
interested individual
John recently saw the comedian Ron White perform at
the Topeka Performing Arts Center in Topeka, KS. His
Total Benefits from seeing this show were $120, while
his Total Costs were $70. From this information, it
follows that his Economic Surplus - Answer>> from
attending the show was ($120)-($70) = ($50)
Normative Statements - Answer>> are supported (either
implicitly or explicitly) by the priorities, goals, and value
judgments of the person making the statement.
A "Rational Decision Maker" should - Answer>> take an
action if and only if the Marginal Benefit of the action is
at least as great as the Marginal Cost of the action.
The quote on page 17 of the course textbook suggests
that Milton Friedman believed that Mother Theresa was
- Answer>> rational and self-interested
Total Benefits (i.e., Total Benefits, not Total Economic
Surplus) are maximized a - Answer>> Q5: Farthest to the
right of the benefit side
If the decision maker increased the amount which she
was engaging in the activity from Q3 to Q4 , then -
Answer>> Total Costs, Total Benefits, and Total
Economic Surplus would all increase.
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