Marginal benefit - Study guides, Class notes & Summaries

Vivian buys a life insurance policy in which the insurer pays policyholders dividends based on how well the life insurer is doing. If the insurer is profitable, Vivian will receive dividends. If the insurer underperforms financially, Vivian and other policyholders will receive fewer dividends. Indicate the type of insurance policy Vivian purchased. A. Variable life insurance. B. Participating life insurance. C. Limited-pay life insurance. D. Non-participating life insurance - B. Participa...

Microsoft filed a lawsuit against people who sent spam (junk e-mail) and a website owner who hosted spam services. A spokesman for Microsoft said that Microsoft was "trying to change the economics of spam" by increasing the cost of being a spammer. An economist most likely would agree with which statement about Microsoft's actions? correct answers Microsoft's approach of trying to change the costs of spamming is the most efficient way to change behavior. The marginal cost of consuming ano...

ECON 1 UCSB Summarized Exam Review scarcity - ANS-A situation in which unlimited wants exceed the limited resources available to fulfill those wants economics - ANS-the study of the choices people make to attain their goals, given their scarce resources Three Key Economic Ideas - ANS-1. People are rational 2. People respond to economic incentives 3. Optimal decisions are made at the margin marginal benefit - ANS-the additional benefit to a consumer from consuming one more unit of a ...

SFU ECON 103 SAMPLE MIDTERM 1 QUESTIONS AND ANSWERS COMPLETE 2024 PREP SIMON FRASER UNIVERSITY Sample Midterm 1 Answers Unless told otherwise, assume throughout that demand curves slope downwards and supply curves slope upwards. 1. Which of the following statements about opportunity cost is TRUE? I. Opportunity cost is equal to implicit costs plus explicit costs. II. Opportunity cost only measures direct monetary costs. III. Opportunity cost accounts for alternative uses of resou...

normative statement an opinion that cannot be confirmed by referencing facts positive statement a statement that can be proved by referencing facts why are economic models used? theories cannot be tested in a controlled environment the basic economic problem scarcity - consumer wants are always greater than available resources opportunity cost the next best alternative foregone factors of production resources used by a firm in production list and define the factors of production lab...

scarcity Ans: a situation in which unlimited wants exceeds the limited resources available economics Ans: the study of the choices people make to attain their goals, given their scarce resources economic model Ans: a simplified version of reality used to analyze real-world economic situations market Ans: a group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade What are the three key economic ideas? Ans: 1.People are rat...

THE rule (and its variations): How is the optimal level of any activity (for consumers, firms or governments) determined? Marginal cost = marginal benefit On the 2x2 efficiency table: What effect on efficiency (total surplus) do government interventions have in a market in which originally the government had not intervened? Market works well - marginal benefit =marginal cost total surplus was maximized, and the government intervenes things will go wrong and vice versa (if it's not broke do...

Economics - ANSWER Economics is the study of the choices, methods or systems used by societies to allocate scarce resources. Fallacy of Composition - ANSWER The fallacy of composition exists when we conclude that something that is appropriate for an individual must be also appropriate for society. Example: If it is good for the individual it must be good for the overall economy. Marginal Analysis - ANSWER Comparing the marginal (extra) costs to the marginal (extra) benefits as an aid to de...

True or False: Majority voting on whether a public good should be produced could lead to a result where a public good whose cost are bigger than the benefits would end up getting approved by the voters. Correct Answer-True Understand diminishing marginal utility Correct Answer-The benefit/value of a good or service decreases with each additional unit bought Understand diminishing returns Correct Answer-The principle that as successive increments of a variable resource are added to a fixed ...

This is Solutions Manual zip file for Microeconomics 4th Canadian Edition By Glenn Hubbard, Anthony Patrick O'Brien, Apostolos Serletis, Jason Childs (All Chapters, 100% Original Verified, A+ Grade) . PDF file is giving error in upload, thats why zip file is added. Check Sample Preview: Contents Chapter 1: Economics: Foundations and Models ................................................. 1 Chapter 2: Trade-offs, Comparative Advantage, and the Market System ....... 9 Chapter 3: Where Pri...