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ECON202 EXAM 1 Trachman Questions with Correct Answers
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ECON202 EXAM 1 Trachman Questions with Correct Answers
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ECON202 EXAM 1 Trachman Questions with CorrectAnswers
Which of the following are the key economic assumptions? Correct
Answer-Optimal decisions are made at the margin
People respond to economic incentives
People are rational
People are irrational
Which tends to be more efficient? Correct Answer-Market Economies
The study of how many Starbucks coffees each worker produces per
shift is an example of what type of analysis? Correct Answer-Positive
Analysis
Suppose Starbucks is unhappy with how many coffees are produced per
worker per shift and decides they want to consider adding robot baristas
to their workforce. To determine whether or not this is a good idea, they
hire a consulting firm to do what type of analysis for them? Correct
Answer-Normative Analysis
Suppose you are about to graduate from college and are given the
opportunity to earn $40,000 next year working for the government,
$50,000 next year working for a consulting firm, or $0 going to graduate
school next year. What is the opportunity cost of deciding to go to
graduate school? Correct Answer-$50,000
, Economists believe that you should do any activity until.. Correct
Answer-MB=MC
You decide to sell a desk that you no longer need on Facebook
marketplace. You price the desk at $100 and find a buyer who was
looking for a desk of similar size and price so you agree to sell your desk
to this buyer, who is very excited to receive the item. Which of the
following economic terms best describes this? Correct Answer-
Voluntary Exchange
The study of why a family may choose one grocery store over another is
an example of something studied in Correct Answer-Microeconomics
The study of why a firm may pay its employees on an unbalanced scale
is an example of something studied in Correct Answer-Microeconomics
The study of why a city may face rising unemployment is an example of
something studied in Correct Answer-Macroeconomics
When the price of a good increases, the quantity demanded Correct
Answer-decreases
Which of the following are components of a perfectly competitive
market? Correct Answer-many buyers and sellers
all firms selling identical products
no barriers to new firms entering the market
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