Econ 130 Final Review || All Questions Answered Correctly.
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Course
Econ 130
Institution
Econ 130
The word that comes from the Greek word for "one who manages a household" is correct answers economy.
The word "margin" means correct answers edge.
Which of the following products would be considered scarce? correct answers All of the above are correct.
The primary determinant of a country...
Econ 130 Final Review || All Questions Answered Correctly.
The word that comes from the Greek word for "one who manages a household" is correct
answers economy.
The word "margin" means correct answers edge.
Which of the following products would be considered scarce? correct answers All of the above
are correct.
The primary determinant of a country's standard of living is correct answers the country's ability
to produce goods and services.
Guns and butter are used to represent the classic societal tradeoff between spending on correct
answers national defense and consumer goods.
In economics, the cost of something is correct answers what you give up to get it.
When government policies are enacted, correct answers None of the above are correct.
Which of the following statements exemplifies a principle of individual decisionmaking? correct
answers The cost of something is what you give up to get it.
Laws that restrict the smoking of cigarettes in public places are examples of government
intervention that is intended to reduce correct answers externalities.
A construction company has built 50 houses so far this year at a total cost to the company of $8
million. If the company builds a 51sthouse, its total cost will increase to $8.18 million. Which of
the following statements is correct? correct answers All of the above are correct.
Which of the following is an example of an economic model? correct answers the production
possibilities frontier
Suppose a nation is currently producing at a point inside its production possibilities frontier. We
know that correct answers the nation is not using all available resources or is using inferior
technology or both.
Which of the following terms are most closely associated with the study of economics? correct
answers comparative advantage and deadweight loss
When economists are trying to help improve the world they are correct answers policy advisers
Which of the following is an example of a positive statement? correct answers Prices rise when
the government prints too much money.
, A production possibilities frontier can shift outward if correct answers there is a technological
improvement.
The art in scientific thinking -- whether in chemistry, economics, or psychology -- is correct
answers deciding which assumptions to make.
Which of the following areas of study typifies macroeconomics as opposed to microeconomics?
correct answers the effect on the economy of changes in the nation's unemployment rate
Refer to Figure 2-8. What is the opportunity cost of moving from point A to point B? correct
answers 20 barrels
Consider a shoemaker and a vegetable farmer. Potentially, trade could benefit both individuals if
correct answers All of the above are correct.
Refer to Table 3-3. The opportunity cost of 1 basket for Missouri is correct answers 2
birdhouses.
Refer to Figure 3-4. Barney has an absolute advantage in correct answers neither good and Betty
has an absolute advantage in both goods.
Refer to Table 3-6. If England and Spain specialize and trade based on the principle of
comparative advantage, Spain will export which product to England? correct answers cheese
Without trade, correct answers a country's production possibilities frontier is also its
consumption possibilities frontier.
Refer to Figure 3-4. Barney has a comparative advantage in correct answers pies and Betty has a
comparative advantage in loaves of bread.
Refer to Figure 3-2. For Ben, the opportunity cost of 1 pound of cones is correct answers 1/4
pound of ice cream
Two goods are substitutes if a decrease in the price of one good correct answers decreases the
demand for the other good.
The term price takers refers to buyers and sellers in correct answers perfectly competitive
markets.
If car manufacturers begin utilizing new labor-saving technology on their assembly lines, we
would not expect correct answers individual car manufacturers to move up and to the right along
their individual supply curves.
Refer to Figure 4-1. The movement from point A to point B on the graph would be caused by
correct answers decrease in price.
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