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ECN 212 ASU QUESTIONS TEST (questions and answers)complete_.pdf
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8/22/24, 1:23 AMECN 212 ASU QUESTIONS
Jeremiah
Practice questions for this set
Terms in this set (122)
If the following represents Celene's demand curve
for milk, and Celene is buying 5 liters of milk. What
$3
price does she pay?
Which of the following is true about scarcity forces consumers to make decisions.
scarcity?
Celeste uses $2 to purchase an apple. The the next best use of the $2 she spent on the apple.
opportunity cost of that decision depends
on:
How can opportunity costs be described in Opportunity costs can be described as the next best alternative use of that dollar
monetary amounts? amount
Because most market transactions are costs of transactions are lower than otherwise
conducted with money
At market equilibrium, marginal cost is equal marginal benefit
to
What is an outcome that maximizes benefits an efficient outcome
less losses to society?
The last step economists take when group related, tested hypotheses into a theory
following the scientific method is to
Which of the following is not something an making an unsubstantiated claim
economist would use a model for?
Models are useful because: they include only the crucial details relevant to phenomena modeled
Chas is starting a shoe collection, and he has 10
$100 dollars to spend on sneakers or
slippers. A pair of sneakers costs $10, while a
pair of slippers costs $5. What is the
maximum number of pairs of sneakers that
Chas can purchase?
FlyPlaneAir has $360 million to acquire new aircraft
or maintain its fleet. The cost of maintaining a plane
-6 is $5 million and $30 million is needed to purchase a
new aircraft. What is the slope of FlyPlaneAir's
budget constraint?
Chas is starting a shoe collection, and he has 20
$100 dollars to spend on sneakers or
slippers. A pair of sneakers costs $10, while a
pair of slippers costs $5. What is the
maximum number of pairs of slippers that
Chas can purchase?
ECN 212 ASU QUESTIONS
1/12
, 8/22/24, 1:23 AM
Joe received a gift card of 60 dollars for his birthday
that he can use towards downloading music or
purchasing movies. Each movie costs $3, while the
cost of each song is $1. The graph illustrating his
(20,20)
budget constraint is displayed below. Given the
provided budget constraint, which (x,y) coordinate
on the graph reflects an unattainable consumption
bundle?
ECN 212 ASU QUESTIONS
2/12
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