ECON 2030 LSU FINAL EXAM |2024 LATEST UPDATE
|COMPLETE QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS ) ALREADY GRADED A+.
On a production possibilities frontier (PPP) graph, a specific
combination of goods is said to be inefficient at a particular
point in time if it lies ________ the PPF. a) on or outside
b) inside
c) on or inside
d) outside
e) on - ANSWER -b) inside
Inside line= possible
On line= efficient
Outside line= impossible
Suppose Bertha, a rational artist, recently sold a painting to a
customer for $300. It can be concluded WITH CERTAINTY
that Berth's reservation price for the painting was ______
$300.
a) less than or equal to
,b) greater than
c)less than
d)greater than or equal to
e) equal to - ANSWER -a) less than or equal to
Reservation Price for Sellers: lowest price at which a seller is
willing to sell
Reservation Price for Buyers: highest price willing buy
The European Central Bank said the euro zone grew faster
than expected in the first half of the year, and raised its
growth forecast for the bloc for 2017, to 2.2%- the fastest
pace in ten years. France's president, Emmanuel Macron,
threw his weight behind a German proposal for a European
Monetary Fund to dampen euro-zone economic shocks. This
is an example of a news item about a _____ issue.
a) macroeconomic
b) micoeconomic - ANSWER -a) macroeconomic
Macroeconomics: employment, inflation, economic growth
Microeconomics: one specific area, actions of people,
business, industries
,Suppose rational decision-maker Carla decided to go to a
concert and faced a choice: buy a ticket to see Beth
Patterson or buy a ticket to see Robin Yukiko. She chose to
purchase a ticket to see Robin. Suppose further that the
price of a ticket to see Beth was $25 and the price of a ticket
to see Robin was $20.
In the situation above, can be concluded with certainty that
Carla's expected pleasure from seeing Robin was greater
than or equal to her expected pleasure from seeing Beth?
a) yes
b) no - ANSWER -b) no
Cannot measure pleasure
Suppose rational decision-maker Carla decided to go to a
concert and faced a choice: buy a ticket to see Beth
Patterson or buy a ticket to see Robin Yukiko. She chose to
purchase a ticket to see Robin. Suppose further that the
price of a ticket to see Beth was $25 and the price of a ticket
to see Robin was $20.
In making her decision about which ticket to purchase,
Carla's sunk cost was a) $0
, b) $5
c) $20
d) $25
E) $45 - ANSWER -c) $20
Sunk cost: how much spent regardless
-cheapest is $20
Suppose rational decision-maker Carla decided to go to a
concert and faced a choice: buy a ticket to see Beth
Patterson or buy a ticket to see Robin Yukiko. She chose to
purchase a ticket to see Robin. Suppose further that the
price of a ticket to see Beth was $25 and the price of a ticket
to see Robin was $20.
In the situation above, what was Carla's benefit from seeing
Beth in concert?
a) The expected pleasure of seeing Beth perform plus $5
b) The expected pleasure of seeing Beth perform minus $5
c) The expected pleasure of seeing Beth perform minus $25
d) The expected pleasure of seeing Beth perform plus $20
e) The expected pleasure of seeing Beth perform - ANSWER -
e) The expected pleasure of seeing Beth perform
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller nyagajoseph539. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $27.99. You're not tied to anything after your purchase.
