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StraighterLine Microeconomics Graded Exam 1 Questions and Answers 2024/2025( A+ GRADED 100% VERIFIED).
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StraighterLine Microeconomics Graded Exam 1 Questions and Answers 2024/2025( A+ GRADED 100% VERIFIED).

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  • September 25, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • choos
  • straighterline microeconomics graded exam 1
  • what branch of economics is most likely to study d
  • the scarcity principle applies to a consumers pr
  • enrique can either drive to work which takes half

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StraighterLine Microeconomics Graded
Exam 1
What branch of economics is most likely to study differences in countries' growth rates?

a. Macroeconomics
b. Normative economics
c. Microeconomics
d. Experimental economics - ANS a. Macroeconomics

The Scarcity Principle applies to

a. consumers primarily
b. firms primarily
c. poor people primarily
d. everyone - ANS d. everyone

Enrique can either drive to work, which takes half an hour and uses $1.50 worth of gas, or take
the bus, which takes an hour and costs $1. How should Enrique get to work?

a. Enrique should drive if saving half an hour is worth $0.50 or more
b. Enrique should take the bus if saving half an hour is worth $0.50 or more.
c. Enrique should take the bus because it costs $0.50 less than driving
d. Enrique should drive because it saves half an hour relative to taking the bus - ANS a.
Enrique should drive if saving half an hour is worth $0.50 or more.

Choosing to study for an exam until the extra benefit (e.g., improved score) equals the extra
cost (e.g., the value of foregone activities) is

a. not rational because it ignores the importance of total benefits and total costs
b. an application of the Cost-Benefit Principle
c. not an economic choice
d. an application of the Scarcity Principle - ANS b. an application of the Cost-Benefit Principle

The average benefit of n units of an activity is the

a. n times the total benefit of n units
b. total benefit of n units divided by n
c. n divided by the total benefit of n units

, d. extra benefit from carrying out one additional unit of the activity - ANS b. total benefit of n
units divided by n

Suppose there are two parallel highways between two cities with approximately equal traffic.
What would you expect to happen if the state began charging tolls to drive on one of those
highways?

a. More drivers would drive on the non-toll road, making the toll road less congested
b. Traffic would remain evenly divided between the two roads as drivers continuously sought the
less-congested route
c. More drivers would drive on the toll road making the non-toll road less congested
d. Traffic would decrease on both roads - ANS a. More drivers would drive on the non-toll road,
making the toll road less congested

Points that lie below the production possibilities curve are inefficient because

a. producers face scarcity
b. more of one good could be produced without producing less of the other
c. too many goods are being produced
d. producing more of one good means producing less of the other - ANS b. More of one good
could be produced without producing less of the other

A country is most likely to have a comparative advantage in the production of cars if

a. it has strict environmental protection laws governing automobile emissions
b. it imports most of the raw materials necessary to produce cars
c. its citizens prefer driving cars to other forms of transportation
d. it has a relative abundance in the natural resources needed to produce cars - ANS d. It has a
relative abundance in the natural resources needed to produce cars

Suppose Karl divides his time between making birdhouses and growing artichokes. Karl's friend
recently gave Karl some new woodworking tools that greatly reduced the amount of time it takes
Karl to make each birdhouse, but the new tools had no impact on the amount of time it takes
Karl to grow artichokes. Thus, the new tools _____ Karl's opportunity cost of growing artichokes.

a. had no effect on
b. increased
c. halved
d. decreased - ANS b. increased

As the price of a good rises

a. more firms can cover their opportunity cost of producing the good
b. government regulation becomes more justified

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