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Bmal 590 week 6 Micro Economics questions with correct answers
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Bmal 590 week 6 MicroEconomicsPeople respond to incentives blank_______. - correct answer ✔✔by calculating their individual costs and
benefits and determining which is greater
After much consideration, you have chosen Cancun over Ft. Lauderdale as your Spring Break destination
this year. However, Spring Break is still months away, and you may reverse this decision. Which of the
following events would prompt you to reverse this decision? - correct answer ✔✔The marginal cost of
going to Ft. Lauderdale decreases.
A tradeoff exists between a clean environment and a higher level of income in that blank_______. -
correct answer ✔✔laws that reduce pollution raise costs of production and reduce incomes
An incentive ______. - correct answer ✔✔could be either a reward or a penalty
Bill is restoring a car and has already spent $4000 on the restoration. He expects to be able to sell the car
for $5800. Bill discovers that he needs to do an additional $2400 of work to make the car worth $5800 to
potential buyers. He could also sell the car now, without completing the additional work, for $3800.
What should he do? - correct answer ✔✔He should sell the car now for $3800.
Economists assume that people are motivated by blank_______. - correct answer ✔✔rational self-
interest
The fundamental reason people must choose between goods to buy and consume is because of
blank______. - correct answer ✔✔scarcity
A rational student will continue studying in a given study session until blank______. - correct answer
✔✔the marginal value of the last unit studied equals the marginal cost of the last unit
In economics, the cost of doing something is blank_______. - correct answer ✔✔the value of the next
best opportunity not taken
, The optimal amount of studying is determined by comparing the blank_______ - correct answer
✔✔marginal benefit and the marginal cost of studying
A shift in the demand curve denotes _______. - correct answer ✔✔a change in demand
Consider inferior goods. As real incomes rise, consumers tend to buy inferior goods inblank________. -
correct answer ✔✔less quantity
The law of supply states that, holding other factors constant, as price increases blank_______. - correct
answer ✔✔quantity supplied increases
A restriction on the number of people allowed to be medical doctors in the United States would most
likely blank_______. - correct answer ✔✔increase doctors' fees
Suppose the price of hamburgers rises, and you observe that as a result, the demand for hotdogs rises.
This makes hotdogs and hamburgers blank_______. - correct answer ✔✔substitutes
March was unusually rainy and windy, leading more car owners to take their cars to the car wash. Prices
at local car washes did not change. Economists might describe that change in consumer behavior this
way? - correct answer ✔✔The weather caused an increase in the demand for car washes.
Movement down along a demand curve could be caused by blank_______. - correct answer ✔✔a
decrease in the price
If A and B are complements, an increase in the price of good A would blank_______. - correct answer
✔✔lead to a decrease in demand for B
A drought in the Midwest will raise the price of wheat because of a blank_______. - correct answer
✔✔leftward shift in the supply curve
For a steel factory, a decrease in the cost of electricity to the plant will cause the supply curve to
blank_______. - correct answer ✔✔shift to the right
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