Marginal benefit - Samenvattingen, Aantekeningen en Examens
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SFU ECON 103 SAMPLE MIDTERM 1 QUESTIONS AND ANSWERS COMPLETE 2024 PREP SIMON FRASER UNIVERSITY
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SFU ECON 103 SAMPLE MIDTERM 1 QUESTIONS AND ANSWERS COMPLETE 2024 PREP SIMON FRASER UNIVERSITY 
 
Sample Midterm 1 Answers 
 
Unless told otherwise, assume throughout that demand curves slope downwards and supply curves slope upwards. 
 
 
1.	Which of the following statements about opportunity cost is TRUE? 
 
I.	Opportunity cost is equal to implicit costs plus explicit costs. 
II.	Opportunity cost only measures direct monetary costs. 
III.	Opportunity cost accounts for alternative uses of resou...
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MICROECONOMICS-KRUGMAN 3RD EDITION TESTBANK QUESTIONS AND ANSWERS
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1	 Microeconomics deals with: 
•	the working of the entire economy or large sectors of it. Incorrect 
•	economic growth. Incorrect 
•	individual decision makers in the economy. (True Answer 
)Correct 
•	gross domestic product. Incorrect 
 
2	The study of a single firm and how it determines prices would fall under the study of: 
•	macroeconomics. Incorrect 
•	microeconomics. (True Answer )Correct 
•	economic growth. Incorrect 
•	fiscal policy. Incorrect 
 
3	 Macroeconomics deal...
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econ 2301 Exam | 421 Questions with 100% Solutions/Verified Answers
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Economics - ANSWER Economics is the study of the choices, methods or systems used by 
societies to allocate scarce resources. 
Fallacy of Composition - ANSWER The fallacy of composition exists when we conclude that 
something that is appropriate for an individual must be also appropriate for society. Example: If 
it is good for the individual it must be good for the overall economy. 
Marginal Analysis - ANSWER Comparing the marginal (extra) costs to the marginal (extra) 
benefits as an aid to de...
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CSU AREC 202 FINAL EXAM QUESTIONS AND ANSWERS ALREADY PASSED
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THE rule (and its variations): How is the optimal level of any activity (for consumers, firms or 
governments) determined? Marginal cost = marginal benefit 
On the 2x2 efficiency table: What effect on efficiency (total surplus) do government 
interventions have in a market in which originally the government had not intervened? 
Market works well - marginal benefit =marginal cost total surplus was maximized, and the 
government intervenes things will go wrong and vice versa (if it's not broke do...
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Econ 202 Exam 1 Questions with Complete Correct Answers | Grade A+
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scarcity 
Ans: a situation in which unlimited wants exceeds the limited resources available 
economics 
Ans: the study of the choices people make to attain their goals, given their scarce resources 
economic model 
Ans: a simplified version of reality used to analyze real-world economic situations 
market 
Ans: a group of buyers and sellers of a good or service and the institution or arrangement by 
which they come together to trade 
What are the three key economic ideas? 
Ans: 1.People are rat...
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AP Microeconomics/Macroeconomics Premium, 2025: Prep Book with 4 Practice Tests + Comprehensive Review + Online Practice (Barron's AP Prep) Premium Edition;ACE IN YOUR EXAMS!!!!
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AP Microeconomics/Macroeconomics Premium, 2025: Prep Book with 4 Practice Tests + Comprehensive Review + Online Practice (Barron's AP Prep) Premium Edition 
 
Table of Contents 
How to Use This Book 
INTRODUCTION 
1 The AP Tests in Microeconomics and Macroeconomics 
Introduction 
Microeconomics, Macroeconomics, or Both? 
The Tests: What Topics Will You See? 
Multiple-Choice Questions 
Free-Response Questions 
Practice, Practice, Practice 
Microeconomics Pretest 
Pretest AP Score Estimate 
Answe...
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Econ 202 Carlisle Exam 1 (Chapters 1-5) Questions with Correct Answers
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True or False: Majority voting on whether a public good should be produced could lead to a result where a public good whose cost are bigger than the benefits would end up getting approved by the voters. Correct Answer-True 
 
Understand diminishing marginal utility Correct Answer-The benefit/value of a good or service decreases with each additional unit bought 
 
Understand diminishing returns Correct Answer-The principle that as successive increments of a variable resource are added to a fixed ...
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ECO 201 Miami University Final questions with correct answers
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market Answer a group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade 
 
economic assumptions (3 of them) Answer people are rational 
people respond to economic incentives 
optimal decisions are made at the margin 
 
economics Answer the study of the choices consumers, business managers, and government officials make to attain their goals, given scarce resources 
 
economic models Answer simplified versions of reality used to ana...
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ECON 201 Final Exam | Questions with complete solutions
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ECON 201 Final Exam | Questions with complete solutions A profit-maximizing firm will: A. expand employment if marginal revenue product equals marginal resource cost. B. reduce employment if marginal revenue product equals marginal resource cost. C. reduce employment if marginal revenue product is less than marginal resource cost. D. expand employment if marginal revenue product is less than marginal resource cost. Which of the following describes the equilibrium condition in a purely competit...
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WGU C718 Full Study Guide Questions Rated A+
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WGU C718 Full Study Guide Questions Rated A+ What is the definition of economics? the study of how humans make decisions in the face of scarcity 
What are economic and accounting profits? Accounting - profit computed using only explicit costs Total revenue - Explicit costs = accounting profit 
Economic - profit computed using explicit and implicit costs Total revenue - Explicit costs - Implicit costs = Economic profit 
What are the characteristics of an oligopoly? 1) few firms 2) barriers to ent...
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