Workace
On this page, you find all documents, package deals, and flashcards offered by seller WorkAce.
- 205
- 0
- 28
Community
- Followers
- Following
234 items
ECON-B 251 Canvas Quiz 2 and answers
ECON-B 251 Canvas Quiz 2 and 
answers 
In the Solow growth model, a sudden increase in the death rate of the working age 
adult population leads to 
a. an increase in growth 
b. fluctuations in growth 
c. a decrease in growth 
d. constant growtha 
In the Solow growth model, imagine that the Bubonic Plague kills a large fraction of 
the population within a few months. Then we would predict 
a. the price of land to fall 
b. the price of land to first fall and then rise 
c. the price of...
- Package deal
- Exam (elaborations)
- • 4 pages •
ECON-B 251 Canvas Quiz 2 and 
answers 
In the Solow growth model, a sudden increase in the death rate of the working age 
adult population leads to 
a. an increase in growth 
b. fluctuations in growth 
c. a decrease in growth 
d. constant growtha 
In the Solow growth model, imagine that the Bubonic Plague kills a large fraction of 
the population within a few months. Then we would predict 
a. the price of land to fall 
b. the price of land to first fall and then rise 
c. the price of...
ECON-B 251 Canvas questions and answers
ECON-B 251 Canvas questions and 
answers 
A monopolist faces a 
 
a. downward sloping marginal revenue curve that is below demand 
b. marginal revenue curve that is flat 
c. downward sloping marginal revenue curve that is equal to demand 
d. downward sloping marginal revenue curve above demanda 
 
In Mickey Mouse Pricing with heterogeneous consumers, the price is 
 
a. regulated 
b. below marginal cost 
c. equal to marginal cost 
d. above marginal costc 
 
In Mickey Mouse Pricing...
- Package deal
- Exam (elaborations)
- • 4 pages •
ECON-B 251 Canvas questions and 
answers 
A monopolist faces a 
 
a. downward sloping marginal revenue curve that is below demand 
b. marginal revenue curve that is flat 
c. downward sloping marginal revenue curve that is equal to demand 
d. downward sloping marginal revenue curve above demanda 
 
In Mickey Mouse Pricing with heterogeneous consumers, the price is 
 
a. regulated 
b. below marginal cost 
c. equal to marginal cost 
d. above marginal costc 
 
In Mickey Mouse Pricing...
ECON-B251 Final Exam qustions and answers
ECON-B251 Final Exam qustions and 
answers 
What is a firm's goal?maximize economic profit 
 
Accounting Profit- daily, weekly, monthly recordings of all bills/costs paid by the 
firm 
doesn't fully measure opportunity cost 
 
Economic profitthe total revenue - total costs: explicit and the opportunity costs 
paid by the firm (implicit) 
this is the profit that is referred to when it says a firm's profit 
firms make decisions off economic profit 
 
Opportunity costexplicit...
- Package deal
- Exam (elaborations)
- • 9 pages •
ECON-B251 Final Exam qustions and 
answers 
What is a firm's goal?maximize economic profit 
 
Accounting Profit- daily, weekly, monthly recordings of all bills/costs paid by the 
firm 
doesn't fully measure opportunity cost 
 
Economic profitthe total revenue - total costs: explicit and the opportunity costs 
paid by the firm (implicit) 
this is the profit that is referred to when it says a firm's profit 
firms make decisions off economic profit 
 
Opportunity costexplicit...
Econ B251 Final Exam questions and answers
Econ B251 Final Exam questions and 
answers 
Explicit costsOut-of-pocket production expenses recorded using the accounting 
method 
 
Implicit costsMeasure the alternative uses of 3 types of resources, such as 
physical capital, interest payment, and time 
 
Normal profitThe income associated with the entrepreneur 
 
Command systemWhen workers follow directions from their boss above them 
and provide feedback to their boss 
 
Incentive systemWhen firms have a well-defined and well i...
- Package deal
- Exam (elaborations)
- • 3 pages •
Econ B251 Final Exam questions and 
answers 
Explicit costsOut-of-pocket production expenses recorded using the accounting 
method 
 
Implicit costsMeasure the alternative uses of 3 types of resources, such as 
physical capital, interest payment, and time 
 
Normal profitThe income associated with the entrepreneur 
 
Command systemWhen workers follow directions from their boss above them 
and provide feedback to their boss 
 
Incentive systemWhen firms have a well-defined and well i...
ECON B251 Final Exam qestions and answers
ECON B251 Final Exam qestions and 
answers 
Scarcity Principleall actions have tradeoffs 
 
Opportunity Costcall of the best foregone alternative action 
 
Marginal cost-benefit principletake an action if and only if the extra benefits are at 
least as great as the extra costs 
 
Absolute advantagethe ability to complete a task using less resources (time, 
money, etc.) 
 
Comparative advantagelower opportunity cost 
 
Efficientif there is no alternative that improves outcomes for s...
- Package deal
- Exam (elaborations)
- • 8 pages •
ECON B251 Final Exam qestions and 
answers 
Scarcity Principleall actions have tradeoffs 
 
Opportunity Costcall of the best foregone alternative action 
 
Marginal cost-benefit principletake an action if and only if the extra benefits are at 
least as great as the extra costs 
 
Absolute advantagethe ability to complete a task using less resources (time, 
money, etc.) 
 
Comparative advantagelower opportunity cost 
 
Efficientif there is no alternative that improves outcomes for s...
ECON B251 Exam 1 questions and answers
ECON B251 Exam 1 questions and 
answers 
Because we face scarcity, every choice involves: 
 
a) money 
b) time and money 
c) marginal benefity 
d) trad-offsD. trade-offs 
 
You decide to take a vacation and the trip costs you 1,254. While you are on 
vacation, you do not report to work where you could have earned 123. The 
opportunity cost of the vacation is $_______.1,377 
 
Strategic decisions include- one's own benefits - one's own costs - other's decisions 
 
The nig...
- Package deal
- Exam (elaborations)
- • 4 pages •
ECON B251 Exam 1 questions and 
answers 
Because we face scarcity, every choice involves: 
 
a) money 
b) time and money 
c) marginal benefity 
d) trad-offsD. trade-offs 
 
You decide to take a vacation and the trip costs you 1,254. While you are on 
vacation, you do not report to work where you could have earned 123. The 
opportunity cost of the vacation is $_______.1,377 
 
Strategic decisions include- one's own benefits - one's own costs - other's decisions 
 
The nig...
Econ B-251 Canvas 1-4 Questions and answers
Econ B-251 Canvas 1-4 Questions 
and answers 
All economic questions are abouthow to cope with scarcity 
 
Which of the following is a microeconomic question?-Will a shortage of 
electricians lead to an increase in their wages? - Will taxing pizza increase the amount of pizzas sold? 
 
Because we face scarcity, every choice involvesTrade-offs 
 
You decide to take a vacation and the trip cost you $2000. While you're on vacation 
you do not report to work where you could've earned...
- Package deal
- Exam (elaborations)
- • 4 pages •
Econ B-251 Canvas 1-4 Questions 
and answers 
All economic questions are abouthow to cope with scarcity 
 
Which of the following is a microeconomic question?-Will a shortage of 
electricians lead to an increase in their wages? - Will taxing pizza increase the amount of pizzas sold? 
 
Because we face scarcity, every choice involvesTrade-offs 
 
You decide to take a vacation and the trip cost you $2000. While you're on vacation 
you do not report to work where you could've earned...
ECON B-251 EXAM 1questions and answers
ECON B-251 EXAM 1questions and 
answers 
economicsthe study of satisfying unlimited wants by utilizing limited resources 
 
scarcityunlimited wants and limited resources 
 
the economic problemdeals with the problem of scarcity 
 
Microeconomicsstudies decisions by individual firms and governments 
 
Macroeconomicsstudies decisions made or actions taken by the entire economy 
ex. inflation, unemployment, GDP 
 
rationality assumptionassumes that people do not intentionally make dec...
- Package deal
- Exam (elaborations)
- • 5 pages •
ECON B-251 EXAM 1questions and 
answers 
economicsthe study of satisfying unlimited wants by utilizing limited resources 
 
scarcityunlimited wants and limited resources 
 
the economic problemdeals with the problem of scarcity 
 
Microeconomicsstudies decisions by individual firms and governments 
 
Macroeconomicsstudies decisions made or actions taken by the entire economy 
ex. inflation, unemployment, GDP 
 
rationality assumptionassumes that people do not intentionally make dec...
Econ B 251 qestions and answers
Econ B 251 qestions and answers 
Which of the following are characteristics of a monopoly?the firms demand cure 
is downward sloping, there are high barriers to entry or exit, the firm determines the 
price to charge it's buyers. 
 
Which of the following are barriers to entry for a monopoly?patents, ownership of 
a vital resource, public franchises 
 
Which of the following is true for BOTH a monopoly and a perfectly competitive 
firm?The profit maximizing output level occurs where ...
- Package deal
- Exam (elaborations)
- • 15 pages •
Econ B 251 qestions and answers 
Which of the following are characteristics of a monopoly?the firms demand cure 
is downward sloping, there are high barriers to entry or exit, the firm determines the 
price to charge it's buyers. 
 
Which of the following are barriers to entry for a monopoly?patents, ownership of 
a vital resource, public franchises 
 
Which of the following is true for BOTH a monopoly and a perfectly competitive 
firm?The profit maximizing output level occurs where ...
Econ B 251 Final Exam questions and answers
At the profit maximizing level of output, firms shutdown whenprice< average 
variable cost 
 
In the long run perfectly competitive firms earn zero economic profit and positive 
accounting profitZero, positive 
 
Perfectly competitive markets are --- because total surplus is maximized and forms 
produce at the lowest possible --- cost.Efficient, total surplus, average total 
 
Sue quit her $40,000 per year job and opened a coffee shop that she calls Top 
Brew. In the first year, Top...
- Package deal
- Exam (elaborations)
- • 14 pages •
At the profit maximizing level of output, firms shutdown whenprice< average 
variable cost 
 
In the long run perfectly competitive firms earn zero economic profit and positive 
accounting profitZero, positive 
 
Perfectly competitive markets are --- because total surplus is maximized and forms 
produce at the lowest possible --- cost.Efficient, total surplus, average total 
 
Sue quit her $40,000 per year job and opened a coffee shop that she calls Top 
Brew. In the first year, Top...