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ECON-B 251 Exam 1 Questions with 100% Correct Answers | Verified | Latest Update

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Institution ECON-B 251
Course ECON-B 251
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ECON-B 251 Exam 1 Questions with 100% Correct Answers | Verified | Latest Update

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ECON-B 251 Exam 1 Questions with
100% Correct Answers | Verified | Latest
Update

Revenueiequationi-iCorrectiAnswer-PriceixiQuantityi(P*Q).


Rateiofichangei-iCorrectiAnswer-Price/Quantityi(P/Q)
-iForiailinearirelationship,ithisiisiconsistentiacrossitheiequation
-
Foriainonlineariequation,ithisicanibeiextractediasitheitangentiofiaispecifi
cipointionitheiequation.


Economicsi-iCorrectiAnswer-Theistudyiofiallocationiofiscarceiresources.


Microeconomicsi-iCorrectiAnswer-
Studyiofidecisionimakingibyiindividuals,ihouseholds,iorifirmsi(pollution,i
crime,ihealthicare,ieducation).


Macroeconomicsi-iCorrectiAnswer-
Studyiofitheibehavioriofitheieconomyiasiaiwholei(inflation,itaxes,iunemp
loyment).

,Rationalityiassumptioni-iCorrectiAnswer-
Assumptionithatipeopleidoinotiintentionallyimakeidecisionsithatiwouldil
eaveithemiworseioff.


Boundedirationalityi-iCorrectiAnswer-
Peopleidoinotialwaysibehaveirationally,idueito:iasymmetriciinformation
,ilackiofitime/ability/resources,ibias,iemotion,iuncertainty,irisk.


Prospectitheoryi-iCorrectiAnswer-
Peopleichooseitoitakeioniriskiwhenievaluatingipotentialilossesiandiavoid
irisksiwhenievaluatingipotentialigains.




Lossiaversioni-iCorrectiAnswer-
Theistrongitendencyitoiregardilossesiasiconsiderablyimoreiimportantith
anigains.


Self-interesti-iCorrectiAnswer-
Economistsiassumeithatipeopleimakeidecisionsiinithisiway,iintendeditoi
makeitheidecision-makeribetterioffiwithouticonsideringiothers.


Socialiinteresti-iCorrectiAnswer-
Decisionsimadeiinithisiwayiareiconsidereditoibeitheibestidecisioniforisoci
etyiasiaiwhole,itakingiintoiaccountiefficiencyiandiequity.

, Incentivizingisocialiinteresti-iCorrectiAnswer-
Governmentsimayiplaceipunishmentsiorisubsidiesiiniorderiforipeopleitoi
actiinisocialiinterestiasiopposeditoiself-interest.


Economicimodelsi-iCorrectiAnswer-
Simplificationsiofirealityithatihelpitheiunderstandingiofipatternsiandisim
ilaritiesiacrossidifferentisituations,iusefuliabstractionsiofireality.


Marginalieffecti-iCorrectiAnswer-
Theieffectionitheidependentivariableithatiresultsifromichangingianiinde
pendentivariableibyiaismalliamount.


Ceterisiparibusi-iCorrectiAnswer-
Keepingialliotherifactorsiconstantiiniaimodel.


Scarcityiprinciplei-iCorrectiAnswer-
Notienoughiresourcesiareiavailableitoisatisfyialliwants,isoialliactionsihav
eitradeoffs.


Directicostsi-iCorrectiAnswer-
Costsithatiareispecificallyiassociatediwithianiaction.


Opportunityicosti-iCorrectiAnswer-Costiofirulingioutialternativeiactions-
->itheivalueiofitheinextibestiforegoneialternativeiaction.

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