ECON 2030 Exam 1 Questions
Study online at https://quizlet.com/_emd8ux
1. "How have gasoline prices in the United microeconomic
States changed over the last 12 months is (because it is only about the gas prices and
an example of a micro or macro economic not the whole economy)
question?
2. How have prices for all goods and services macroeconomic
in the United States changed over the last (because it focuses on the whole economy)
12 months?" is an example of a micro or
macro economic question?
3. Suppose Remus decides to go fishing at 3
Lake Pescaccio on his day off from work,
but he faces a choice: he can fish the east,
south, or west side of the lake. His expected
catch for the day is as follows: 3 fish on
the east side, 7 fish on the south side, or 5
fish on the west side. Everything else held
constant, Remus' benefit of fishing the east
side of the lake is _____ fish.
4. Suppose Remus decides to go fishing at 7
Lake Pescaccio on his day off from work,
but he faces a choice: he can fish the east,
south, or west side of the lake. His expected
catch for the day is as follows: 3 fish on
the east side, 7 fish on the south side, or 5
fish on the west side. Everything else held
constant, Remus' opportunity cost of fish-
ing the east side of the lake is _____ fish.
5. Suppose Remus decides to go fishing at No, because the benefit of the east side (3
Lake Pescaccio on his day off from work, fish) is not ethe opportunity cost (7 fish)
, ECON 2030 Exam 1 Questions
Study online at https://quizlet.com/_emd8ux
but he faces a choice: he can fish the east,
south, or west side of the lake. His expected
catch for the day is as follows: 3 fish on
the east side, 7 fish on the south side, or 5
fish on the west side. Suppose further that
Remus chose to fish the east side of the
lake. Was Remus' decision rational? Why or
why not? Explain.
6. Suppose rational reader Debi has decided the expected pleasure gotten from reading
to purchase one book to read this weekend After I Was Dead
and she has narrowed her choices down
to either The Meat and Spirit Plan by Selah
Saterstrom, priced at $15, or After I Was
Dead by Laura Mullen, priced at $19.
What is the benefit from getting Laura's
book?
7. Suppose rational reader Debi has decided the expected pleasure gotten from reading
to purchase one book to read this weekend The Meat and Spirit Plan and $4
and she has narrowed her choices down
to either The Meat and Spirit Plan by Selah
Saterstrom, priced at $15, or After I Was
Dead by Laura Mullen, priced at $19.
what is the opportunity cost of getting Lau-
ra's book?
8. Suppose rational reader Debi has decided the expected pleasure of After I was Dead
to purchase one book to read this weekend
and she has narrowed her choices down
to either The Meat and Spirit Plan by Selah
, ECON 2030 Exam 1 Questions
Study online at https://quizlet.com/_emd8ux
Saterstrom, priced at $15, or After I Was
Dead by Laura Mullen, priced at $19.
What is the opportunity cost of getting Se-
lah's book?
9. Suppose rational reader Debi has decided the expected pleasure gotten from reading
to purchase one book to read this weekend The Meat and Spirit Plan and $4
and she has narrowed her choices down
to either The Meat and Spirit Plan by Selah
Saterstrom, priced at $15, or After I Was
Dead by Laura Mullen, priced at $19.
What is the benefit of getting Selah's book?
10. Suppose rational reader Debi has decided $15
to purchase one book to read this weekend
and she has narrowed her choices down
to either The Meat and Spirit Plan by Selah
Saterstrom, priced at $15, or After I Was
Dead by Laura Mullen, priced at $19.
What is Debi's sunk cost?
11. Suppose a store sells pairs of shoes for $30 first: $30
each and is running a "buy two pairs, get a second: $30
third pair for 50% off" sale. third: $15
fourth: $30
What is the marginal cost of the first pair of
shoes? The second? The third? The fourth?
12. "Students in the United States who transfer positive
from one four-year institution to another
Study online at https://quizlet.com/_emd8ux
1. "How have gasoline prices in the United microeconomic
States changed over the last 12 months is (because it is only about the gas prices and
an example of a micro or macro economic not the whole economy)
question?
2. How have prices for all goods and services macroeconomic
in the United States changed over the last (because it focuses on the whole economy)
12 months?" is an example of a micro or
macro economic question?
3. Suppose Remus decides to go fishing at 3
Lake Pescaccio on his day off from work,
but he faces a choice: he can fish the east,
south, or west side of the lake. His expected
catch for the day is as follows: 3 fish on
the east side, 7 fish on the south side, or 5
fish on the west side. Everything else held
constant, Remus' benefit of fishing the east
side of the lake is _____ fish.
4. Suppose Remus decides to go fishing at 7
Lake Pescaccio on his day off from work,
but he faces a choice: he can fish the east,
south, or west side of the lake. His expected
catch for the day is as follows: 3 fish on
the east side, 7 fish on the south side, or 5
fish on the west side. Everything else held
constant, Remus' opportunity cost of fish-
ing the east side of the lake is _____ fish.
5. Suppose Remus decides to go fishing at No, because the benefit of the east side (3
Lake Pescaccio on his day off from work, fish) is not ethe opportunity cost (7 fish)
, ECON 2030 Exam 1 Questions
Study online at https://quizlet.com/_emd8ux
but he faces a choice: he can fish the east,
south, or west side of the lake. His expected
catch for the day is as follows: 3 fish on
the east side, 7 fish on the south side, or 5
fish on the west side. Suppose further that
Remus chose to fish the east side of the
lake. Was Remus' decision rational? Why or
why not? Explain.
6. Suppose rational reader Debi has decided the expected pleasure gotten from reading
to purchase one book to read this weekend After I Was Dead
and she has narrowed her choices down
to either The Meat and Spirit Plan by Selah
Saterstrom, priced at $15, or After I Was
Dead by Laura Mullen, priced at $19.
What is the benefit from getting Laura's
book?
7. Suppose rational reader Debi has decided the expected pleasure gotten from reading
to purchase one book to read this weekend The Meat and Spirit Plan and $4
and she has narrowed her choices down
to either The Meat and Spirit Plan by Selah
Saterstrom, priced at $15, or After I Was
Dead by Laura Mullen, priced at $19.
what is the opportunity cost of getting Lau-
ra's book?
8. Suppose rational reader Debi has decided the expected pleasure of After I was Dead
to purchase one book to read this weekend
and she has narrowed her choices down
to either The Meat and Spirit Plan by Selah
, ECON 2030 Exam 1 Questions
Study online at https://quizlet.com/_emd8ux
Saterstrom, priced at $15, or After I Was
Dead by Laura Mullen, priced at $19.
What is the opportunity cost of getting Se-
lah's book?
9. Suppose rational reader Debi has decided the expected pleasure gotten from reading
to purchase one book to read this weekend The Meat and Spirit Plan and $4
and she has narrowed her choices down
to either The Meat and Spirit Plan by Selah
Saterstrom, priced at $15, or After I Was
Dead by Laura Mullen, priced at $19.
What is the benefit of getting Selah's book?
10. Suppose rational reader Debi has decided $15
to purchase one book to read this weekend
and she has narrowed her choices down
to either The Meat and Spirit Plan by Selah
Saterstrom, priced at $15, or After I Was
Dead by Laura Mullen, priced at $19.
What is Debi's sunk cost?
11. Suppose a store sells pairs of shoes for $30 first: $30
each and is running a "buy two pairs, get a second: $30
third pair for 50% off" sale. third: $15
fourth: $30
What is the marginal cost of the first pair of
shoes? The second? The third? The fourth?
12. "Students in the United States who transfer positive
from one four-year institution to another
