ECO 111 Exam 1 questions n answers
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T/F/U. You need at least 75% on the test in front of you to pass your class. Since your class is
huge, it would be relatively easy to cheat (i.e. memorize and plagiarize from the book; look at
answers next to you; smuggle in some notes, etc...). You cheat. This is RATIONAL behavior. In
your answer, explain what rational self-interest is, what the costs and benefits are to your
decision, and why your answer is consistent with this. - correct answer ✔✔False because we
have the ability to take three tests including the final. We will also have the ability to do test
corrections in order to bring our grade up along with the majority rule questions and the
assigned questions grades. Chances end up outweighing the benefits of cheating. It would be
rational if you had a higher chance of getting away with it than the greater risk you have at only
75%.
Rational self-interest is an economist's way of explaining why people act the way they do in
different economic conditions/ situations. Individuals will try to minimize or maximize to
achieve the benefits.
T/F/U. College enrollment decreases during economic recessions because the opportunity cost
of going to college is higher. In your answer, explain the opportunity costs of going to school as
opposed to working during a recession... - correct answer ✔✔This statement is false. Most
people will not put more money into college when employers can't pay them as much and they
will need to work to be able to pay off their expenses. That is sometimes when you may see the
oldest siblings looking for a job instead or on top of school in order to keep their family afloat in
the hard times.
T/F/U. Comparative advantage is the ability to produce similar goods at the lowest possible cost.
In your answer explain what comparative advantage is and whether this statement is correct. -
correct answer ✔✔Uncertain. Opportunity Cost. This sounds like a reasonable statement, but
we did not go as far into depth about what that cost is. Comparative advantage is one company
being able to produce a product more efficiently than another company.
rated A+ latest update
T/F/U. You need at least 75% on the test in front of you to pass your class. Since your class is
huge, it would be relatively easy to cheat (i.e. memorize and plagiarize from the book; look at
answers next to you; smuggle in some notes, etc...). You cheat. This is RATIONAL behavior. In
your answer, explain what rational self-interest is, what the costs and benefits are to your
decision, and why your answer is consistent with this. - correct answer ✔✔False because we
have the ability to take three tests including the final. We will also have the ability to do test
corrections in order to bring our grade up along with the majority rule questions and the
assigned questions grades. Chances end up outweighing the benefits of cheating. It would be
rational if you had a higher chance of getting away with it than the greater risk you have at only
75%.
Rational self-interest is an economist's way of explaining why people act the way they do in
different economic conditions/ situations. Individuals will try to minimize or maximize to
achieve the benefits.
T/F/U. College enrollment decreases during economic recessions because the opportunity cost
of going to college is higher. In your answer, explain the opportunity costs of going to school as
opposed to working during a recession... - correct answer ✔✔This statement is false. Most
people will not put more money into college when employers can't pay them as much and they
will need to work to be able to pay off their expenses. That is sometimes when you may see the
oldest siblings looking for a job instead or on top of school in order to keep their family afloat in
the hard times.
T/F/U. Comparative advantage is the ability to produce similar goods at the lowest possible cost.
In your answer explain what comparative advantage is and whether this statement is correct. -
correct answer ✔✔Uncertain. Opportunity Cost. This sounds like a reasonable statement, but
we did not go as far into depth about what that cost is. Comparative advantage is one company
being able to produce a product more efficiently than another company.
