ECON 102 Quiz 2 Questions And Answers.

ECON 102 Quiz 2 Questions And Answers. Question 1 0.5 / 0.5 pts Macroeconomics considers ________ and microeconomics considers ________Correct! economywide phenomena; choices of individuals Question 2 0.5 / 0.5 pts Dr. Dave’s economics students are creating models explaining gasoline price changes. Minjun's model has realistic assumptions and is very complex. Ava's model is less complicated and less realistic. Minjun's model correctly predicts gas price increases 25% of the time. Anna's model predicts correctly 50% of the time. In determining which model is most useful, Dave will give which model the higher grade and why?Correct! Ava's model gets the higher grade because it predicts accurately more often Question 3 0.5 / 0.5 pts Numerical fill-in-the-blank. Marv works at a bakery. During a shift at work, Marv can decorate either 8 wedding cakes or 13 cheesecakes. The opportunity cost of Marv making a wedding cake is __________ cheesecakes. (If your answer is a decimal, This study source was downloaded by from CourseH on :21:46 GMT -06:00 round to the nearest tenth) Correct! 1.6 margin of error +/- 0.15 Question 4 0.5 / 0.5 pts Which of the following statements indicates the idea of trade-offs? Correct! "I chose the road less traveled." Question 5 0 / 0.5 pts An increase in the quantity demanded of a good is shown by a movement down and right along a demand curve .