LSU ECON 2030 EXAM(EXAM1,2,TEST3,FINAL EXAM ) 2024-2025 LATEST
UPDATE |COMPLETE QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS ) ALREADY GRADED A+.
"Kuaishou, launched a decade ago by a former software engineer at Google and
another at ... boasts more than 300 million daily active users, up from an average
of just 67 million... The preceding sentence is an example of a statement about a
_____ issue
Micro
Macro - ANSWER -Microeconomics
Suppose a parking garage has the following pricing schedule:0-2 Hours,$5; 2-4
Hours, $10; 4-8 Hours, $15. The marginal cost of the fifth hour of parking is____. -
ANSWER -$5
When a country allows trade and becomes an importer of a good, everything else
held constant, domestic consumers of the good the country is importing are___
than they were in autarky.
Better off
Worse off - ANSWER -Better off
Suppose that in a small town in July, the price of a loaf of bread was $2.50 and
,1700 loaves were transacted. In the same small town in August, the price of a loaf
of bread was $2.29 and 1800 loaves were transacted. Which of the following alone
can explain the change in the bread market from July to August?
Demand for bread increased Demand for bread decreased supply of
bread decreased supply of bread increased - ANSWER -The supply
of bread increased
Suppose steak is a normal good. Which of the following would cause the quantity
of steak supplied to decrease?
An increase in productivity in slaughterhouses
Increase in the price of steak
Increase in consumer's incomes
Decrease in the number of steak consumers
Decrease in labor cost in the slaughterhouse industry - ANSWER -Decrease in the
number of steak consumers
Suppose at a recent Belgian film festival rational cinephile Jennifer faced a
choice: see The Kid with a Bike, tickets to which cost $5, or see I You He She,
tickets to which cost $4. Suppose further that Jennifer chooses to see The Kid
with a Bike. Answer true or false. Jennifer's expected pleasure from seeing The
Kid with a Bike could have been equal to her expected pleasure from seeing I You
He She. - ANSWER -False
,Suppose Spam is an inferior good. Suppose further that national income ____.
This will cause the market demand for Spam to decrease, resulting in a _____
which will be eliminated as the market for the price of Spam ____, everything else
held constant. - ANSWER -Increases, Surplus, Decreases
Suppose Bulgaria and Romania specialize in production and engage in mutually
beneficial trade. Suppose further that for every liter of sunflower oil that Bulgaria
exports to Romania, it receives two liters of mineral water in exchange.
Everything else held constant, the opportunity cost of producing one liter of
sunflower oil in Bulgaria is _____ two liters of mineral water - ANSWER -Less
than
Suppose, on a given evening, rational decision-maker Dorothy can see Zoe
Boekbinder or Veth Patterson in concert.
*Chart*
Producer Ticket Price Reservation Price
Zoe $10 $20
Beth $15 $30
Which concert will she choose to attend - ANSWER -Definitely see Beth Patterson
Modeling is a job, and we deserve basic protections like any other worker, and it's
all the more important when you realize that it's an industry that realies heavily on
, children, often 14,15,16 years old." Is an example of a _____ statment about a _____
issue - ANSWER -Normative, Microeconomic
Suppose labor costs in the shoe industry ____. Everything else held constant,
this will cause the equilibrium price of shoes to decrease and the equilibrium
quantity of shoes transacted to ____. - ANSWER -Decrease, Increase
When a country allows trade and becomes an importer of a good, everything else
held constant... domestic producers of the good the country is importing are ___
than they were in aut... - ANSWER -Worse off
"Median household income in the United States was about $67,500 in 2020, down
2.9% from the prior year, when it hit an inflation-adjusted historical high. " Is an
example of a ___ statement about a ___ issue. - ANSWER -Positve,
Macroeconomics
Suppose Bulgaria and Romania specialize in production and engage in mutually
beneficial trade. Suppose further that for every two liters of sunflower oil that
Romania exports to Bulgaria, it recieves one liter of mineral water in exchange.
Everything else held constant, the opportunity cost of producing one liter of
mineral water in Romania is ___ two liters of sunflower oil. - ANSWER -Greater
than
UPDATE |COMPLETE QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS ) ALREADY GRADED A+.
"Kuaishou, launched a decade ago by a former software engineer at Google and
another at ... boasts more than 300 million daily active users, up from an average
of just 67 million... The preceding sentence is an example of a statement about a
_____ issue
Micro
Macro - ANSWER -Microeconomics
Suppose a parking garage has the following pricing schedule:0-2 Hours,$5; 2-4
Hours, $10; 4-8 Hours, $15. The marginal cost of the fifth hour of parking is____. -
ANSWER -$5
When a country allows trade and becomes an importer of a good, everything else
held constant, domestic consumers of the good the country is importing are___
than they were in autarky.
Better off
Worse off - ANSWER -Better off
Suppose that in a small town in July, the price of a loaf of bread was $2.50 and
,1700 loaves were transacted. In the same small town in August, the price of a loaf
of bread was $2.29 and 1800 loaves were transacted. Which of the following alone
can explain the change in the bread market from July to August?
Demand for bread increased Demand for bread decreased supply of
bread decreased supply of bread increased - ANSWER -The supply
of bread increased
Suppose steak is a normal good. Which of the following would cause the quantity
of steak supplied to decrease?
An increase in productivity in slaughterhouses
Increase in the price of steak
Increase in consumer's incomes
Decrease in the number of steak consumers
Decrease in labor cost in the slaughterhouse industry - ANSWER -Decrease in the
number of steak consumers
Suppose at a recent Belgian film festival rational cinephile Jennifer faced a
choice: see The Kid with a Bike, tickets to which cost $5, or see I You He She,
tickets to which cost $4. Suppose further that Jennifer chooses to see The Kid
with a Bike. Answer true or false. Jennifer's expected pleasure from seeing The
Kid with a Bike could have been equal to her expected pleasure from seeing I You
He She. - ANSWER -False
,Suppose Spam is an inferior good. Suppose further that national income ____.
This will cause the market demand for Spam to decrease, resulting in a _____
which will be eliminated as the market for the price of Spam ____, everything else
held constant. - ANSWER -Increases, Surplus, Decreases
Suppose Bulgaria and Romania specialize in production and engage in mutually
beneficial trade. Suppose further that for every liter of sunflower oil that Bulgaria
exports to Romania, it receives two liters of mineral water in exchange.
Everything else held constant, the opportunity cost of producing one liter of
sunflower oil in Bulgaria is _____ two liters of mineral water - ANSWER -Less
than
Suppose, on a given evening, rational decision-maker Dorothy can see Zoe
Boekbinder or Veth Patterson in concert.
*Chart*
Producer Ticket Price Reservation Price
Zoe $10 $20
Beth $15 $30
Which concert will she choose to attend - ANSWER -Definitely see Beth Patterson
Modeling is a job, and we deserve basic protections like any other worker, and it's
all the more important when you realize that it's an industry that realies heavily on
, children, often 14,15,16 years old." Is an example of a _____ statment about a _____
issue - ANSWER -Normative, Microeconomic
Suppose labor costs in the shoe industry ____. Everything else held constant,
this will cause the equilibrium price of shoes to decrease and the equilibrium
quantity of shoes transacted to ____. - ANSWER -Decrease, Increase
When a country allows trade and becomes an importer of a good, everything else
held constant... domestic producers of the good the country is importing are ___
than they were in aut... - ANSWER -Worse off
"Median household income in the United States was about $67,500 in 2020, down
2.9% from the prior year, when it hit an inflation-adjusted historical high. " Is an
example of a ___ statement about a ___ issue. - ANSWER -Positve,
Macroeconomics
Suppose Bulgaria and Romania specialize in production and engage in mutually
beneficial trade. Suppose further that for every two liters of sunflower oil that
Romania exports to Bulgaria, it recieves one liter of mineral water in exchange.
Everything else held constant, the opportunity cost of producing one liter of
mineral water in Romania is ___ two liters of sunflower oil. - ANSWER -Greater
than
