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

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

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

Allieconomiciquestionsiareiabout
howitoidealiwithiscarcity
Whichiofitheifollowingiisiaimicroeconomiciquestion?
Chooseiallithatiapply.
Willitaxingipizzaiincreaseitheiamountiofipizzasisold?
Williaishortageiofielectriciansileaditoiincreaseiinitheiriwages?
Rationalidecisionimakersiareicalled
maximizers
Becauseiweifaceiscarcity,ieveryichoiceiinvolves
trade-offs
Youidecideitoitakeiaivacationianditheitripicostsiyoui$2,000.iWhileiyouiar
eionivacation,iyouidoinotireportitoiworkiwhereiyouicouldihaveiearnedi$7
50.iTheiopportunityicostiofitheivacationiisi$
2,750
Strategicidecisionsiinclude
Chooseiallithatiapply.
other'sidecisions
one'siownibenefits
one'siownicosts

, Theinightibeforeiaimidtermiexam,iyouidecideitoigoitoitheimoviesiinstead
iofistudyingiforitheiexam.iYouiscorei60ipercentioniyouriexam.iIfiyouihadis

tudieditheinightibefore,iyou'dihaveiscoredi70ipercent.iTheiopportunityic
ostiofiyourieveningiatitheimoviesiisi___ipercent.
10
Whichiofitheifollowingiisiaipositiveistatement?
Ai10ipercentiincreaseiiniincomeileadsitoiai4ipercentiincreaseiinitheiconsu
mptioniofibeef.
Whichiofitheifollowingiisiainormativeistatement?
Youishouldieatilessicandy.
Whichiofitheifollowingiareitrueistatements?
Chooseiallithatiapply.
Economistsitryitoiisolateicauseiandieffectirelationships.
Economistsiuseiempiricalianalysis,iasiwelliasinaturaliandieconomiciexpe
riments.
Whenianieconomyiproducesimoreismartphonesiandifewericars,iitiisians
weringithei_____iquestion.
"what?"
PointiNiinitheiaboveidiagramiillustrates
aiproductionipointithatihasiunderutilizationiofiresources.




Pointi___ionitheiproductionipossibilitiesicurveiinitheiaboveidiagramiillus
tratesianiunattainableipoint.

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