Econ 2110 Final Exam Clemson University Questions And Answers

Econ 2110 Final Exam Clemson
University Questions And Answers
1.qTheqideaqthatq"peopleqrespondqtoqincentives"qwouldqleadqusqtoqconcludeqthatqtheqmurder
qrateq

a.qwouldqriseqifqtougherqpenaltiesqareqenacted.q
b.qwouldqfallqifqtougherqpenaltiesqareqenacted.
c.qwouldqbequnaffectedqbyqchangesqinqpenalties,qsinceqcrimesqareqcommittedqinqmomentsq
ofqpassion.q
d.qdependsqentirelyqonqtheqlevelqofqpenaltiesqenacted.q-qCORRECTqqANSWER-B

10.qIfqyou'veqpurchasedqanqallqyouqcanqeatqticketqtoqaqpigqroastqforq$25,qgoodqeconomicqthin
kingqwouldqtellqyouqtoqtakeqoneqlastqplatefulqifq
a.qtheqvalueqofqthatqplatefulqtoqyouqisqgreaterqthanq$25q
b.qtheqvalueqofqthatqplatefulqtoqyouqisqgreaterqthanqorqequalqtoq$1qandqyou'veqalreadyqtakenq
24qplatefulsqthatqyouqvalueqatq$1qeach.q
c.qtheqvalueqofqthatqplatefulqtoqyouqisqgreaterqthanqzero.
d.qnoneqofqtheqaboveq-qCORRECTqqANSWER-C

11.qSupposeqaqlawqrequiresqemployersqtoqprovideqhealthqinsuranceqcoverageqforq"contractq
employees"q(i.e.,qworkersqonqshort-
termqcontracts),q"becauseqcontractqemployeesqdeserveqhealthqinsuranceqtoo!"qWhatqwoul
dqourqeconomicqmodelqleadqusqtoqpredict?
a.qFirmsqwouldquseqfewerqcontractqemployees
b.qFirmsqwouldqreduceqtheqamountqtheyqpayqcontractqemployees
c.qAllqcurrentqcontractqemployeesqwouldqbeqmadeqbetterqoff
d.qAllqofqtheqabove
e.qJustqaqandqb.q-qCORRECTqqANSWER-D,E

15.qWhichqofqtheqfollowingqcostsqwillqyouqconsiderqwhenqdecidingqwhetherqitqisqefficientqtoqt
akeqaqhikeqoneqafternoon?q
a.qTheqgasqitqtakesqtoqgetqtoqtheqhikingqtrail.q
b.qTheqstudyingqyouqwon'tqbeqableqtoqdo.q
c.qTheqwearqandqtearqonqyourqhikingqboots.q
d.qAllqofqtheqabove.
e.qJustqaqandqc.q-qCORRECTqqANSWER-D

, 16.qTheqcostqtoqaqskiqinstructorqofqtakingqaqdayqoffq
a.qisqhigherqonqtheqweekendqwhenqmoreqpeopleqski.
b.qfallsqwhenqitqsnows.q
c.qrisesqwhenqitqrains.q
d.qrisesqwhenqthereqareqaqlotqofqotherqinstructorsqaround,qsoqcompetitionqisqintense.q-
qCORRECTqqANSWER-A




17.qIfqyouqareqsearchingqforqaqnewqpairqofqskis,qitqmakesqsenseqtoqkeepqlookingqasqlongqasq
a.qyouqhaven'tqfoundqtheqlowestqpriceqavailable.q
b.qtheqshoppingqtimeqmattersqlessqtoqyouqthanqtheqlowerqpriceqyouqexpectqtoqget.
c.qthereqareqstoresqleftqthatqyouqhaven'tqchecked.q
d.qyouqfaceqnoqopportunityqcostsqatqall.q
e.qAllqofqtheqabove.q-qCORRECTqqANSWER-B

18.qIfqyouqdecideqtoqgoqtoqaqmovieqthisqeveningqratherqthanqstudyqeconomics,qyouqtherebyq
demonstrateqthatq
a.qyouqdon'tqcareqaboutqgettingqgoodqgradesq
b.qyouqhateqeconomicsq
c.qyouqwouldqratherqhaveqfunqthanqfulfillqyourqresponsibilitiesq
d.qatqtheqmargin,qyouqvalueqtwoqhoursqofqmovieqwatchingqmoreqthanqtwoqhoursqofqstudyingq
economicsq
e.qnoneqofqtheqabove.q-qCORRECTqqANSWER-D

19.qHowqcanqIqraiseqtheqpriceqofqcomingqtoqclass?q
a.qchargeqanqadmissionqfeeq
b.qscheduleqclassqatqinconvenientqtimesq
c.qgiveqextraqhomeworkqtoqanyoneqwhoqshowsqupq
d.qallqofqtheqaboveq
e.qnoneqofqtheqaboveq-qCORRECTqqANSWER-D

2.qWhichqofqtheqfollowingqisqanqexampleqofqaqscarceqgood?
a.qCocaqCola
b.qInsulin
c.qDiamonds
d.qAllqareqscarceqgoods.
e.qJustqbqandqcq-qCORRECTqqANSWER-D

20.qIqamqconsideringqjoiningqaq"shopper'sqclub",qwhereqIqpayq$100qmembershipqfeeqandqth
enqgetqaqtwenty-
fiveqpercentqdiscountqonqallqmyqpurchases.qInqmakingqmyqdecision,qIqshould
a.qonlyqjoinqifqIqplanqtoqmakeqatqleastq$100qofqpurchases
b.qignoreqtheqmembershipqfeeqsinceqitqisqaqsunkqcost
c.qonlyqjoinqifqIqexpectqtoqgetqatqleastq$100qworthqofqdiscounts
d.qonlyqjoinqifqtheyqpromiseqtoqrefundqmyqmembershipqfeeqifqI'mqnotqsatisfiedq-
qCORRECTqqANSWER-C