Macroeconomics Final Questions and
Answers (100% Correct Answers) Already
Graded A+
The answers to an economy's three central economic
problems are determined by the interaction of three
forces: economic forces, political forces, and social forces.
True
False [ Ans: ] True
The opportunity cost of undertaking an activity includes
any sunk cost.
True
False [ Ans: ] False
Say a pill existed that made people selfless. After taking it
they were only interested in others, not themselves. Under
the coordination definition of economics:
there would be a social problem but not an economic
problem.
there still would be an economic problem.
there would be a political problem but no an economic
problem.
,no economic problem would exist. [ Ans: ] there still
would be an economic problem.
The quantity of goods and services available to society:
depends on human action.
will always grow to meet individuals' wants and desires.
is not of economic importance.
is fixed. [ Ans: ] depends on human action.
Alexandra has determined that studying an hour for her
economics quiz will improve her grade on the quiz from
75 to 100. She also determines that this improvement is
worth $20. To study for an hour for her economics quiz,
however, she will have to work one fewer hour at her part-
time job. Alexandra should:
study for the quiz as long as her hourly wage rate is more
than $20.
not study for the quiz because earning a higher grade
cannot have a dollar value.
study for the quiz as long as her hourly wage rate is less
than $20.
study for the quiz only if her hourly wage rate is exactly
$20. [ Ans: ] study for the quiz as long as her hourly wage
rate is less than $20.
,Mary buys cell-phone services from a company that
charges $30 per month. For the $30 she is allowed 600
minutes of free calls and then pays 10 cents per minute
for any calls above 600 minutes. Mary has used 600
minutes this month so far. What is her marginal cost per
minute of making additional calls?
10 cents
$0
25 cents
5 cents [ Ans: ] 10 cents
The price of a new model of iPod tends to fall significantly
a year after it is introduced. Suppose Jane bought an iPod
as soon as it was introduced (a year ago) and paid a
premium price for it. Now she wants to buy an iPod cover.
Which of the following should she consider before buying
the new accessory?
the price she paid for her iPod, the price of the iPod cover,
and the benefit she'll receive from using the iPod cover
the price of the iPod cover had she bought it with the
iPod, the current price of the iPod cover, and the benefit
she'll receive from using the iPod cover
the price of replacing her iPod, the price of the iPod cover,
and the benefit she'll receive from using the iPod cover
, the price of the iPod cover and the benefit she'll receive
from using the iPod cover [ Ans: ] the price of the iPod
cover and the benefit she'll receive from using the iPod
cover
The marginal benefit of another T-shirt this month to
Mary is $15. If the $10 price of a T-shirt reflects its
marginal cost to Mary and Mary uses economic reasoning,
she:
cannot gain by buying another T-shirt.
will buy another T-shirt this month.
will not buy a T-shirt this month.
will sell the T-shirts she has to others who are willing to
pay $10. [ Ans: ] will buy another T-shirt this month.
Your opportunity cost of taking this course is:
the net benefit of the activity you would have chosen if
you had not taken the course.
the net benefit of taking this course.
the tuition you paid for the course.
the cost of the activity you would have chosen if you had
not taken the course. [ Ans: ] the net benefit of the activity
you would have chosen if you had not taken the course.
Answers (100% Correct Answers) Already
Graded A+
The answers to an economy's three central economic
problems are determined by the interaction of three
forces: economic forces, political forces, and social forces.
True
False [ Ans: ] True
The opportunity cost of undertaking an activity includes
any sunk cost.
True
False [ Ans: ] False
Say a pill existed that made people selfless. After taking it
they were only interested in others, not themselves. Under
the coordination definition of economics:
there would be a social problem but not an economic
problem.
there still would be an economic problem.
there would be a political problem but no an economic
problem.
,no economic problem would exist. [ Ans: ] there still
would be an economic problem.
The quantity of goods and services available to society:
depends on human action.
will always grow to meet individuals' wants and desires.
is not of economic importance.
is fixed. [ Ans: ] depends on human action.
Alexandra has determined that studying an hour for her
economics quiz will improve her grade on the quiz from
75 to 100. She also determines that this improvement is
worth $20. To study for an hour for her economics quiz,
however, she will have to work one fewer hour at her part-
time job. Alexandra should:
study for the quiz as long as her hourly wage rate is more
than $20.
not study for the quiz because earning a higher grade
cannot have a dollar value.
study for the quiz as long as her hourly wage rate is less
than $20.
study for the quiz only if her hourly wage rate is exactly
$20. [ Ans: ] study for the quiz as long as her hourly wage
rate is less than $20.
,Mary buys cell-phone services from a company that
charges $30 per month. For the $30 she is allowed 600
minutes of free calls and then pays 10 cents per minute
for any calls above 600 minutes. Mary has used 600
minutes this month so far. What is her marginal cost per
minute of making additional calls?
10 cents
$0
25 cents
5 cents [ Ans: ] 10 cents
The price of a new model of iPod tends to fall significantly
a year after it is introduced. Suppose Jane bought an iPod
as soon as it was introduced (a year ago) and paid a
premium price for it. Now she wants to buy an iPod cover.
Which of the following should she consider before buying
the new accessory?
the price she paid for her iPod, the price of the iPod cover,
and the benefit she'll receive from using the iPod cover
the price of the iPod cover had she bought it with the
iPod, the current price of the iPod cover, and the benefit
she'll receive from using the iPod cover
the price of replacing her iPod, the price of the iPod cover,
and the benefit she'll receive from using the iPod cover
, the price of the iPod cover and the benefit she'll receive
from using the iPod cover [ Ans: ] the price of the iPod
cover and the benefit she'll receive from using the iPod
cover
The marginal benefit of another T-shirt this month to
Mary is $15. If the $10 price of a T-shirt reflects its
marginal cost to Mary and Mary uses economic reasoning,
she:
cannot gain by buying another T-shirt.
will buy another T-shirt this month.
will not buy a T-shirt this month.
will sell the T-shirts she has to others who are willing to
pay $10. [ Ans: ] will buy another T-shirt this month.
Your opportunity cost of taking this course is:
the net benefit of the activity you would have chosen if
you had not taken the course.
the net benefit of taking this course.
the tuition you paid for the course.
the cost of the activity you would have chosen if you had
not taken the course. [ Ans: ] the net benefit of the activity
you would have chosen if you had not taken the course.
