Econ 102 midterm exam 2 Study guides, Class notes & Summaries

ECON 102 Midterm Exam Part 1 Answers 2023 (Penn State University) Latest Update 2023 Questions and Answers 100% Correct Highly Recommended Download to Score A Question 1 When an economist talks about scarcity, he or she is referring to Question 2 ________________ is the branch of economics concerned with the behavior of individual decision makers – both households and firms – and the functioning of individual industries Question 3 “Grade inflation is a more important problem ...

ECON 102 Midterm Exam 2, Part 1 Questions & Answers

A firm’s product price multiplied by the total number of items sold is called total revenue profit explicit cost implicit cost A firm’s total revenue is equal to price multiplied by quantity. Labor Output 1 0 2 8 3 14 4 18 5 20 Consider the table above. What is the average product when 4 workers are hired? 80 20 4.5 2 The average product of labor is calculated as Q/L. Consider the figure above. Which statement below is true...

ECON 102 Midterm Exam 2, Part 1 Questions & Answers A firm’s product price multiplied by the total number of items sold is called total revenue profit explicit cost implicit cost A firm’s total revenue is equal to price multiplied by quantity. Labor Output 1 0 2 8 3 14 4 18 5 20 Consider the table above. What is the average product when 4 workers are hired? 80 20 4.5 2 The average product of labor is calculated as Q/L. Consider the figure above. Which statement ...

ECON 102 Midterm Exam Part 1 Answers (Penn State University) Question 1 When an economist talks about scarcity, he or she is referring to Question 2 Which of the following is a positive statement? Question 3 A statement of economic theory that abstracts from the nuances of reality is Question 4 You can either go to a movie, go to a concert, or go out to eat tonight. You decide that your first choice is going to a concert, second choice is going out to eat, and third choice is going to a movie...

ECON 102 Midterm Exam Part 1 Answers (Penn State University) Question 1 When an economist talks about scarcity, he or she is referring to Question 2 Which of the following is a positive statement? Question 3 A statement of economic theory that abstracts from the nuances of reality is Question 4 You can either go to a movie, go to a concert, or go out to eat tonight. You decide that your first choice is going to a concert, second choice is going out to eat, and third choice is going to a movie...