ECO111 Full questions and answers correct 100%| 2023 update

ECO111 Full questions and answers correct 100%| 2023 updateECO111 Full questions and answers correct 100%| 2023 update QN=1 (17143) The marginal benefit John gets from eating a fourth cheeseburger at a picnic is a. the total benefit John gets from eating four cheeseburgers minus the total benefit John gets from eating three cheeseburgers. b. the same as the total benefit of eating four cheeseburgers. c. less than the marginal cost of eating the fourth cheeseburger since he chose to eat the fourth cheeseburger. d. the total benefit John gets from eating five cheeseburgers minus the total benefit John gets from eating four cheeseburgers. - correct answer A QN=2 (17122) Mitch has $100 to spend and wants to buy either a new amplifier for his guitar or a new mp3 player to listen to music while working out. Both the amplifier and the mp3 player cost $100, so he can only buy one. This illustrates the basic concept that a. trade can make everyone better off. b. people face trade-offs c. rational people think at the margin. d. people respond to incentives. - correct answer B QN=3 (17123) Senator Smart, who understands economic principles, is trying to convince workers in her district that trade with other countries is beneficial. Senator Smart should argue that trade can be beneficial a. only if it allows us to obtain things that we couldn't make for ourselves. b. because it allows specialization, which increases total output. c. to us if we can gain and the others involved in the trade lose. d. in only a limited number of circumstances because others are typically self-interested. - correct answer B QN=4 (17136) Economics deals primarily with the concept of a. scarcity. b. money. c. poverty. d. banking. - correct answer A QN=5 (17126) Households and economies have each of the following in common EXCEPT both a. must allocate scarce resources. b. face many decisions. c. must allocate the goods and services they produce. d. must have a central decision maker. - correct answer D QN=6 (17130) An increase in the overall level of prices in an economy is referred to as a. economic growth. b. inflation. c. monetary policy. d. supply shocks. - correct answer B QN=7 (17144) In an economy in which decisions are guided by prices and individual self-interest, there is a. the potential to achieve efficiency in production. b. a strong need for government intervention in the market. c. less efficiency than would be observed in a centrally-planned economy. d. more need for a strong legal system to control individual greed than would be needed in a centrally-planned economy. - correct answer A QN=8 (17147) The invisible hand refers to a. how central planners made economic decisions. b. how the decisions of households and firms lead to desirable market outcomes. c. the control that large firms have over the economy. d. government regulations without which the economy would be less efficient. - correct answer B QN=9 (17131) Moira decides to spend two hours taking a nap rather than attending her classes. Her opportunity cost of napping is a. the value of the knowledge she would have received had she attended class. b. the $30 she could have earned if she had worked at her job for those two hours. c. the value of her nap less the value of attending class. d. nothing, since she would valued sleep more than attendance at class. - correct answer A QN=10 (17138) Which of the following statements best represents the principle represented by the adage, "There is no such thing as a free lunch"? a. Melissa can attend the concert only if she takes her sister with her. b. Greg is hungry and homeless. c. Brian must repair the tire on his bike before he can ride it to class. d. Kendra must decide between going to Colorado or Cancun for spring break. - correct answer D QN=11 (17145) Suppose a typical worker in France can produce 32 units of product in an eight-hour day, while a typical worker in Germany can produce 30 units of product in a 10-hour day. We can conclude that a. worker productivity in Germany is higher than in France.