Econ 2106 exam 1 questions and answers already
passed
1. what are the three functions of prices in a allocate goods to the
market economy? con- sumers who
values them the most,
give produc- ers an
incentive to in-
crease production if
scarce goods, give
consumers
2. the central problem of economics is to an incentive to conserve
allocate re- sources to best satisfy wants scarce resources
in the face of
resources unlimited; scarce
3. Bob has to choose between attending his
8:00-9:00
a.m. class and two mutually exclusive, an hour in the chat
room
alternative uses of that hour (meaning if he doesn't go because you
choose the
to class he can either do one or the other most valuable option,
alternative, but not both): (1) playing Doom, the chat room is 20
which he values at hour and
$0.25 per minute or (2) discussing Greek Revival archi- the Doom is
.25x60=15 an
tecture in a chat room, which he values at $20 per hour. hour
Bob's opportunity cost for attending class is
4. If a season ticket to UWG baseball games cost terms of
$300/seat and a season ticket to Kennesaw KSU season
State (KSU) baseball costs $200/seat, what is tickets?
the relative price of a UWG season ticket in
5. Assuming
1/
13
, Econ 2106 exam 1 questions and answers already
passed
the Laws of Demand and Supply hold, a 1.5
surplus occurs when:
ksu season tickets per
UWG ticket
6. know how to do this table
300/uwg x ksu/200
when the market
price is above the
equilibrium price
2/
13
passed
1. what are the three functions of prices in a allocate goods to the
market economy? con- sumers who
values them the most,
give produc- ers an
incentive to in-
crease production if
scarce goods, give
consumers
2. the central problem of economics is to an incentive to conserve
allocate re- sources to best satisfy wants scarce resources
in the face of
resources unlimited; scarce
3. Bob has to choose between attending his
8:00-9:00
a.m. class and two mutually exclusive, an hour in the chat
room
alternative uses of that hour (meaning if he doesn't go because you
choose the
to class he can either do one or the other most valuable option,
alternative, but not both): (1) playing Doom, the chat room is 20
which he values at hour and
$0.25 per minute or (2) discussing Greek Revival archi- the Doom is
.25x60=15 an
tecture in a chat room, which he values at $20 per hour. hour
Bob's opportunity cost for attending class is
4. If a season ticket to UWG baseball games cost terms of
$300/seat and a season ticket to Kennesaw KSU season
State (KSU) baseball costs $200/seat, what is tickets?
the relative price of a UWG season ticket in
5. Assuming
1/
13
, Econ 2106 exam 1 questions and answers already
passed
the Laws of Demand and Supply hold, a 1.5
surplus occurs when:
ksu season tickets per
UWG ticket
6. know how to do this table
300/uwg x ksu/200
when the market
price is above the
equilibrium price
2/
13
