ECO EXAM1 ACTUAL UPDATED
QUESTIONS AND CORRECT ANSWERS
Every day, we make many choices. We can't avoid having to make choices because -
CORRECT ANSWERS✅✅we face scarcity.
Economics is - CORRECT ANSWERS✅✅a social science, subject that studies choices, and
a subject that arises because we want more than we can get
Hassan plays piano for two hours, French test grade 90. Last week he decided to play for an
additional hour which cut his study time by one hour. French grade 80. Opportunity cost of
the third hour? - CORRECT ANSWERS✅✅a 10% point drop in his French grade
Kate plays piano for an hour, econ grade 90%. Last week she decided to play for an
additional hour which cut her study time by an hour, econ grade 85%. Marginal benefit and
marginal cost of the first hour of playing the piano? - CORRECT ANSWERS✅✅The
marginal benefit from the first hour of playing the piano exceeded its marginal cost.
The marginal benefit from a cruise is:
The marginal cost of a cruise is: - CORRECT ANSWERS✅✅what you are willing to give
up to take the cruise; what you must give up to take the cruise
You would expect a lower price to increase the number of people who decide to take a cruise
because - CORRECT ANSWERS✅✅with a lower price more people will have a marginal
benefit that exceeds price
Hundreds line up for a 5 p.m. Eminem ticket giveaway.
For people who scored tickets, the concert ______free because_____ - CORRECT
ANSWERS✅✅was not; the time they spent lining up for tickets could have been used doing
something else
Hundreds line up for a 5 p.m. Eminem ticket giveaway.
Eminem's decision to give a free concert____ - CORRECT ANSWERS✅✅is a rational
choice if the marginal benefit he receives from the concert is greater than its marginal cost
, Hundreds line up for a 5 p.m. Eminem ticket giveaway.
Because all the tickets were free, the marginal benefit from the concert______zero
because___ - CORRECT ANSWERS✅✅was not; regardless of the price, the fans received a
benefit from attending the concert
You can spend the weekend at college or you can go home.
Your rational choice will be to spend the weekend at college if___ - CORRECT
ANSWERS✅✅the net benefit from spending the weekend at college is greater than the net
benefit from going home
Economists measure the benefit of something by - CORRECT ANSWERS✅✅what a person
is willing to give up to get it
Opportunity cost of a pair of running shoes is best defined as the - CORRECT
ANSWERS✅✅value of the highest-valued alternative given up to get a pair of running
shoes
The benefit the arises from a one-unit increase in an activity is called - CORRECT
ANSWERS✅✅marginal benefit
Suppose when a television assembly line runs for 6 hours, it produces 120 televisions. And if
the assembly line runs for one more hour, it produces a total of 130 televisions.
The marginal benefit from running the assembly line one more hour is - CORRECT
ANSWERS✅✅10 TVs
The relationship between two variable that are unrelated can be shown by - CORRECT
ANSWERS✅✅a vertical line
Which of the following describes the reason why scarcity exists - CORRECT
ANSWERS✅✅wants exceed the resources available to satisfy them
QUESTIONS AND CORRECT ANSWERS
Every day, we make many choices. We can't avoid having to make choices because -
CORRECT ANSWERS✅✅we face scarcity.
Economics is - CORRECT ANSWERS✅✅a social science, subject that studies choices, and
a subject that arises because we want more than we can get
Hassan plays piano for two hours, French test grade 90. Last week he decided to play for an
additional hour which cut his study time by one hour. French grade 80. Opportunity cost of
the third hour? - CORRECT ANSWERS✅✅a 10% point drop in his French grade
Kate plays piano for an hour, econ grade 90%. Last week she decided to play for an
additional hour which cut her study time by an hour, econ grade 85%. Marginal benefit and
marginal cost of the first hour of playing the piano? - CORRECT ANSWERS✅✅The
marginal benefit from the first hour of playing the piano exceeded its marginal cost.
The marginal benefit from a cruise is:
The marginal cost of a cruise is: - CORRECT ANSWERS✅✅what you are willing to give
up to take the cruise; what you must give up to take the cruise
You would expect a lower price to increase the number of people who decide to take a cruise
because - CORRECT ANSWERS✅✅with a lower price more people will have a marginal
benefit that exceeds price
Hundreds line up for a 5 p.m. Eminem ticket giveaway.
For people who scored tickets, the concert ______free because_____ - CORRECT
ANSWERS✅✅was not; the time they spent lining up for tickets could have been used doing
something else
Hundreds line up for a 5 p.m. Eminem ticket giveaway.
Eminem's decision to give a free concert____ - CORRECT ANSWERS✅✅is a rational
choice if the marginal benefit he receives from the concert is greater than its marginal cost
, Hundreds line up for a 5 p.m. Eminem ticket giveaway.
Because all the tickets were free, the marginal benefit from the concert______zero
because___ - CORRECT ANSWERS✅✅was not; regardless of the price, the fans received a
benefit from attending the concert
You can spend the weekend at college or you can go home.
Your rational choice will be to spend the weekend at college if___ - CORRECT
ANSWERS✅✅the net benefit from spending the weekend at college is greater than the net
benefit from going home
Economists measure the benefit of something by - CORRECT ANSWERS✅✅what a person
is willing to give up to get it
Opportunity cost of a pair of running shoes is best defined as the - CORRECT
ANSWERS✅✅value of the highest-valued alternative given up to get a pair of running
shoes
The benefit the arises from a one-unit increase in an activity is called - CORRECT
ANSWERS✅✅marginal benefit
Suppose when a television assembly line runs for 6 hours, it produces 120 televisions. And if
the assembly line runs for one more hour, it produces a total of 130 televisions.
The marginal benefit from running the assembly line one more hour is - CORRECT
ANSWERS✅✅10 TVs
The relationship between two variable that are unrelated can be shown by - CORRECT
ANSWERS✅✅a vertical line
Which of the following describes the reason why scarcity exists - CORRECT
ANSWERS✅✅wants exceed the resources available to satisfy them
