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HW 2 ECON

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Pregunta 1 de 20

1

Attending college is a case where the ________________ exceeds the monetary cost.

Selecciona una de las siguientes respuestas posibles:

budget constraint
marginal analysis
opportunity cost
marginal utility

Explicación

Pregunta 2 de 20

1

Along the production possibilities frontier, the most efficient point of production depicted is:

Selecciona una de las siguientes respuestas posibles:

Point B
Point C
Point D
All points on the production possibilities frontier are equally efficient

Explicación

Pregunta 3 de 20

1

Most inefficient point depicted

Selecciona una de las siguientes respuestas posibles:

Point A
Point C
Point D
Point G

Explicación

Pregunta 4 de 20

1

Scarcity exists because of:

Selecciona una de las siguientes respuestas posibles:

the market mechanism
specialization and division of labor
the allocation of goods by prices
unlimited wants and limited resources

Explicación

Pregunta 5 de 20

1

Gomer decides to spend an hour playing basketball rather than studying. His opportunity cost is:

Selecciona una de las siguientes respuestas posibles:

nothing, because he enjoys playing basketball more than studying.
the increase in skill he obtains from playing basketball for that hour.
the benefit to his grades from studying for an hour
nothing, because he had a free pass into the sports complex to play basketball.

Explicación

Pregunta 6 de 20

1

The opportunity cost of attending university is likely to include all except which of the following?

Selecciona una de las siguientes respuestas posibles:

the cost of haircuts received during the school term
the income you forgo in order to attend classes
tuition fees
the cost of required textbooks

Explicación

Pregunta 7 de 20

1

Possibility A Economics History
I 94 76
II 87 84
III 77 91
A student has only a few hours to prepare for two different exams tomorrow morning. The above table shows alternative possible exam outcomes with three alternative uses of the student's time. The opportunity cost of scoring an 84 on the history exam rather than 76 is:

Selecciona una de las siguientes respuestas posibles:

10 points on the economics exam
8 points on the history exam
7 points on the economics exam
12 points on the economics exam

Explicación

Pregunta 8 de 20

1

The choice on a production possibilities set that is socially preferred, or the choice on an individual’s budget constraint that is personally preferred, will display ___________.

Selecciona una de las siguientes respuestas posibles:

allocative efficiency
production possibilites frontier
trade-offs
scarcity

Explicación

Pregunta 9 de 20

1

Marginal thinking is best demonstrated by:

Selecciona una de las siguientes respuestas posibles:

choosing to spend one more hour studying economics because you think the improvement in your score on the next quiz will be worth the sacrifice of time.
deciding to never purchase a coat made with animal skins or furs
acquiring the information relevant to a choice before making that choice
measuring all of the costs of a meal against all of the benefits when deciding whether to order a second milkshake

Explicación

Pregunta 10 de 20

1

The marginal benefit of a slice of pizza is the:

Selecciona una de las siguientes respuestas posibles:

total amount that a consumer is willing to pay for a whole pizza, divided by the number of slices
difference between the value of the slice to the consumer and the price of the slice
maximum amount that a consumer is willing to pay for the slice
price of the slice of pizza

Explicación

Pregunta 11 de 20

1

The lesson of __________ is to forget about the money that is irretrievably gone and instead to focus on the marginal costs and benefits of future options.

Selecciona una de las siguientes respuestas posibles:

marginal utility
sunk costs
marginal analysis
budget constraints

Explicación

Pregunta 12 de 20

1

At Point A in the production possibilities graph shown above, the economy:

Selecciona una de las siguientes respuestas posibles:

is not using its resources efficiently
is using its resources efficiently while producing clothing but no food.
is using its resources efficiently while producing food but no clothing.
is using its resources efficiently to produce both food and clothing.

Explicación

Pregunta 13 de 20

1

Philosophers draw a distinction between ___________________, which describe the world as it is, and normative statements, which describe how the world should be.

Selecciona una de las siguientes respuestas posibles:

negative statements
positive statments
tradeoffs
utilliarianism

Explicación

Pregunta 14 de 20

1

The law of ____ explains why people and societies rarely make all-or-nothing choices.

Selecciona una de las siguientes respuestas posibles:

consumption
marginal analysis
diminishing marginal utility
utility

Explicación

Pregunta 15 de 20

1

Which of the following would most likely shift the production possibilities curve inward?

Selecciona una de las siguientes respuestas posibles:

an increase in the number of hours factories are in use
a decrease in the average number of hours worked per week as the labor force chooses to enjoy more leisure time
an increase in the production of capital goods
technological progress

Explicación

Pregunta 16 de 20

1

The leader of a federal political party made the following campaign promise: “My administration will increase national defense without requiring sacrifices elsewhere in the economy.” The promise can be kept if:

Selecciona una de las siguientes respuestas posibles:

A. the economy moves along the production possibilities in the direction of a greater quantity of defense.
B. the economy moves from a point inside the production possibilities curve toward a point on the production possibilities curve.
C. the production possibilities frontier shifts outward due to an improvement in technology.
D. either b) or c) occurs, but not as a result of a).

Explicación

Pregunta 17 de 20

1

The opportunity cost of an action:

Selecciona una de las siguientes respuestas posibles:

can be determined by considering both the benefits that flow from as well as the monetary costs incurred as a result of the action.
can be determined by adding up the bills incurred as a result of the action.
can be objectively determined only by economists.
is a subjective valuation that can be determined only by the individual who chooses the action.

Explicación

Pregunta 18 de 20

1

In deciding how many hours to work, Beulah will make a choice that maximizes her _______; that is, she will choose according to her preferences for leisure time and income.

Selecciona una de las siguientes respuestas posibles:

budget constraint
opportunity set
utility
production possibilities frontier

Explicación

Pregunta 19 de 20

1

The model that economists use for illustrating the process of individual choice in a situation of scarcity is the budget constraint, sometimes also called the _______________, a diagram which shows what choices are possible.

Selecciona una de las siguientes respuestas posibles:

opportunity set
consumption choice
time value of money
risk premium

Explicación

Pregunta 20 de 20

1

Most real-world choices are not about getting all of one thing or another, instead, most choices involve _________________, which involves comparing the benefits and costs of choosing a little more or a little less of a good.

Selecciona una de las siguientes respuestas posibles:

utility
opportunity cost
benefit analysis
marginal analysis

Explicación