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Questions and Answers
(1071 solutions)

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ECN 211: Macroeconomic Principles (2024 Fall C)

Principles of Accounting II

Business Law

Introduction to Statistics

Strategic and Enterprenural Thinking

Which of the following situations describes the greatest market power?

a. A student's impact on college tuition

b. Mitsubishi's impact on the price of autos

c. A farmer's impact on the price of corn

d. Apple's impact on the price of smartphones

d. Apple's impact on the price of smartphones...

Posted by Cleveland on August 28, 2024

Which of the following products would be least capable of producing an externality?

a. Stereo equipment

b. Education

c. Cigarettes

d. Inoculations against disease

e. Food

e) Food...

Posted by Cleveland on August 28, 2024

hich of the following activities is most likely to produce an externality?

a. A student eats a sandwich in the student union.

b. A student has a party in their dorm room.

c. A student reads a novel for pleasure.

d. A student sits at home and watches television.

b. A student has a party in their dorm room...

Posted by Cleveland on August 28, 2024

Because people respond to incentives, we would expect that if the average salary of engineers increases by 50 percent while the average salary of teachers increases by 20 percent, ________.

a. students will shift majors from education to engineering

b. students will shift majors from engineering to education

c. fewer students will attend college

d. none of the answer choices are correct

a. students will shift majors from education to engineering...

Posted by Cleveland on August 28, 2024

Foreign trade ________.

a. is none of the answer choices

b. makes the members of a country more equal

c. allows a country to have a greater variety of products at a lower cost than if it tried to produce everything at home

d. allows a country to avoid trade-offs

e. increases the scarcity of resources

c) Allows a country to have a greater variety of products at a lower cost than if it tried to produce everything at home...

Posted by Cleveland on August 28, 2024

uppose you find $20. If you choose to use the $20 to go to the baseball game, your opportunity cost of going to the game is ________.

a. nothing, because you found the money

b. $20 (because you could have used the $20 to buy other things)

c. $20 (because you could have used the $20 to buy other things) plus the value of your time spent at the game

d. $20 (because you could have used the $20 to buy other things) plus the value of your time spent at the game, plus the cost of the dinner you purchased at the game

e. none of the answer choices

c. $20 (because you could have used the $20 to buy other things) plus the value of your time spent at the game...

Posted by Cleveland on August 28, 2024

Raising taxes and increasing welfare payments ________.

a. improves equality at the expense of efficiency

b. proves that there is such a thing as a free lunch

c. does none of the answer choices

d. reduces market power

e. improves efficiency at the expense of equality

a) Improves equality at the expense of efficiency...

Posted by Cleveland on August 28, 2024

A rational person does not act unless ________.

a. the action makes money for the person

b. the action is ethical

c. the action produces marginal costs that exceed marginal benefits

d. the action produces marginal benefits that exceed marginal costs

e. none of the answer choices are correct

d. the action produces marginal benefits that exceed marginal costs...

Posted by Cleveland on August 28, 2024

Economics is the study of how ________.

a. society manages its scarce resources

b. society manages its unlimited resources

c. to reduce our wants until we are satisfied

d. to avoid having to make trade-offs

e. to fully satisfy our unlimited wan

a) society manages its scarce resources...

Posted by Cleveland on August 28, 2024

Trade-offs are required because wants are unlimited and resources are _______.

a. efficient

b. marginal

c. economical

d. unlimited

e. scarce

e. Scarce...

Posted by Cleveland on August 28, 2024

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Questions and Answers (1071 solutions)

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Questions and Answers
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