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Questions and Answers
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ECN 211: Macroeconomic Principles (2024 Fall C)

Principles of Accounting II

Business Law

Introduction to Statistics

Strategic and Enterprenural Thinking

You have spent $1,000 building a snow cone stand based on estimates of sales of $2,000. The snow cone stand is nearly completed, but now you estimate total sales to be only $800. You estimate that you can complete the snow cone stand for another $300. (Assume that snow cones cost you nothing.)

Your decision rule should be to complete the snow cone stand as long as the cost to complete the stand is less than _______

b) 800...

Posted by Cleveland on August 28, 2024

Adam Smith coined the phrase "invisible hand" to suggest that ________.

a. workers should unite and overthrow the capitalist

b. markets work like an invisible hand which reaches into the pockets of consumers and induces them to spend their income

c. the pursuit of self-interest can promote the good of society as a whole

d. we are unable to see how improvements in technology move the economy to higher levels of production

c. the pursuit of self-interest can promote the good of society as a whole...

Posted by Cleveland on August 28, 2024

An increase in the price of beef provides ________.

a. information that tells producers to produce more beef

b. information that tells consumers to buy less chicken

c. information that tells consumers to buy more beef

d. no information because prices in a market system are managed by planning boards

a) information that tells producers to produce more beef...

Posted by Cleveland on August 28, 2024

In the short run, ________.

a. an increase in inflation temporarily increases unemployment

b. a decrease in inflation temporarily increases unemployment

c. inflation and unemployment are unrelated

d. the business cycle has been eliminated

e. none of the answer choices are correct

b. a decrease in inflation temporarily increases unemployment...

Posted by Cleveland on August 28, 2024

High and persistent inflation is caused by ________.

a. governments increasing the quantity of money too much

b. regulations raising the cost of production too much

c. unions increasing wages too much

d. OPEC raising the price of oil too much

a. governments increasing the quantity of money too much...

Posted by Cleveland on August 28, 2024

Workers in the United States enjoy a high standard of living because ________.

a. unions in the United States keep the wage high

b. we have protected our industry from foreign competition

c. employers in the United States are particularly generous

d. workers in the United States are highly productive

e. none of the answer choices are correct

d). Workers in the United States are highly productive...

Posted by Cleveland on August 28, 2024

Which of the following statements is true about a market economy?

a. Market participants act as if guided by an "invisible hand" to produce outcomes that promote general economic well-being.

b. The strength of a market system is that it tends to distribute resources evenly across the population.

c. With a large enough computer, central planners could guide production more efficiently than markets.

d. Taxes help prices communicate costs and benefits to producers and consumers.

a) Market participants act as if guided by an "invisible hand" to produce outcomes that promote general economic well-being...

Posted by Cleveland on August 28, 2024

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

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Questions and Answers
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