Chat with AIExam 1: The Principles and Practice of Economics
Exam 1: The Principles and Practice of Economics103 Questions
Exam 2: Economic Methods and Economic Questions94 Questions
Exam 3: Optimization: Doing the Best You Can94 Questions
Exam 4: Demand, supply, and Equilibrium185 Questions
Exam 5: Consumers and Incentives187 Questions
Exam 6: Sellers and Incentives261 Questions
Exam 7: Perfect Competition and the Invisible Hand251 Questions
Exam 8: Trade264 Questions
Exam 9: Externalities and Public Goods223 Questions
Exam 10: The Government in the Economy: Taxation and Regulation244 Questions
Exam 11: Markets for Factors of Production237 Questions
Exam 12: Monopoly295 Questions
Exam 13: Game Theory and Strategic Play199 Questions
Exam 14: Oligopoly and Monopolistic Competition264 Questions
Exam 15: Trade-Offs Involving Time and Risk147 Questions
Exam 16: The Economics of Information119 Questions
Exam 17: Auctions and Bargaining123 Questions
Exam 18: Social Economics111 Questions
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Maria has to choose between driving and taking a train to destination A. Traveling by train will cost her $400 and will take 4 hours. Driving to destination A takes 6 hours, and the required amount of gasoline costs $250. Her opportunity cost of time is $15 per hour.
-Refer to the scenario above.If Maria's opportunity cost of time increases to $80 per hour,the cost of taking the train is ________.
(Multiple Choice)
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(41) A consumer has a monthly income of $100 that he wants to spend on two goods: rugs priced at $10 and chairs priced at $5.What is the consumer's opportunity cost of buying a rug? What is his opportunity cost of buying a chair? Use a table to represent the consumer's budget constraint.
(Essay)
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(32) A decision or choice that is made after optimization analysis ________.
(Multiple Choice)
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