Exam 1: Economics: Foundations and Models

Mr Peabody chooses to invest in companies that produce goods and services based on consumer preferences. Mr Peabody is investing in companies that are attempting to be:

(Multiple Choice)

5.0/5

(40)

Question 41

Consider the following statements: A.Consumers buy more MP3 players from an electronics store that sells MP3 players at a lower price than other rival electronics stores in the area. B.Schools take steps to increase security since they believe it is more costly to allow vandalism than to hire additional security guards. C.Citrus growers produce more oranges when the selling price of oranges falls. Which of the above statements demonstrates that economic agents respond to incentives?

(Multiple Choice)

4.8/5

(39)

Question 42

When voluntary exchange takes place, neither party gains from the exchange.

(True/False)

4.9/5

(39)

Question 43

Economic models do all of the following except:

(Multiple Choice)

4.8/5

(40)

Question 44

What is a 'centrally planned economy'? _ _

(Essay)

4.9/5

(43)

Question 45

The government makes all economic decisions in a mixed economy.

(True/False)

4.8/5

(39)

Question 46

Suppose the extra cost for an orthodontist to keep his office open for one extra hour is $300. Then, the orthodontist should stay open for the extra hour if he can generate additional revenue of $300 for that hour.

(True/False)

4.7/5

(34)

Question 47

'A decrease in the price of tablet computers will decrease the demand for desktop computers.' This statement is an example of a 'normative' economic statement.

(True/False)

4.9/5

(45)

Question 48

Which of the following is a 'normative' economic statement?

(Multiple Choice)

4.8/5

(38)

Question 49

Which of the following are primarily macroeconomic topics and which are primarily microeconomic topics? a.petrol prices b.unemployment c.inflation d.health care costs e.air pollution f.economic growth _ _

(Essay)

4.8/5

(33)

Question 50

When every good or service is produced up to the point where the last unit provides ________, 'allocative efficiency' occurs.

(Multiple Choice)

4.7/5

(31)

Question 51

Suppose when the price of tablets falls, university students buy more tablets. This implies that:

(Multiple Choice)

4.7/5

(37)

Question 52

Define 'microeconomics'. _ _

(Essay)

4.8/5

(38)

Question 53

The sales revenue a seller receives from the sale of an additional unit of goods is called the 'marginal benefit'.

(True/False)

5.0/5

(45)

Question 54

On a two-dimensional graph, ________ allows for the effects of additional variables.

(Multiple Choice)

4.8/5

(31)

Question 55

If a straight line passes through the point x = 24 and y = 8 and also through the point x = 8 and y = 16, the slope of this line is:

(Multiple Choice)

4.8/5

(39)

Question 56

The additional cost to a producer of hiring an additional unit of labour is called the 'marginal cost'.

(True/False)

4.8/5

(38)

Question 57

What is 'opportunity cost'? _ _

(Essay)

4.8/5

(43)

Question 58

What is a 'mixed economy'? _ _

(Essay)

4.9/5

(35)

Question 59

The branch of economics which studies the behaviour of entire economies is called:

(Multiple Choice)

4.7/5

(42)

Question 60

Mr Peabody chooses to invest in companies that produce goods and services based on consumer preferences. Mr Peabody is investing in companies that are attempting to be:

When voluntary exchange takes place, neither party gains from the exchange.

Economic models do all of the following except:

What is a 'centrally planned economy'? _ _

The government makes all economic decisions in a mixed economy.

Suppose the extra cost for an orthodontist to keep his office open for one extra hour is $300. Then, the orthodontist should stay open for the extra hour if he can generate additional revenue of $300 for that hour.

'A decrease in the price of tablet computers will decrease the demand for desktop computers.' This statement is an example of a 'normative' economic statement.

Which of the following is a 'normative' economic statement?

Which of the following are primarily macroeconomic topics and which are primarily microeconomic topics? a.petrol prices b.unemployment c.inflation d.health care costs e.air pollution f.economic growth _ _

When every good or service is produced up to the point where the last unit provides ________, 'allocative efficiency' occurs.

Suppose when the price of tablets falls, university students buy more tablets. This implies that:

Define 'microeconomics'. _ _

The sales revenue a seller receives from the sale of an additional unit of goods is called the 'marginal benefit'.

On a two-dimensional graph, ________ allows for the effects of additional variables.

If a straight line passes through the point x = 24 and y = 8 and also through the point x = 8 and y = 16, the slope of this line is:

The additional cost to a producer of hiring an additional unit of labour is called the 'marginal cost'.

What is 'opportunity cost'? _ _

What is a 'mixed economy'? _ _

The branch of economics which studies the behaviour of entire economies is called:

Choices and Trade Offs in the Market

Where Prices Come From: the Interaction of Demand and Supply

Gdp: Measuring Total Production, Income and Economic Growth

Economic Growth, the Financial System and Business Cycles

Long-Run Economic Growth: Sources and Policies

Unemployment

Inflation

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money, Banks and the Reserve Bank of Australia

Monetary Policy

Fiscal Policy

Macroeconomics in an Open Economy

The International Financial System

Filters

Exam 1: Economics: Foundations and Models

Mr Peabody chooses to invest in companies that produce goods and services based on consumer preferences. Mr Peabody is investing in companies that are attempting to be:

When voluntary exchange takes place, neither party gains from the exchange.

Economic models do all of the following except:

What is a 'centrally planned economy'? _____________________________________________________________________________________________ _____________________________________________________________________________________________

The government makes all economic decisions in a mixed economy.

Suppose the extra cost for an orthodontist to keep his office open for one extra hour is $300. Then, the orthodontist should stay open for the extra hour if he can generate additional revenue of $300 for that hour.

'A decrease in the price of tablet computers will decrease the demand for desktop computers.' This statement is an example of a 'normative' economic statement.

Which of the following is a 'normative' economic statement?

When every good or service is produced up to the point where the last unit provides ________, 'allocative efficiency' occurs.

Suppose when the price of tablets falls, university students buy more tablets. This implies that:

Define 'microeconomics'. _____________________________________________________________________________________________ _____________________________________________________________________________________________

The sales revenue a seller receives from the sale of an additional unit of goods is called the 'marginal benefit'.

On a two-dimensional graph, ________ allows for the effects of additional variables.

If a straight line passes through the point x = 24 and y = 8 and also through the point x = 8 and y = 16, the slope of this line is:

The additional cost to a producer of hiring an additional unit of labour is called the 'marginal cost'.

What is 'opportunity cost'? _____________________________________________________________________________________________ _____________________________________________________________________________________________

What is a 'mixed economy'? _____________________________________________________________________________________________ _____________________________________________________________________________________________

The branch of economics which studies the behaviour of entire economies is called:

Choices and Trade Offs in the Market

Where Prices Come From: the Interaction of Demand and Supply

Gdp: Measuring Total Production, Income and Economic Growth

Economic Growth, the Financial System and Business Cycles

Long-Run Economic Growth: Sources and Policies

Unemployment

Inflation

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money, Banks and the Reserve Bank of Australia

Monetary Policy

Fiscal Policy

Macroeconomics in an Open Economy

The International Financial System

Filters

What is a 'centrally planned economy'? _ _

Define 'microeconomics'. _ _

What is 'opportunity cost'? _ _

What is a 'mixed economy'? _ _