Exam 1: Measuring Macroeconomic Performance: Output and Prices

Sharon,a marketing major,has her first economics test and her first finance test to take tomorrow and she has four hours tonight to allocate to studying the two subjects.The data below show her scores on the two tests based on the time spent studying.(Hint: Studying economics for 0 hours means studying finance for 4 hours. ) -The cost of spending an extra hour studying economics is

The following table shows the relationship between the speed of a computer's CPU and the benefits and costs.Assume that all other features of the computer are the same,i.e. ,CPU speed is the only source of variation. -The total benefit of a 3 GHz computer is

Every time you go to the grocery store,you try to choose the shortest line.But all of the lines always seem to be the same length.Why?

The value of the best alternative to any action you undertake is referred to as its

Which is NOT a sunk cost?

Which of the following costs should be included when analyzing choices within a cost-benefit framework?

-The Chairman of the Economics Department at What's A Matter U says that fundraisers should be hired as long as their marginal donations exceed their marginal labour costs.Following this criterion,__________ employees are hired and the "net benefit" (total donations minus total labour costs)is __________.

The distinguishing feature of microeconomics is studying

The following table provides the costs (Cost A and Cost B)and the benenfits associated with each unit of activity -If the activity in question is yearly fishing trips,which of the following is an appropriate example of Cost B?

When making a decision,the important costs to identify and consider are the __________ costs and the __________ costs.

Ontel engineers proposed developing a 10-Gigahertz microprocessor in early 2011 at a cost of $20 million for a working prototype.By mid-2012,the $20 million had been spent with no prototype.The engineers request an additional $10 million to finish the project.For convenience,assume the marginal cost of producing the chip once it is developed is zero. -If the expected revenues of a 10-Gigahertz chip are $15 million,Ontel should

The following table provides the costs (Cost A and Cost B)and the benenfits associated with each unit of activity -If the activity in question is yearly fishing trips,which of the following is the most appropriate example of Cost A?

In an economic sense,scarcity means that there are

The opportunity cost of attending college is likely to be highest for a high school graduate

Sharon,a marketing major,has her first economics test and her first finance test to take tomorrow and she has four hours tonight to allocate to studying the two subjects.The data below show her scores on the two tests based on the time spent studying.(Hint: Studying economics for 0 hours means studying finance for 4 hours. ) -The benefit of spending an extra hour studying economics is

Sharon,a marketing major,has her first economics test and her first finance test to take tomorrow and she has four hours tonight to allocate to studying the two subjects.The data below show her scores on the two tests based on the time spent studying.(Hint: Studying economics for 0 hours means studying finance for 4 hours. ) -To maximize her combined test scores,Sharon should study economics for __________ hours and finance for __________ hours.

If the total benefits of watching 1,2,and 3 baseball games on TV are 100,120,and 125,respectively,then the marginal benefits are

-The average labour cost of 3 employees is

Economics is best defined as the study of

You have just purchased a car for $20,000 and learned that you have failed the driving test.Your brother offered to purchase the car from you for $19,000 and you have accepted the offer.The $1,000 loss represents