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ECON B-251 EXAM 1 WITH THE FULL COVERAGE 100% SOLVED ANSWERS
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ECON B-251 EXAM 1 WITH THE FULL COVERAGE 100% SOLVED ANSWERS
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ECON B-251 EXAM 1 WITH THE FULLCOVERAGE 100% SOLVED ANSWERS
economicsV-VcorrectVanswer-
theVstudyVofVsatisfyingVunlimitedVwantsVbyVutilizingVlimitedVresources
scarcityV-VcorrectVanswer-unlimitedVwantsVandVlimitedVresources
theVeconomicVproblemV-VcorrectVanswer-dealsVwithVtheVproblemVofVscarcity
MicroeconomicsV-VcorrectVanswer-
studiesVdecisionsVbyVindividualVfirmsVandVgovernments
MacroeconomicsV-VcorrectVanswer-
studiesVdecisionsVmadeVorVactionsVtakenVbyVtheVentireVeconomyV
ex.Vinflation,Vunemployment,VGDP
rationalityVassumptionV-VcorrectVanswer-
assumesVthatVpeopleVdoVnotVintentionallyVmakeVdecisionsVthatVwouldVleaveVthemVwors
eVoff.
boundedVrationalityV-VcorrectVanswer-
assumesVpeoplesVrationalityVisVconstrainedVbecauseVtheyVdoVnotVhaveVfullVinformation
prospectVtheoryV-VcorrectVanswer-
demonstratesVhowVpeopleVreactVdifferentlyVtoVpotentialVlossVandVpotentialVgain.
maximizerV-VcorrectVanswer-
tryVtoVmakeVoptimalVdecisionsVbasedVonVtheVrationalityVassumption
satisficerV-VcorrectVanswer-
tryVtoVfindVaV"goodVenough"VsolutionVbasedVonVboundedVrationality
self-interestV-VcorrectVanswer-pursuitVofVone'sVownVgoals.VMaximizeVhappiness.
social-interestV-VcorrectVanswer-choicesVthatVareVbestVforVsocietyVasVaVwhole
, tradeoffV-VcorrectVanswer-whenVweVchooseVoneVthing,VweVgiveVupVsomethingVelse
non-strategicV-VcorrectVanswer-
decisionsVbasedVonVanVindividual'sVorVfirm'sVownVcostsVandVbenefits
strategicV-VcorrectVanswer-
decisionsVbasedVonVothers'VdecisionsVasVwellVasVone'sVcostVandVbenefits
opportunityVcostV-VcorrectVanswer-TheVhighest-valued,Vnext-
bestValternativeVthatVmustVbeVsacrificedVtoVobtainVsomethingVorVtoVsatisfyVaVwant
marginalVanalysisV-VcorrectVanswer-
evaluatesVtheVconsequencesVofVmakingVincrementalVchangesVinVtheVuseVofVtheirVresou
rces
positiveVeconomicsV-VcorrectVanswer-
purelyVdescriptiveVstatementsVorVscientificVpredictions-VaVstatementVofVwhatVis.
normativeVeconomicsV-VcorrectVanswer-analysisVinvolvingVvalueVjudgements--
VwhatVoughtVtoVbe
modelsV-VcorrectVanswer-
SimplifiedVrepresentationsVofVtheVrealVworldVusedVasVtheVbasisVforVpredictionsVorVexpla
nations
threeVscarcityVquestionsV-VcorrectVanswer-1.VwhatVtoVproduce?
2.VhowVtoVproduce?
3.VforVwhom?
FourVfactorsVofVproductionV-VcorrectVanswer-land,Vlabor,Vcapital,Ventrepreneurship
TwoVtypesVofVcapitalV-VcorrectVanswer-humanV(knowledge)VandVphysicalV(machines)
marginalVcostV-VcorrectVanswer-
theVopportunityVcostVofVproducingVoneVmoreVunitVofVaVgood
marginalVbenefitV-VcorrectVanswer-
theVadditionalVbenefitVtoVaVconsumerVfromVconsumingVoneVmoreVunitVofVaVgoodVorVserv
ice
decreasingVmarginalVbenefitV-VcorrectVanswer-
theVmaximumVamountVofVmoneyVaVconsumerVisVwillingVtoVpayVforVanVadditionalVgoodVor
VserviceVisVdecreasing.
productionVefficiencyV-VcorrectVanswer-
weVcannotVproduceVadditionalVamountsVofVaVgoodVwithoutVdecreasingVtheVproductionV
amountVofVanotherVproduct
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