Exam (elaborations)
ECO 201: Final Exam (Comprehensive) Detailed Questions and Expert Answers
- Course
- ECO 201
- Institution
- Southern New Hampshire University
ECO 201: Final Exam (Comprehensive) Detailed Questions and Expert Answers
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ECO 201: Final Exam (Comprehensive) DetailedQuestions and Expert Answers
Scarcity is a problem:
a) only in industrialized economies.
b) measured by the amount of good available.
c) of the poor, but not the rich.
d) because human wants are unlimited while resources are limited. - ANS d)
because human wants are unlimited while resources are limited.
Which of the following statements is true?
a) Derived demand for labor depends on the demand for the product labor
produces.
b) Unions can either increase deamnd or decrease the supply of labor.
c) Investment in human capital is expected to increase the demand for those
workers.
d) All the answers above are correct. - ANS d) All the answers above are correct.
By filling in the blanks in Exhibit 10 the total cost of producing zero pizzas is
showen to be eqaul to
, a) $105.
b) $95.
c) $5.
d) $100.
e) zero. - ANS d) $100.
Suppose costs are identical for the two firms in Exhibit 11. Each firm assumes
without formal agreement that if it sets the high price, its rival will not charge a
lower price. Under these "tit-for-tat" conditions, equilibrium will be established by
a) Widget Company charging the low price and Ajax Company charging the high
price.
b) Widget Company charging the high price and Ajax Company charging the low
price.
c) Widget Company charging the low price and Ajax Company charging the low
price.
d) Widget Company charging the high price and Ajax Compnay charging the high
price. - ANS d) Widget Company charging the high price and Ajax Compnay
charging the high price.
Assume the total utilities corresponding to the first four units of a prodcut
consumed are 8, 12, 14, and 15, respectively. The marginal utility of the second
unit consumed is:
a) 12.
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