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Exam (elaborations)

Econ B251 Final Exam(100% Guaranteed)

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  • Course
  • Econ
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  • Econ

Explicit costs correct answers Out-of-pocket production expenses recorded using the accounting method Implicit costs correct answers Measure the alternative uses of 3 types of resources, such as physical capital, interest payment, and time Normal profit correct answers The income associated w...

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  • September 19, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Econ
  • Econ
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sh3rrymagdah
Econ B251 Final Exam(100% Guaranteed)
Explicit costs correct answers Out-of-pocket production expenses recorded using the accounting method


Implicit costs correct answers Measure the alternative uses of 3 types of resources, such as physical
capital, interest payment, and time


Normal profit correct answers The income associated with the entrepreneur


Command system correct answers When workers follow directions from their boss above them and
provide feedback to their boss


Incentive system correct answers When firms have a well-defined and well incentivized organizational
hierarchy to help maximize profit


Perfect information correct answers Occurs when all relevant information is known to everyone


Imperfect information correct answers Occurs when not all pertinent information is known to all decision-
makers


Symmetric information correct answers Everyone has the same amount of information


Asymmetric information correct answers Occurs when the amount of information differs among decision-
makers


Adverse selection correct answers Occurs when buyers or sellers have more information than the other


Moral hazard correct answers When more informed individuals have an incentive to behave or act
differently because they do not bear the total costs of their actions


Principal-agent problem correct answers Occurs when principals'(business owners) and agents'(workers)
self-interests are not aligned

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