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Econ B-251 Exam 2 Questions with 100% Correct Answers | Verified | Latest Update
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Econ B-251 Exam 2 Questions with 100% Correct Answers | Verified | Latest Update
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Econ B-251 Exam 2 Questions with100% Correct Answers | Verified | Latest
Update
Withirenticontrols,iwhichiofitheifollowingiisimostilikelyitoioccur?i-
iCorrectiAnswer-*AidecreaseiiniC.S
*Aniincreaseiinisearchiactivity
Aniefficientioutcome
*BlackiMarketiactivity
Anioverproductioniofihousing
Wheniaimarketipriceiallocatesiaiscarceiresource,itheipeopleiwhoi______
_igetitheiresourcei-iCorrectiAnswer-
areiwillingiandiableitoipayitheimarketiprice
Iniaigeneraliadmissionieventiwithitickets,iwhichimethodiisiuseditoialloca
teitheibestilocationsitoiexperienceitheievent?i-iCorrectiAnswer-
a.icommand
b.ipersonalicharacteristics
*c.ifirst-come,ifirst-served
d.icontest
, Strivingitoiachieveitheigreatestihappinessiforitheigreatestinumberiisirela
teditoiwhichieconomiciconcept?i-iCorrectiAnswer-*a.iutilitarianism
b.itheisymmetryiprinciple
c.itheibigitradeoff
d.iefficiency
Theisymmetryiprincipleiinieconomicsimeansi-iCorrectiAnswer-
a.ialliindividualsimustihaveisimilarioutcomes
b.isimilariindividualsimustihaveisimilarioutcomes
*c.iallisimilariindividualsimustibeitreatedisimilarly
d.iindividualsimustihaveidifferentioutcomes
Supposeiai$10itaxiisiplacedioniaigood.iTheimoreielasticitheisupplyiofithei
good,ithei-iCorrectiAnswer-*a.imoreiofitheitaxiwillibeipaidibyitheibuyers
b.ilessiofitheitaxiwillibeipaidibyitheibuyers
c.ismalleritheidecreaseiinitheiquantityisold
d.ilargeritheiincreaseiinitheiafter-taxiprice
Whenianieffectiveiproductioniquotaiisiappliediinitheimarketifor
isugar,itheiquantityiproducedi______ianditheipricei______.i-
iCorrectiAnswer-decreases;iincreases
Whichiofitheifollowingicharacterizeianiexampleiofiaimarketifailure?i-
iCorrectiAnswer-*Overproductioniofigoodsiandiservices
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