Econ B-251 Canvas 1-4 Questions
and answers
All economic questions are abouthow to cope with scarcity
Which of the following is a microeconomic question?-Will a shortage of
electricians lead to an increase in their wages? - Will taxing pizza increase the amount of pizzas sold?
Becau...
Econ B-251 Canvas 1-4 Questions
and answers
All economic questions are about✔✔how to cope with scarcity
Which of the following is a microeconomic question?✔✔-Will a shortage of
electricians lead to an increase in their wages?
- Will taxing pizza increase the amount of pizzas sold?
Because we face scarcity, every choice involves✔✔Trade-offs
You decide to take a vacation and the trip cost you $2000. While you're on vacation
you do not report to work where you could've earned $750. What is the opportunity
cost of the vacation?✔✔$2000+$750=$2750
Strategic Decisions include:✔✔-Other's decisions
-one's own cost
-one's own benefit
The night before a midterm exam you decide to go to the movies instead of studying
for the exam. You score a 60% on your exam. If you had studied the night before
you would've scored a 70%. What is the opportunity cost of your evening at the
movies?✔✔Opportunity cost is the marginal cost of the difference between the two
scores. 70%-60%= 10%
Which of the following is a positive statement?✔✔A 10% increase in income leads to
a 4% increase in the consumption of beef.
Which of the following is a normative statement?✔✔You should eat less candy.
Which of the following are true statements?✔✔-Economists use empirical analysis,
as well as natural and economic experiment.
-economists try to isolate cause and affect relationships
When an economy produces more smart phones and fewer cars it is answering the
_______ question.✔✔What
A point that is below the PPC curve is✔✔A production point that has underutilization
of resources
Where would a point fall on the PPC that illustrates an unattainable point?✔✔A point
above and non on the PPC
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