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ECON 3251 Mizzou Whitworth Final Exam With Questions And 100% Correct Answers
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ECON 3251 Mizzou Whitworth Final Exam WithQuestions And 100% Correct Answers
In economics, choices are necessary because of the presence of: - ANSWER scarcity
The opportunity cost of a purchase is: - ANSWER the alternative good or service that
one sacrifices because a different good was purchased.
Ceteris Paribus means: - ANSWER other things being equal
The higher the interest rate - ANSWER the smaller the present value of a future amount
Which of the following is an implicit cost to a firm that produces a good or service -
ANSWER Foregone profits of producing a different good or service
Which of the following is the main goal of a continuing company? - ANSWER To maximize
the value of the firm
Which of the following are signals to the owners of scarce resources about the best
uses of those resources? - ANSWER Profits of businesses
If a producer offers a price that is in excess of a consumer's valuation of the good, the
consumer: - ANSWER will refuse to purchase the good
If you put $1,000 in a savings account at an interest rate of 10 percent, how much money
will you have in one year? - ANSWER 1,100
f the annual interest rate is 0 percent, the present value of receiving $1.10 in the next
, year is - ANSWER $1.10
To maximize profits, a firm should continue to increase production of a good until: -
ANSWER marginal rev = marginal cost
The buyer side of the market is known as the: - ANSWER demand side
The law of demand states that, holding all else constant: - ANSWER as price falls,
quantity demanded rises
Which of the following would NOT shift the demand for good A? - ANSWER Drop in price
of good A
A change in income will NOT lead to: - ANSWER a movement along the demand curve
If A and B are complements, an increase in the price of good A would: - ANSWER lead to
a decrease in demand for B
Persuasive advertising influences demand by: - ANSWER altering the underlying tastes
of consumers.
Indifference curves further from the origin (to the Northeast) imply: - ANSWER a higher
level of satisfaction.
When making personal buying decisions, two important issues to consider are the -
ANSWER satisfaction you receive from the choices that you make and the constraints of
a limited budget.
Joe prefers a three-pack of soda to a six-pack. What properties does this preference
violate? - ANSWER More is better
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