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ECON 202 - Ch1 Practice Questions and Solutions
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ECON 202 - Ch1 Practice Questions and Solutions Which of the following describe some of the trade-offs faced by a family deciding whether to buy a new car? A. A newer model offers better protection and functions but is more expensive than an older model B. The vehicle is available in several col...

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  • November 11, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • econ 202 ch1 practice questions and solutions
  • which of the following describe some of the trade
  • which of the following describe some of the trade

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ECON 202 - Ch1 Practice Questions and
Solutions
Which of the following describe some of the trade-offs faced by a family deciding
whether to buy a new car?
A. A newer model offers better protection and functions but is more expensive than an
older model
B. The vehicle is available in several colors
C. The same vehicle model is available at various car dealerships - answer A

Which of the following describe some of the trade-offs faced by a member of Congress
deciding how much to spend on national parks?
A. The President likes white flowers and wants to see more in parks
B. Congress can spend either a small amount on a lot of parks or a large amount on a
single national park
C. Money spent on national parks benefit park visitors, but alternatively the money could
be spent on highways to benefit drivers - answer B, C

Which of the following describe some of the trade-offs faced by a company president
deciding whether to open a new factory?
A. The firm can either open a new factory or expand its current factory
B. The firm can either open a new factory or upgrade existing equipment
C. The firm can either pay out more of its profit to shareholders or earn additional profit
next year by increasing production - answer A, B, C

Which of the following describe some of the trade-offs faced by a professor deciding
how much time to spend preparing for class?
A. He likes his students a lot
B. The better the lecture, the better his chances of tenure, but time spent preparing the
lecture decreases the time he has available on research
C. He has taught the same subject for 4 years - answer B

Which of the following describe some of the trade-offs faced by a recent college
graduate deciding whether to go to graduate school?
A. If she goes to graduate school, she won't be able to start a new job and repay her
existing student loans
B. Graduate school means fewer years of on -the-job experience
C. Many of her friends decide to go to graduate school - answer A, B

You are trying to decide whether to take a vacation. Most of the costs of the vacation
(airfare, hotel, and forgone wages) are measured in dollars, but the benefits of the
vacation are psychological. How can you compare the benefits to the costs?
A. Compare the airfare and hotel costs of the vacation to the foregone wages

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