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Econ B-251 Canvas Exam Questions With 100% Correct Answers 2024
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Econ B-251 Canvas Exam Questions With 100% Correct Answers
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Econ B-251 Canvas Exam QuestionsWith 100% Correct Answers
Allieconomiciquestionsiareiabouti-iCorrectiAnswer-
howitoicopeiwithiscarcity
Whichiofitheifollowingiisiaimicroeconomiciquestion?i-iCorrectiAnswer--
Williaishortageiofielectriciansileaditoianiincreaseiinitheiriwages?
-iWillitaxingipizzaiincreaseitheiamountiofipizzasisold?
Becauseiweifaceiscarcity,ieveryichoiceiinvolvesi-iCorrectiAnswer-Trade-
offs
Youidecideitoitakeiaivacationianditheitripicostiyoui$2000.iWhileiyou'reio
nivacationiyouidoinotireportitoiworkiwhereiyouicould'veiearnedi$750.iW
hatiisitheiopportunityicostiofitheivacation?i-iCorrectiAnswer-
$2000+$750=$2750
StrategiciDecisionsiinclude:i-iCorrectiAnswer--Other'sidecisions
-one'siownicost
-one'siownibenefit
Theinightibeforeiaimidtermiexamiyouidecideitoigoitoitheimoviesiinsteadi
ofistudyingiforitheiexam.iYouiscoreiai60%ioniyouriexam.iIfiyouihadistudie
, ditheinightibeforeiyouiwould'veiscorediai70%.iWhatiisitheiopportunityic
ostiofiyourieveningiatitheimovies?i-iCorrectiAnswer-
Opportunityicostiisitheimarginalicostiofitheidifferenceibetweenitheitwoi
scores.i70%-60%=i10%
Whichiofitheifollowingiisiaipositiveistatement?i-iCorrectiAnswer-
Ai10%iincreaseiiniincomeileadsitoiai4%iincreaseiinitheiconsumptioniofibe
ef.
Whichiofitheifollowingiisiainormativeistatement?i-iCorrectiAnswer-
Youishouldieatilessicandy.
Whichiofitheifollowingiareitrueistatements?i-iCorrectiAnswer--
Economistsiuseiempiricalianalysis,iasiwelliasinaturaliandieconomiciexpe
riment.
-economistsitryitoiisolateicauseiandiaffectirelationships
Whenianieconomyiproducesimoreismartiphonesiandifewericarsiitiisians
weringithei_______iquestion.i-iCorrectiAnswer-What
AipointithatiisibelowitheiPPCicurveiisi-iCorrectiAnswer-
Aiproductionipointithatihasiunderutilizationiofiresources
WhereiwouldiaipointifallionitheiPPCithatiillustratesianiunattainableipoin
t?i-iCorrectiAnswer-AipointiaboveiandinonionitheiPPC
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