Econ 350 - Study guides, Class notes & Summaries

ECON 1010 - Introduction to Microeconomics Instructor: Michael G. LanyiWhich one of the follow ing concepts is not illu strated by a p rod u ction p ossibilities frontier? A) op p ortu nity cost B) monetary exchange C) attainable and u nattainable p oints D) scarcity E) the trad eoff betw een prod ucing one good versus another Answer: B User1: Use the figure below to answer the following question(s). Figure 2.1 2) Complete the follow ing sentence. In Figure 2.1, A) movement from c to b w ould re...

A firm's total revenue function is given by R = 100 + 100Q - 2Q2. At Q = 10, which of the following is true? The firm's Marginal Revenue is $60 According to the law of demand, if a firm reduces the price of its good: Consumers in the Market will demand more units of the good. Managerial economics can best be defined as the ____________. analysis of major management decisions using economic tools. In evaluating public programs, benefit-cost analysis: states that a progr...

ECON 200 Exam 2 Sample Answers. CHAPTER 7 (1) Generally speaking, the government is better at providing public goods than the market is because public goods are: (2) London and Stockholm each use congestion charges to discourage driving. Which city has the best system and why? (3) Which concept is most closely associated with the underproduction of goods? (4) A roofing company decides to fix the leaky roof during your scheduled class. The noise impairs the ability of you ...

University Of Arizona University Of Arizona - ECON 200 Exam 2 Sample Answers. University Of ArizonaUniversity Of Arizona - ECON 200 Exam 2 Sample Answers. CHAPTER 7 (1) Generally speaking, the government is better at providing public goods than the market is because public goods are: B. non-excludable and non-rival (2) London and Stockholm each use congestion charges to discourage driving. Which city has the best system and why? A) Stockholm because they established a dynamic-price con...

ECON 205 FINAL EXAM STUDY GUIDE Exam #1 1. A resource is anything that: A) can be used in production. B) you pay for. C) is in scarce supply. D) can be consumed. 2. Scarcity in economics means: A) not having sufficient resources to produce all the goods and service we want. B) the wants of people are limited. C) there must be poor people in rich countries. D) economics are clearly not doing their jobs. 3. Opportunity cost is: A) about half of the monetary cost of a product. B) the doll...