Bus 302l micro economics - Study guides, Class notes & Summaries

BUS 302L MICRO ECONOMICS EXAM QUESTIONS WITH ANSWERS ...

Because of scarcity, every economic decision involves ~~> a trade off Ryan spends an hour studying instead of going for a bike ride. Assume studying and bike riding were Ryan's only options for that hour. The opportunity cost to him of studying is ~~> the enjoyment and exercise he would have received from bike riding Which of the following is a false statement about absolute and comparative advantage? ~~> It is possible for one country to have the comparative advantag...

Bus 302L Micro Economics Questions and Answers | Latest Update | 2024/2025 | Already Passed Why does every economic decision involve making choices? - A. To maximize profits - B. To minimize costs - C. To consider opportunity costs - D. To pursue self-interest - E. To explore alternative options **Correct Answer:** C. To consider opportunity costs --- If Ryan chooses to study instead of going for a bike ride, what does he give up? - A. The transportation cost to stu...

f the price elasticity of demand for CSUN sweatshirts is 1.5, then - Answer an increase in price will cause total consumer expenditures on CSUN sweatshirts to fall Economic profit is equal to - Answer total revenue minus the opportunity cost of producing goods and services. Your friend is thinking of opening a video store. She estimates it would cost $500,000 a year to rent the store and buy video stock. She is planning to quit her $50,000 a year job as an accountant to run the store. Her ...

Because of scarcity, every economic decision involves a trade-off. Ryan spends an hour studying instead of going for a bike ride. Assume studying and bike riding were Ryan's only options for that hour. The opportunity cost to him of studying is: the enjoyment and exercise he would have received from bike riding. The gains from trade are: a result of more efficient resource allocation. Which of the following would not tend to lower the price of VCRs? increasing price of ...

BUS 302L: Micro Economics Exam | Questions and Answers Latest {} A+ Graded | 100% Verified

Bus 302L Micro Economics exam with correct answers 2024

BUS 302L: Micro Economics Questions and Answers | Latest Update | 2024/2025 | Already Passed **When scarcity is a factor, what does every economic decision involve?** Choices: - A balancing act - A compromise - A trade-off - A win-win situation Answer: A trade-off. **If Ryan spends an hour studying instead of going for a bike ride, what represents the opportunity cost to him?** Choices: - The time spent on studying - The enjoyment and exercise he would have received fro...

Which of the following would not be a negative production externality associated with tire production? - Answer the rubber used to make tires could be used to make something else Your friend is thinking of opening a video store. She estimates it would cost $500,000 a year to rent the store and buy video stock. She is planning to quit her $50,000 a year job as an accountant to run the store. If there are no other costs of operation and the store's revenue is $530,000, the accounting profit...

Because of scarcity, every economic decision involves Answer> a trade-off. Ryan spends an hour studying instead of going for a bike ride. Assume studying and bike riding were Ryan's only options for that hour. The opportunity cost to him of studying is: Answer> the enjoyment and exercise he would have received from bike riding. The gains from trade are: Answer> a result of more efficient resource allocation. Which of the following would not tend to lower the price of VCRs? A...