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Exam (elaborations) Econ528
What are goods in which when demand increases, income increases?Normal 
goods 
 
What are goods in which when demand decreases, income increases?Inferior 
goods 
 
What is maximizing happiness or satisfaction from consuming a bundle of goods and 
services subject to income and prices?Consumer optimum 
 
What is the price of good in terms of another good?Relative price 
 
What is the total benefit (happiness) received from consuming some goods?Total 
utility 
 
What is the change in...
- Exam (elaborations)
- • 5 pages •
What are goods in which when demand increases, income increases?Normal 
goods 
 
What are goods in which when demand decreases, income increases?Inferior 
goods 
 
What is maximizing happiness or satisfaction from consuming a bundle of goods and 
services subject to income and prices?Consumer optimum 
 
What is the price of good in terms of another good?Relative price 
 
What is the total benefit (happiness) received from consuming some goods?Total 
utility 
 
What is the change in...
Exam (elaborations) Econ528
What are goods in which when demand increases, income increases?Normal 
goods 
 
What are goods in which when demand decreases, income increases?Inferior 
goods 
 
What is maximizing happiness or satisfaction from consuming a bundle of goods and 
services subject to income and prices?Consumer optimum 
 
What is the price of good in terms of another good?Relative price 
 
What is the total benefit (happiness) received from consuming some goods?Total 
utility 
 
What is the change in...
- Exam (elaborations)
- • 14 pages •
What are goods in which when demand increases, income increases?Normal 
goods 
 
What are goods in which when demand decreases, income increases?Inferior 
goods 
 
What is maximizing happiness or satisfaction from consuming a bundle of goods and 
services subject to income and prices?Consumer optimum 
 
What is the price of good in terms of another good?Relative price 
 
What is the total benefit (happiness) received from consuming some goods?Total 
utility 
 
What is the change in...
Bio 54 SJSU questions and answers package
BIO 31 Final Exam SJSU questions 
and answers 
Optimal Foraging TheoryPredicts animal will max its benefits and minimize its 
costs with respect to food selection. 
 
Animals will vary their diet as a function of 
(Optimal Foraging Theory)-the energy value diet -the abundance of the diet in the habitat 
 
Goal of Optimal Foraging Theoryachie
- Package deal
- • 8 items •
- BIO 30 SJSU Exam 1 2024 questions and answers • Exam (elaborations)
- BIO 30 (SJSU) Exam 1 questions and answers • Exam (elaborations)
- BIO 31 Final Exam SJSU questions and answers • Exam (elaborations)
- Bio 54 final study guide questions and answers • Exam (elaborations)
- bio 54 questions and answers • Exam (elaborations)
- And more ….
BIO 31 Final Exam SJSU questions 
and answers 
Optimal Foraging TheoryPredicts animal will max its benefits and minimize its 
costs with respect to food selection. 
 
Animals will vary their diet as a function of 
(Optimal Foraging Theory)-the energy value diet -the abundance of the diet in the habitat 
 
Goal of Optimal Foraging Theoryachie
Econ B exams questions and answers PACKAGE
ECON B-251 EXAM 1questions and 
answers 
economicsthe study of satisfying unlimited wants by utilizing limited resources 
 
scarcityunlimited wants and limited resources 
 
the economic problemdeals with the problem of scarcity 
 
Microeconomicsstudies decisions by individual firms and governments 
 
Macroeconomicsstudies decisions made o
- Package deal
- • 7 items •
- Econ B 251 Exam #2 questions and answers • Exam (elaborations)
- Econ B 251 Final Exam questions and answers • Exam (elaborations)
- Econ B 251 qestions and answers • Exam (elaborations)
- ECON B-251 EXAM 1questions and answers • Exam (elaborations)
- Econ B-251 Canvas 1-4 Questions and answers • Exam (elaborations)
- And more ….
ECON B-251 EXAM 1questions and 
answers 
economicsthe study of satisfying unlimited wants by utilizing limited resources 
 
scarcityunlimited wants and limited resources 
 
the economic problemdeals with the problem of scarcity 
 
Microeconomicsstudies decisions by individual firms and governments 
 
Macroeconomicsstudies decisions made o
ECON-B 251 Canvas Questions Exam and answers
ECON-B 251 Canvas Questions Exam 
#2 and answers 
In a general admission event with tickets, which method is used to allocate the best 
locations to experience the event?first-come, first-served 
 
When a market price allocates a scarce resource, the people who ______________ 
get the resource.are willing and able to pay the market price 
 
Suppose there are four firms that are each willing to sell one unit of a good. Each 
firm has a different minimum price that they are willing to se...
- Exam (elaborations)
- • 3 pages •
ECON-B 251 Canvas Questions Exam 
#2 and answers 
In a general admission event with tickets, which method is used to allocate the best 
locations to experience the event?first-come, first-served 
 
When a market price allocates a scarce resource, the people who ______________ 
get the resource.are willing and able to pay the market price 
 
Suppose there are four firms that are each willing to sell one unit of a good. Each 
firm has a different minimum price that they are willing to se...
ECON-B 251 Canvas Quiz 2 and answers
ECON-B 251 Canvas Quiz 2 and 
answers 
In the Solow growth model, a sudden increase in the death rate of the working age 
adult population leads to 
a. an increase in growth 
b. fluctuations in growth 
c. a decrease in growth 
d. constant growtha 
In the Solow growth model, imagine that the Bubonic Plague kills a large fraction of 
the population within a few months. Then we would predict 
a. the price of land to fall 
b. the price of land to first fall and then rise 
c. the price of...
- Exam (elaborations)
- • 4 pages •
ECON-B 251 Canvas Quiz 2 and 
answers 
In the Solow growth model, a sudden increase in the death rate of the working age 
adult population leads to 
a. an increase in growth 
b. fluctuations in growth 
c. a decrease in growth 
d. constant growtha 
In the Solow growth model, imagine that the Bubonic Plague kills a large fraction of 
the population within a few months. Then we would predict 
a. the price of land to fall 
b. the price of land to first fall and then rise 
c. the price of...
ECON-B 251 Canvas questions and answers
ECON-B 251 Canvas questions and 
answers 
A monopolist faces a 
 
a. downward sloping marginal revenue curve that is below demand 
b. marginal revenue curve that is flat 
c. downward sloping marginal revenue curve that is equal to demand 
d. downward sloping marginal revenue curve above demanda 
 
In Mickey Mouse Pricing with heterogeneous consumers, the price is 
 
a. regulated 
b. below marginal cost 
c. equal to marginal cost 
d. above marginal costc 
 
In Mickey Mouse Pricing...
- Exam (elaborations)
- • 4 pages •
ECON-B 251 Canvas questions and 
answers 
A monopolist faces a 
 
a. downward sloping marginal revenue curve that is below demand 
b. marginal revenue curve that is flat 
c. downward sloping marginal revenue curve that is equal to demand 
d. downward sloping marginal revenue curve above demanda 
 
In Mickey Mouse Pricing with heterogeneous consumers, the price is 
 
a. regulated 
b. below marginal cost 
c. equal to marginal cost 
d. above marginal costc 
 
In Mickey Mouse Pricing...
ECON-B251 Final Exam qustions and answers
ECON-B251 Final Exam qustions and 
answers 
What is a firm's goal?maximize economic profit 
 
Accounting Profit- daily, weekly, monthly recordings of all bills/costs paid by the 
firm 
doesn't fully measure opportunity cost 
 
Economic profitthe total revenue - total costs: explicit and the opportunity costs 
paid by the firm (implicit) 
this is the profit that is referred to when it says a firm's profit 
firms make decisions off economic profit 
 
Opportunity costexplicit...
- Exam (elaborations)
- • 9 pages •
ECON-B251 Final Exam qustions and 
answers 
What is a firm's goal?maximize economic profit 
 
Accounting Profit- daily, weekly, monthly recordings of all bills/costs paid by the 
firm 
doesn't fully measure opportunity cost 
 
Economic profitthe total revenue - total costs: explicit and the opportunity costs 
paid by the firm (implicit) 
this is the profit that is referred to when it says a firm's profit 
firms make decisions off economic profit 
 
Opportunity costexplicit...
Econ B251 Final Exam questions and answers
Econ B251 Final Exam questions and 
answers 
Explicit costsOut-of-pocket production expenses recorded using the accounting 
method 
 
Implicit costsMeasure the alternative uses of 3 types of resources, such as 
physical capital, interest payment, and time 
 
Normal profitThe income associated with the entrepreneur 
 
Command systemWhen workers follow directions from their boss above them 
and provide feedback to their boss 
 
Incentive systemWhen firms have a well-defined and well i...
- Exam (elaborations)
- • 3 pages •
Econ B251 Final Exam questions and 
answers 
Explicit costsOut-of-pocket production expenses recorded using the accounting 
method 
 
Implicit costsMeasure the alternative uses of 3 types of resources, such as 
physical capital, interest payment, and time 
 
Normal profitThe income associated with the entrepreneur 
 
Command systemWhen workers follow directions from their boss above them 
and provide feedback to their boss 
 
Incentive systemWhen firms have a well-defined and well i...
ECON B251 Final Exam qestions and answers
ECON B251 Final Exam qestions and 
answers 
Scarcity Principleall actions have tradeoffs 
 
Opportunity Costcall of the best foregone alternative action 
 
Marginal cost-benefit principletake an action if and only if the extra benefits are at 
least as great as the extra costs 
 
Absolute advantagethe ability to complete a task using less resources (time, 
money, etc.) 
 
Comparative advantagelower opportunity cost 
 
Efficientif there is no alternative that improves outcomes for s...
- Package deal
- Exam (elaborations)
- • 8 pages •
ECON B251 Final Exam qestions and 
answers 
Scarcity Principleall actions have tradeoffs 
 
Opportunity Costcall of the best foregone alternative action 
 
Marginal cost-benefit principletake an action if and only if the extra benefits are at 
least as great as the extra costs 
 
Absolute advantagethe ability to complete a task using less resources (time, 
money, etc.) 
 
Comparative advantagelower opportunity cost 
 
Efficientif there is no alternative that improves outcomes for s...