ECP3704 EXAM 1 QUESTIONS
AND CORRECT VERIFIED
ANSWERS) ALREADY GRADED A
A budget line - correct answer- shows all the
combinations of goods that require the same total
expenditure.
A decrease in the supply for a good will tend to cause -
correct answer- an increase in the equilibrium
price and a decrease in the equilibrium quantity.
According to Freakonomics, how and why did Sumo
Wrestlers cheat? Please keep your answer to a few
sentences. - correct answer- They throw
matches for those who need the 8th win and the other
doesn't. They get more money and get a higher ranking
when they win their 8th match. So when a 6 win fights a 7
win, the 6 win will throw the match so the 7 win can get
his 8th win.
, According to Freakonomics, how are the KKK and realtors
similar? Please keep your answer to a few sentences. -
correct answer- The KKK and realtors are similar
because realtors use code words with each other to
communicate about houses. This is similar to how the KKK
conveys secret messages through code words.
According to The Nature of Man, the U.S. government
decreasing the national speed limit to 55 mph in the
1970's resulted in: - correct answer- increased
use of radar detectors
As price raises, demand - correct answer-
remains the same.
Assume Joseph spends his entire income on X and Y, and
his indifference curves have the usual convex shape. If
Joseph maximizes his utility, then - correct answer-
he will spend his entire available income.
Based on the article "Is Powerball a Mug's Game?" (it was
the one you read from our Canvas site about the expected
AND CORRECT VERIFIED
ANSWERS) ALREADY GRADED A
A budget line - correct answer- shows all the
combinations of goods that require the same total
expenditure.
A decrease in the supply for a good will tend to cause -
correct answer- an increase in the equilibrium
price and a decrease in the equilibrium quantity.
According to Freakonomics, how and why did Sumo
Wrestlers cheat? Please keep your answer to a few
sentences. - correct answer- They throw
matches for those who need the 8th win and the other
doesn't. They get more money and get a higher ranking
when they win their 8th match. So when a 6 win fights a 7
win, the 6 win will throw the match so the 7 win can get
his 8th win.
, According to Freakonomics, how are the KKK and realtors
similar? Please keep your answer to a few sentences. -
correct answer- The KKK and realtors are similar
because realtors use code words with each other to
communicate about houses. This is similar to how the KKK
conveys secret messages through code words.
According to The Nature of Man, the U.S. government
decreasing the national speed limit to 55 mph in the
1970's resulted in: - correct answer- increased
use of radar detectors
As price raises, demand - correct answer-
remains the same.
Assume Joseph spends his entire income on X and Y, and
his indifference curves have the usual convex shape. If
Joseph maximizes his utility, then - correct answer-
he will spend his entire available income.
Based on the article "Is Powerball a Mug's Game?" (it was
the one you read from our Canvas site about the expected
