ECON 1000 FINAL EXAM QUESTIONS AND VERIFIED
ANSWERS |100% CORRECT | ALREADY GRADED A
The marginal benefit of consuming an additional unit of a good: Correct
Answers the change in total benefit from consuming one more unit
Mike Ditka, a famous NFL football coach, has proposed taking the face
masks off of players' helmets. This proposal is due to: Correct Answers
his belief that the rate of injury will actually go down when the players
are unprotected. This statement is supported by the Law of Unintended
Consequences which states the the extra protection of the helmets and
face masks may actually lead to less safety.
Self-Interest and Selfishness: Correct Answers are different. A person
may legitimately act in their own self-interest, but selfishness is wrong
because it takes self-interest beyond a legitimate point.
In Economics, a Positive Statement: Correct Answers can be either
proved true or false since it is a scientific question based on evidence,
not opinion.
According to Economists, a person makes a rational decision: Correct
Answers whenever they make choices that maximize the economic
surplus.
In which scenario below is a person acting rationally or irrationally
according to economists? Correct Answers A young person is acting
rationally when she drop out of a high paying career field like medicine
, to study poetry. She wants to become a singer/song writer in Nashville's
country music scene.
Economists believe that: Correct Answers it is possible to be self-
interested without being selfish since these two concepts, while related,
are not the same thing.
As more of a particular good is produced: Correct Answers marginal
cost increases due to the Law of Increasing Cost.
Microeconomics is the study of: Correct Answers how individual
decision makers behave in markets.
In economics, scarcity exists when: Correct Answers the desire for a
good exceeds the amount freely available from nature. If the price was
zero, there would not be enough for everyone to have as much as they
want.
The concept of Rational Economic Man in economics: Correct Answers
is based on an assumption that people will act in their own self-interest
in a world of scarce goods.
Assume Jack is a rational person and has reached the point where the
marginal benefit of eating the 8th Krystal burger this week is 30 utility
points: Correct Answers and the cost is also 30 utility points. He would
stop eating more burgers since the marginal benefit is equal to marginal
cost, and therefore his economic surplus has been maximized.
ANSWERS |100% CORRECT | ALREADY GRADED A
The marginal benefit of consuming an additional unit of a good: Correct
Answers the change in total benefit from consuming one more unit
Mike Ditka, a famous NFL football coach, has proposed taking the face
masks off of players' helmets. This proposal is due to: Correct Answers
his belief that the rate of injury will actually go down when the players
are unprotected. This statement is supported by the Law of Unintended
Consequences which states the the extra protection of the helmets and
face masks may actually lead to less safety.
Self-Interest and Selfishness: Correct Answers are different. A person
may legitimately act in their own self-interest, but selfishness is wrong
because it takes self-interest beyond a legitimate point.
In Economics, a Positive Statement: Correct Answers can be either
proved true or false since it is a scientific question based on evidence,
not opinion.
According to Economists, a person makes a rational decision: Correct
Answers whenever they make choices that maximize the economic
surplus.
In which scenario below is a person acting rationally or irrationally
according to economists? Correct Answers A young person is acting
rationally when she drop out of a high paying career field like medicine
, to study poetry. She wants to become a singer/song writer in Nashville's
country music scene.
Economists believe that: Correct Answers it is possible to be self-
interested without being selfish since these two concepts, while related,
are not the same thing.
As more of a particular good is produced: Correct Answers marginal
cost increases due to the Law of Increasing Cost.
Microeconomics is the study of: Correct Answers how individual
decision makers behave in markets.
In economics, scarcity exists when: Correct Answers the desire for a
good exceeds the amount freely available from nature. If the price was
zero, there would not be enough for everyone to have as much as they
want.
The concept of Rational Economic Man in economics: Correct Answers
is based on an assumption that people will act in their own self-interest
in a world of scarce goods.
Assume Jack is a rational person and has reached the point where the
marginal benefit of eating the 8th Krystal burger this week is 30 utility
points: Correct Answers and the cost is also 30 utility points. He would
stop eating more burgers since the marginal benefit is equal to marginal
cost, and therefore his economic surplus has been maximized.
