BNAD 301 COMPREHENSIVE QUESTIONS AND VERIFIED
ANSWERS GRADE A+ NEWEST 2024 UPDATE
Based on the discussion in class, which science has the most similarities with
economics?
(A) Physics.
(B) Biology.
(C) Chemistry.
(D) Astronomy.
(E) Meteorology.
(E) Meteorology.
Suppose that the market supply curve can be described by the equation QS = 6P -
4 and market demand can be described by the equation QD = 77 - 3P, where P is
the market price. Then, in equilibrium, the price in this market is closest to:
(A) 1 (AB) 6
(B) 2 (AC) 7
(C) 3 (AD) 8
(D) 4 (AE) 9
(E) 5 (BC) 10
(AE) 9
Economics a science because :
(A) Is; it has its own Nobel prize.
(B) Is; it uses mathematical models.
(C) Is; it makes predictions and tests them.
(D) Is not; economists can never agree on a single theory.
(E) Is not; most economists have never been inside a laboratory.
(AB) Is not; economic behavior often deviates from scientific principles.
(C) Is; it makes predictions and tests them.
An economic model generally uses variables that are variables that are in the
model.
(A) Stable; unstable.
(B) Unstable; stable.
(C) Exogenous; endogenous.
(D)Endogenous; exogenous.
(C) Exogenous; endogenous.
In the basic supply and demand model, which data are exogenous (mark all that
apply)?
(A) Price.
(B) Quantity.
(C) Supply curve.
(D) Demand curve.
, (C) Supply curve.
(D) Demand curve.
A truly competitive market should have (mark all that apply):
(A) Transparent prices.
(B) Only one market price.
(C) Free entry to anyone who wishes to sell the good.
(D) No seller large enough to affect the price significantly.
(E) No buyer large enough to affect the price significantly.
(A) Transparent prices.
(B) Only one market price
(D) No seller large enough to affect the price significantly.
(E) No buyer large enough to affect the price significantly.
The fundamental assumptions that economists make about human behavior are
which two
from the following list? (Mark two.)
(A) People act rationally to attain their objectives.
(B) Behavior is determined by selfish motivations.
(C) Behavior is determined by evolutionary forces.
(D)Behavior remains fairly constant from generation to generation.
A. People act rationally to attain their objectives
B. Behavior is determined by selfish motivations
Whether it is appropriate to use the supply and demand model to study a
particular market depends on:
(A) The quality of the data available for that market.
(B) Whether the model makes reasonably accurate predictions in that market.
(C) Whether the market satisfies all of the assumptions of a competitive market.
(D) Whether the participants in that market understand the supply and demand
model.
(B) Whether the model makes reasonably accurate predictions in that market.
Since chemists and economists are scientists, they try to produce accurate
theories about the world. In these efforts, the economist has one advantage:
(A) She is smarter.
(B) She can get better data.
(C) She is studying simpler systems.
(D) Economics is a normative science.
(E) She has insight into human behavior, because she is human.
(E) She has insight into human behavior, because she is human.
The opportunity cost of a businessman's own labor is:
(A) The taxes he must pay on his income.
(B) The wage he could get working for someone else.
(C) The past cost of the education that allows him to do his job.
(D) The sum of all the other costs associated with running his business.
(E)Zero.
(B) The wage he could get working for someone else.
ANSWERS GRADE A+ NEWEST 2024 UPDATE
Based on the discussion in class, which science has the most similarities with
economics?
(A) Physics.
(B) Biology.
(C) Chemistry.
(D) Astronomy.
(E) Meteorology.
(E) Meteorology.
Suppose that the market supply curve can be described by the equation QS = 6P -
4 and market demand can be described by the equation QD = 77 - 3P, where P is
the market price. Then, in equilibrium, the price in this market is closest to:
(A) 1 (AB) 6
(B) 2 (AC) 7
(C) 3 (AD) 8
(D) 4 (AE) 9
(E) 5 (BC) 10
(AE) 9
Economics a science because :
(A) Is; it has its own Nobel prize.
(B) Is; it uses mathematical models.
(C) Is; it makes predictions and tests them.
(D) Is not; economists can never agree on a single theory.
(E) Is not; most economists have never been inside a laboratory.
(AB) Is not; economic behavior often deviates from scientific principles.
(C) Is; it makes predictions and tests them.
An economic model generally uses variables that are variables that are in the
model.
(A) Stable; unstable.
(B) Unstable; stable.
(C) Exogenous; endogenous.
(D)Endogenous; exogenous.
(C) Exogenous; endogenous.
In the basic supply and demand model, which data are exogenous (mark all that
apply)?
(A) Price.
(B) Quantity.
(C) Supply curve.
(D) Demand curve.
, (C) Supply curve.
(D) Demand curve.
A truly competitive market should have (mark all that apply):
(A) Transparent prices.
(B) Only one market price.
(C) Free entry to anyone who wishes to sell the good.
(D) No seller large enough to affect the price significantly.
(E) No buyer large enough to affect the price significantly.
(A) Transparent prices.
(B) Only one market price
(D) No seller large enough to affect the price significantly.
(E) No buyer large enough to affect the price significantly.
The fundamental assumptions that economists make about human behavior are
which two
from the following list? (Mark two.)
(A) People act rationally to attain their objectives.
(B) Behavior is determined by selfish motivations.
(C) Behavior is determined by evolutionary forces.
(D)Behavior remains fairly constant from generation to generation.
A. People act rationally to attain their objectives
B. Behavior is determined by selfish motivations
Whether it is appropriate to use the supply and demand model to study a
particular market depends on:
(A) The quality of the data available for that market.
(B) Whether the model makes reasonably accurate predictions in that market.
(C) Whether the market satisfies all of the assumptions of a competitive market.
(D) Whether the participants in that market understand the supply and demand
model.
(B) Whether the model makes reasonably accurate predictions in that market.
Since chemists and economists are scientists, they try to produce accurate
theories about the world. In these efforts, the economist has one advantage:
(A) She is smarter.
(B) She can get better data.
(C) She is studying simpler systems.
(D) Economics is a normative science.
(E) She has insight into human behavior, because she is human.
(E) She has insight into human behavior, because she is human.
The opportunity cost of a businessman's own labor is:
(A) The taxes he must pay on his income.
(B) The wage he could get working for someone else.
(C) The past cost of the education that allows him to do his job.
(D) The sum of all the other costs associated with running his business.
(E)Zero.
(B) The wage he could get working for someone else.
