Straighterline Micro Exam Q's
should; do
Normative economic principles are concerned with how people ______ make decisions while
positive economic principles are concerned with how people ______ make decisions.
economic surplus; $3,000
Suppose Mary is willing to pay up to $15,000 for a used Ford pick-up truck. If she buys one for
$12,000, her ______ would be ______.
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the difference between the benefit and the cost of taking an action
The economic surplus of an action is:
The cost of providing 24-hour service is much lower today.
With ATMs, it is possible to retrieve cash from the bank at any time. One hundred years ago,
one could only get cash from the bank during business hours, say, 9 am to 3 pm. The present
availability of 24-hour service has arisen because:
more information because the Internet has lowered the cost of gathering information.
The number of U.S. households with access to the Internet is growing rapidly. Compared to 50
years ago, one would predict that when considering a major purchase, people today will gather:
marginal benefit
, The extra benefit that results from carrying out one additional unit of an activity is the ______ of
the activity.
Last semester's grades were lower than your overall GPA.
Your scholarship depends on your maintaining a 3.5 cumulative GPA. Your GPA for last
semester was 3.6, which brought your cumulative GPA down. What must be true?
inconsistent reasoning; saving $20 is saving $20
Tony notes that an electronics store is offering a flat $20 off all prices in the store. Tony reasons
that if he wants to buy something with a price of $50, then it is a good offer, but if he wants to
buy something with a price of $500, then it is not a good offer. This is an example of:
positively related to the list price of the good
Suppose a retail store was offering 10% off list prices on all goods. The benefit of the 10%
savings is:
More drivers would drive on the non-toll road, making the toll road less congested
Suppose there are two parallel highways between two cities with approximately equal traffic.
What would you expect to happen if the state began charging tolls to drive on one of those
highways?
3 hours
A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4
computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3
hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each
computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse.
The total cost of these parts is $600 per computer. If the firm sells each computer for $625, then
how many hours a day should the firm employ Pam to maximize its net benefit from her
employment?
The U.S.'s production possibilities curve to shift outward faster than Nepal's.
Suppose that Nepal invests less in new factories and equipment than does the United States.
This will likely cause:
hiring low-wage workers overseas reduces firms' costs.
The fundamental reason firms outsource is that:
should; do
Normative economic principles are concerned with how people ______ make decisions while
positive economic principles are concerned with how people ______ make decisions.
economic surplus; $3,000
Suppose Mary is willing to pay up to $15,000 for a used Ford pick-up truck. If she buys one for
$12,000, her ______ would be ______.
Previous
Play
Next
Rewind 10 seconds
Move forward 10 seconds
Unmute
0:00
/
0:15
Full screen
Brainpower
Read More
the difference between the benefit and the cost of taking an action
The economic surplus of an action is:
The cost of providing 24-hour service is much lower today.
With ATMs, it is possible to retrieve cash from the bank at any time. One hundred years ago,
one could only get cash from the bank during business hours, say, 9 am to 3 pm. The present
availability of 24-hour service has arisen because:
more information because the Internet has lowered the cost of gathering information.
The number of U.S. households with access to the Internet is growing rapidly. Compared to 50
years ago, one would predict that when considering a major purchase, people today will gather:
marginal benefit
, The extra benefit that results from carrying out one additional unit of an activity is the ______ of
the activity.
Last semester's grades were lower than your overall GPA.
Your scholarship depends on your maintaining a 3.5 cumulative GPA. Your GPA for last
semester was 3.6, which brought your cumulative GPA down. What must be true?
inconsistent reasoning; saving $20 is saving $20
Tony notes that an electronics store is offering a flat $20 off all prices in the store. Tony reasons
that if he wants to buy something with a price of $50, then it is a good offer, but if he wants to
buy something with a price of $500, then it is not a good offer. This is an example of:
positively related to the list price of the good
Suppose a retail store was offering 10% off list prices on all goods. The benefit of the 10%
savings is:
More drivers would drive on the non-toll road, making the toll road less congested
Suppose there are two parallel highways between two cities with approximately equal traffic.
What would you expect to happen if the state began charging tolls to drive on one of those
highways?
3 hours
A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4
computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3
hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each
computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse.
The total cost of these parts is $600 per computer. If the firm sells each computer for $625, then
how many hours a day should the firm employ Pam to maximize its net benefit from her
employment?
The U.S.'s production possibilities curve to shift outward faster than Nepal's.
Suppose that Nepal invests less in new factories and equipment than does the United States.
This will likely cause:
hiring low-wage workers overseas reduces firms' costs.
The fundamental reason firms outsource is that:
