ECO 150 Final Exam Review questions
with accurate answers
Organ donation rates are usually higher in countries with _____ system/s -
answers"Opt-out"
Current federal minimum wage is - answers$7.25/hour
If goods A and B are considered substitutes, decrease in the price of A would cause -
answersthe demand curve for B to the left
In FDA's drug approval process , Type II error is referred to as - answersA patient
suffered/died because the drug was not available
The fact that as snow accumulates, snow shovel sales rise suggests the two are -
answersDirectly Correlated
An economic, when analyzing a problem will compare the _____ and choose the
outcome where they are equal - answersMarginal benefits to the marginal costs
Which of the following options best describes the "Opt-out" system in organ donation -
answersA desire to donate post mortem is presumed to exist
Productions possibilities frontier models - answersthe choices we make in setting output
alternatives
Why skilled worker unions are supported of minimum wage laws, although the skilled
workers get higher wage rates compared to the minimum? - answersIncrease in
minimum wage increases the demand for skilled workers
The marginal decision rule in rational economic decisions is - answersEngaging in an
activity until marginal benefits equal marginal costs
Permitting a payment for organ donations would result in - answersMore organ
donations
A minimum wage law dictates - answersThe lowest wage firms must pay for labor.
The fact that we cannot operate at a point outside a production possibilities frontier
indicates there is - answersScarcity
with accurate answers
Organ donation rates are usually higher in countries with _____ system/s -
answers"Opt-out"
Current federal minimum wage is - answers$7.25/hour
If goods A and B are considered substitutes, decrease in the price of A would cause -
answersthe demand curve for B to the left
In FDA's drug approval process , Type II error is referred to as - answersA patient
suffered/died because the drug was not available
The fact that as snow accumulates, snow shovel sales rise suggests the two are -
answersDirectly Correlated
An economic, when analyzing a problem will compare the _____ and choose the
outcome where they are equal - answersMarginal benefits to the marginal costs
Which of the following options best describes the "Opt-out" system in organ donation -
answersA desire to donate post mortem is presumed to exist
Productions possibilities frontier models - answersthe choices we make in setting output
alternatives
Why skilled worker unions are supported of minimum wage laws, although the skilled
workers get higher wage rates compared to the minimum? - answersIncrease in
minimum wage increases the demand for skilled workers
The marginal decision rule in rational economic decisions is - answersEngaging in an
activity until marginal benefits equal marginal costs
Permitting a payment for organ donations would result in - answersMore organ
donations
A minimum wage law dictates - answersThe lowest wage firms must pay for labor.
The fact that we cannot operate at a point outside a production possibilities frontier
indicates there is - answersScarcity
