ECON 103 GMU exam 1 Boudreaux Questions
with 100% Correct Verified Detailed Answers
Latest update!!
Introduction:
This document contains the full set of Exam 1 questions for ECON
103 at George Mason University, taught by Professor Boudreaux.
Each question is accompanied by the correct, verified answer with
detailed explanations. Topics include opportunity cost, comparative
advantage, supply and demand, elasticity, market structures,
externalities, public goods, and the production possibilities
frontier. It provides a comprehensive resource for exam
preparation, ensuring full coverage of the core microeconomics
concepts taught in this course.
Exam Questions and Answers:
Which of the following is among the reasons identified by Adam
smith for why the division of labor increases an economy's total
output?
a) specialized workers are happier than are non specialized
workers
,b) specialized workers each work on tasks for which they each have
a comparative advantage
c)specialized workers follow instructions better than do non
specialized workers
d) specialization of workers is more likely to encourage the
development of machinery to perform specialized tasks
e) the principle of comparative advantage --- correct answer ---d)
specialization of workers is more likely to encourage the
development of machinery to perform specialized tasks
The name of robots, buildings and other goods that are built only
because these goods are useful in the production of other goods or
services is
a) raw materials
b) natural resources
c) consumption goods
d) capital goods
e) none of the above --- correct answer ---d) capital goods
Let X and Y be consumption goods and let K be capital good, and
assume that these are the only three goods produced in the
economy. True or false: To produce today more X requires that less
than Y or K today be produced, but to produce more K today does
not require that less X or less Y be produced.
, a) true
b) false --- correct answer ---b) false
Jack has intransitive preferences if
a) he, at the moment of choice, prefers A to B, prefers B to C and
prefers A to C
b) he, at the moment of choice, prefers A to B prefers B to FC and
prefers C to A
c) today his preferences are A>B>C and tomorrow they are c>b>a
d) and only if his preference "ordering" never changes
e) and only if his preference ordering changes at least once ---
correct answer ---b) he, at the moment of choice, prefers A to B
prefers B to FC and prefers C to A
Jill is irrational, acccording to economists, if
a) she smokes cigarettes even knowing that her doing so reduces
her life expectancy
b) she often allows her emotions to cloud her judgement
c) she continually makes the same mistake over and over again
d) she contributes lots of money to a charity that helps strangers
e) all of the above --- correct answer ---c) she continually makes
the same mistake over and over again
with 100% Correct Verified Detailed Answers
Latest update!!
Introduction:
This document contains the full set of Exam 1 questions for ECON
103 at George Mason University, taught by Professor Boudreaux.
Each question is accompanied by the correct, verified answer with
detailed explanations. Topics include opportunity cost, comparative
advantage, supply and demand, elasticity, market structures,
externalities, public goods, and the production possibilities
frontier. It provides a comprehensive resource for exam
preparation, ensuring full coverage of the core microeconomics
concepts taught in this course.
Exam Questions and Answers:
Which of the following is among the reasons identified by Adam
smith for why the division of labor increases an economy's total
output?
a) specialized workers are happier than are non specialized
workers
,b) specialized workers each work on tasks for which they each have
a comparative advantage
c)specialized workers follow instructions better than do non
specialized workers
d) specialization of workers is more likely to encourage the
development of machinery to perform specialized tasks
e) the principle of comparative advantage --- correct answer ---d)
specialization of workers is more likely to encourage the
development of machinery to perform specialized tasks
The name of robots, buildings and other goods that are built only
because these goods are useful in the production of other goods or
services is
a) raw materials
b) natural resources
c) consumption goods
d) capital goods
e) none of the above --- correct answer ---d) capital goods
Let X and Y be consumption goods and let K be capital good, and
assume that these are the only three goods produced in the
economy. True or false: To produce today more X requires that less
than Y or K today be produced, but to produce more K today does
not require that less X or less Y be produced.
, a) true
b) false --- correct answer ---b) false
Jack has intransitive preferences if
a) he, at the moment of choice, prefers A to B, prefers B to C and
prefers A to C
b) he, at the moment of choice, prefers A to B prefers B to FC and
prefers C to A
c) today his preferences are A>B>C and tomorrow they are c>b>a
d) and only if his preference "ordering" never changes
e) and only if his preference ordering changes at least once ---
correct answer ---b) he, at the moment of choice, prefers A to B
prefers B to FC and prefers C to A
Jill is irrational, acccording to economists, if
a) she smokes cigarettes even knowing that her doing so reduces
her life expectancy
b) she often allows her emotions to cloud her judgement
c) she continually makes the same mistake over and over again
d) she contributes lots of money to a charity that helps strangers
e) all of the above --- correct answer ---c) she continually makes
the same mistake over and over again
