Bmal 590 Week 6 Microeconomics Exam & Questions With Accurate Answers,Latest Updateds 2025.

Bmal 590 Week 6 Microeconomics Exam & Questions With
Accurate Answers,Latest Updateds 2025.




People respond to incentives blank_______. - CORRECT ANSWER✔✔by calculatingtheir individual costs and
j j j j j j j j j j j j




benefits and determining which is greater
j j j j j j




After much consideration, you have chosen Cancunover Ft. Lauderdale as your Spring Break destination this
j j j j j j j j j j j j j j j




year. However, Spring Break is still months away, and youmay reverse this decision. Which of the following
j j j j j j j j j j j j j j j j j j




events would prompt you to reverse this decision? - CORRECT ANSWER✔✔The marginal cost of going to Ft.
j j j j j j j j j j j j j j j j j




Lauderdale decreases.
j j




A tradeoff exists between a clean environment and a higher level of income in that blank_______. - CORRECT
j j j j j j j j j j j j j j j j j




ANSWER✔✔laws that reduce pollution raise costs of production and reduce incomes
j j j j j j j j j j j




An incentive ______. - CORRECT ANSWER✔✔could be either a reward or a penalty
j j j j j j j j j j j j




Bill is restoring a car and has already spent $4000 on the restoration. He expects to be able to sell the car for
j j j j j j j j j j j j j j j j j j j j j j




$5800. Bill discovers that he needs to do anadditional $2400 of work to make the car worth $5800 to potential
j j j j j j j j j j j j j j j j j j j j j




buyers. He could also sell the car now, without completingthe additional work, for $3800. What should he do? -
j j j j j j j j j j j j j j j j j j j j




CORRECT ANSWER✔✔He should sell the car now for $3800.
j j j j j j j j j

, Economists assume that people are motivated by blank_______. - CORRECT ANSWER✔✔rational self-
j j j j j j j j j j j




interest



The fundamental reason people must choose between goods to buy and consume is because of blank______. -
j j j j j j j j j j j j j j j j




CORRECT ANSWER✔✔scarcity
j j




A rational student willcontinue studying in a given study session until blank______. - CORRECT ANSWER✔✔
j j j j j j j j j j j j j j j




the marginal value of the last unit studied equals the marginal cost of the last unit
j j j j j j j j j j j j j j j




In economics, the cost of doing something is blank_______. - CORRECT ANSWER✔✔the value of the next best
j j j j j j j j j j j j j j j j




opportunity not taken
j j j




The optimal amount of studying is determined by comparing the blank_______ - CORRECT ANSWER✔✔
j j j j j j j j j j j j j




marginal benefit and the marginal cost of studying
j j j j j j j




A shift in the demand curve denotes _______. - CORRECT ANSWER✔✔a change in demand
j j j j j j j j j j j j j




Consider inferior goods. As real incomes rise, consumerstend to buy inferior goods inblank________. -
j j j j j j j j j j j j j j




CORRECT ANSWER✔✔less quantity
j j j




The law of supply states that,holding other factors constant, as price increases blank_______. - CORRECT
j j j j j j j j j j j j j j j




ANSWER✔✔quantity supplied increases
j j j




A restriction on the number of people allowed to be medical doctors in the United States would most likely
j j j j j j j j j j j j j j j j j j




blank_______. - CORRECT ANSWER✔✔increase doctors' fees
j j j j j j




Suppose the price of hamburgers rises, and you observe that as a result, the demand for hotdogs rises. This
j j j j j j j j j j j j j j j j j j




makes hotdogs and hamburgers blank_______. - CORRECT ANSWER✔✔substitutes
j j j j j j j j