ECN

When consumption of a good is rival and nonexcludable, the good is a A) public good. B) private good. C) commons good. D) collective good. Correct Answers C) commons good. f a good has zero external costs, then A) marginal social cost equal marginal private cost. B) marginal social cost is greater than marginal private cost. C) marginal social cost is less than marginal private cost. D) we need more information to determine the relationship between private and social costs. Correct An...

ECN 001 EXAM #1 QUESTIONS AND VERIFIED ANSWERS |100% CORRECT | ALREADY GRADED A

Economics is the study of how people allocate their ________resources to satisfy their nearly _______ wants and needs. Correct Answers limited unlimited Trade-offs and opportunity costs are closely related topics. A _________ exists when a decision-maker has to choose a course of action that prevents him or her from being able to take another course of action, but an __________ explains what you give up when you choose to buy a new pair of shoes instead of attending a concert. Correct An...

cost of production Correct Answers how much units of goods come from each production; higher production = higher costs Total Cost Equation Correct Answers TC = VC + FC or ATC * Q average fixed cost Correct Answers AFC = FC/Q; as Q increases, AFC decreases average total cost Correct Answers ATC = AVC + AFC or ATC = TC/Q; FC does not vary with Q, VC varies with Q average variable cost Correct Answers AVC = VC/Q; vc varies with Q, AVC down, Q up what happens on the left side of the M...

A labor market with perfect competition has: Correct Answers Infinite buyers and sellers of labor A cobweb model labor market has: Correct Answers Individual sectors with booms and busts A monopsony labor market has: Correct Answers One buyer of labor in an isolated town When the total surplus of workers and firms is maximized through trade, the market outcome is said to be: Correct Answers Efficient A payroll tax will have different effects on the labor market equilibrium depending ...

A competitive firms short-run supply curve is a part of what curve? Correct Answers Marginal cost In the long run, a firm will enter a competitive industry if... Correct Answers Total revenue exceeds total cost, the price exceeds average total cost, the firm can earn economic profits. A firm has market power if it can... Correct Answers Influence the market price of the good it sells In a market with 1000 identical firms, the short-run market supply is the.. Correct Answers Sum of the q...

Capital Correct Answers wealth in the form of money or property that can be used to produce more wealth True of False: A dollar today is worth more than a dollar from now Correct Answers True Interest and rofit pay the providers of capital for.... Correct Answers 1. forgoing its use during the time the capital is being used 2. the risk the investor takes in letting another use his or her capital 3. financial attractiveness to the suppliers of money or property True or False: Simple in...

No, the model is a simplified representation of reality Correct Answers Suppose you have just been hired as a management consultant by a major oil company to help it optimally price gasoline at its service stations. During a meeting with your client, the CEO asks if your economic models include all factors that impact gasoline prices. What is your response Your client becomes critical of your "sloppy" technique of using a model that does not include all factors. What is the most appro...

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ECN Exam 2 Questions with Complete Solutions An associate professor of physics gets a $200 a month raise. With her new monthly salary she can buy fewer goods and services than she could buy last year ... - ANSWERS -Her real salary has fallen and her nominal salary has risen In a system of fractional-reserve banking ... - ANSWERS -banks can increase the money supply Other things the same, if the US price level falls, then U.S residents want to buy... - ANSWERS -more foreign bonds. the ...