The accompanying table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15. \[\begin{array} { | c | c | } \hline \text { Number af Car Washes Per Month } & \text { Tatal Munthly Benefit fram Car Washes } \\ \hline 0 & \$ 0 \\ \hline 1 & \$ 20 \\ \hline 2 & \$ 36 \\ \hline 3 & \$ 48 \\ \hline 4 & \$ 56 \\ \hline 5 & \$ 60 \\ \hline \end{array}\] What's the average benefit of 4 car washes per month?

A) $14 B) $12 C) $8 D) $4 A) $14 B) $12 C) $8 D) $4

The accompanying table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15. \[\begin{array} { | c | c | } \hline \text { Number af Car Washes Per Month } & \text { Tatal Munthly Benefit fram Car Washes } \\ \hline 0 & \$ 0 \\ \hline 1 & \$ 20 \\ \hline 2 & \$ 36 \\ \hline 3 & \$ 48 \\ \hline 4 & \$ 56 \\ \hline 5 & \$ 60 \\ \hline \end{array}\] What is the marginal benefit of the 3?? car wash each month?

A) $4 B) $12 C) $16 D) $48 A) $4 B) $12 C) $16 D) $48

The following accompanying table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase. $\begin{array}{|c|c|c|c|c} \hline \text { CPU GHz } & \text { Total Benefit } & \text { Marginal Benefit } & \text { Total Cost } & \text { Marginal Costs } \\ \hline 2.0 & \$ 1,000 & & \$ 900 & \\ \hline 2.5 & \$ 1,400 & & & \$ 100 \\ \hline 3.0 & & \$ 300 & \$ 1,200 \\ \hline 3.5 & \$ 1,900 & & \$ 1,500 & \\ \hline 4.0 & \$ 2,000 & & & \$ 400 \\ \hline \end{array}$ The total benefit of a 3.0GHz computer is:

A) $300. B) $900. C) $1,700. D) $1,650. A) $300. B) $900. C) $1,700. D) $1,650.

Exam 1: Thinking Like an Economist

The accompanying table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15. Number af Car Washes Per Month Tatal Munthly Benefit fram Car Washes 0 \ 0 1 \ 20 2 \ 36 3 \ 48 4 \ 56 5 \ 60 What's the average benefit of 4 car washes per month?

(Multiple Choice)

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Question 101

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:

(Multiple Choice)

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Question 102

Refer to the accompanying table below. The average cost of 5 units of activity is:

(Multiple Choice)

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Question 103

The marginal benefit of an activity is the:

(Multiple Choice)

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Question 104

Jen spends her afternoon at the beach, paying $1 to rent a beach umbrella and $11 for food and drinks rather than spending an equal amount of money to go to a movie. Her opportunity cost of going to the beach is:

(Multiple Choice)

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Question 105

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?

(Multiple Choice)

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Question 106

The accompanying table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities. The total value of donations raised by three employees is:

(Multiple Choice)

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Question 107

Josh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decides to stay home and work on the paper. According to the Scarcity Principle, the reason Josh doesn't go to the game is that:

(Multiple Choice)

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Question 108

Jack has a ticket to see the Foo Fighters for which he paid $30 yesterday. He takes an unpaid day off from work to get ready for the concert. When he arrives at the concert, five different people offer him $70 for his ticket. Jack decides to keep his ticket. At the time he makes this decision, his opportunity cost of seeing the Foo Fighters is:

(Multiple Choice)

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Question 109

Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry maximizes his economic surplus by attending:

(Multiple Choice)

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(90)

Question 110

For the fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your marginal cost of the 100ᵗʰ meal is:

(Multiple Choice)

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Question 111

An economic naturalist is someone who:

(Multiple Choice)

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Question 112

Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16. Given that driving to campus to buy the concert ticket was rational for Matt, Matt should:

(Multiple Choice)

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Question 113

Economists recognize that because people have limited resources:

(Multiple Choice)

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Question 114

Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16. The benefit to Matt of driving to campus to buy the concert ticket last week was:

(Multiple Choice)

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Question 115

The accompanying table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15. Number af Car Washes Per Month Tatal Munthly Benefit fram Car Washes 0 \ 0 1 \ 20 2 \ 36 3 \ 48 4 \ 56 5 \ 60 What is the marginal benefit of the 3?? car wash each month?

(Multiple Choice)

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(85)

Question 116

Refer to the accompanying table below. The average benefit of 4 units of activity is:

(Multiple Choice)

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Question 117

Every time you go to the grocery store, you try to wait in the shortest line. But the lines always seem to be roughly the same length. Why?

(Multiple Choice)

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(83)

Question 118

The following accompanying table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase. CPU GHz Total Benefit Marginal Benefit Total Cost Marginal Costs 2.0 \ 1,000 \ 900 2.5 \ 1,400 \ 100 3.0 \ 300 \ 1,200 3.5 \ 1,900 \ 1,500 4.0 \ 2,000 \ 400 The total benefit of a 3.0GHz computer is:

(Multiple Choice)

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Question 119

The Cost-Benefit Principle:

(Multiple Choice)

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Question 120

Showing 101 - 120 of 142

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:

Refer to the accompanying table below. The average cost of 5 units of activity is:

The marginal benefit of an activity is the:

Jen spends her afternoon at the beach, paying $1 to rent a beach umbrella and $11 for food and drinks rather than spending an equal amount of money to go to a movie. Her opportunity cost of going to the beach is:

The accompanying table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities. The total value of donations raised by three employees is:

Josh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decides to stay home and work on the paper. According to the Scarcity Principle, the reason Josh doesn't go to the game is that:

For the fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your marginal cost of the 100ᵗʰ meal is:

An economic naturalist is someone who:

Economists recognize that because people have limited resources:

Refer to the accompanying table below. The average benefit of 4 units of activity is:

Every time you go to the grocery store, you try to wait in the shortest line. But the lines always seem to be roughly the same length. Why?

The Cost-Benefit Principle:

Comparative Advantage

Supply and Demand

Elasticity

Demand

Perfectly Competitive Supply

Efficiency, Exchange, and the Invisible Hand in Action

Monopoly, Oligopoly, and Monopolistic Competition

Games and Strategic Behavior

An Introduction to Behavioral Economics

Externalities, Property Rights, and the Environment

The Economics of Information

Labor Markets, Poverty, and Income Distribution

Public Goods and Tax Policy

International Trade and Trade Policy

Macroeconomics: The Birds Eye View of the Economy

Measuring Economic Activity: GDP and Unemployment

Measuring the Price Level and Inflation

Economic Growth, Productivity, and Living Standards

The Labor Market: Workers, Wages, and Unemployment

Saving and Capital Formation

Money Prices and the Federal Reserve

Financial Markets and International Capital Flows

Short-Term Economic Fluctuations: An Introduction

Spending and Output in the Short Run

Stabilizing the Economy: The Role of the Fed

Aggregate Demand, Aggregate Supply, and Inflation

Exchange Rates and the Open Economy

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