Exam 1: Economics: Foundations and Models

Which of the following statements is false?

Which of the following is a microeconomic question?

Very few businesses,and virtually no nonprofit organizations,hire economists.

An office supply store sells a ream of printer paper at a fixed price of $4.50.Which of the following is a term used by economists to describe the money received from the sale of an additional ream of paper?

Which of the following contributed to the downfall of the Soviet Union in 1991?

In 2017,President Trump considered imposing a tariff on automobiles assembled by U.S.manufacturers in Mexico that were to be sold in the United States.If this tariff was imposed and as a result,some of these manufacturers moved their automobile assembly from Mexico back to the United States,these firms would be reacting to which of the three key economic ideas?

Lionel's Lawn Care is a company that maintains residential yards.Lionel's cost for his standard package of mowing,edging,and trimming is $15,and he charges $25 for this service.For a total price of $40,Lionel will also trim shrubs,a service that adds an additional $10 to the total cost of the standard package.Should Lionel continue to offer the shrub-trimming service?

Table 1-1 Eva runs a small bakery in the village of Roggerli.She is debating whether she should extend her hours of operation.Eva figures that her sales revenue will depend on the number of additional hours the bakery is open as shown in the table above.She would have to hire a worker for those hours at a wage rate of $12 per hour. -Refer to Table 1-1.What is Eva's marginal benefit if she decides to stay open for two hours instead of one hour?

Figure 1-4 -Refer to Figure 1-4.Which of the following statements is true?

Which of the following is a positive economic statement?

If a straight line passes through the point x = 8 and y = 4 and also through the point x = 12 and y = 6,the slope of this line is

What is the difference between physical capital and human capital?

Which of the following is an example of an activity undertaken by an entrepreneur?

Which of the following is counted as "capital" in economics?

The processes used to produce goods and services describes

Scenario 1-2 Suppose a cigar manufacturer currently sells 1,500 cigars per week and makes a profit of $3,000 per week.The plant foreman observes,"Although the last 500 cigars we produced and sold increased our revenue by $7,500 and our costs by $7,000,we are only making an overall profit of $3,000 per week so I think we need to cut back on production. -Refer to Scenario 1-2.Had the firm not produced and sold the last 500 cigars,would its profit be higher or lower,and if so by how much?

The study of economics arises due to

Which of the following is a positive economic statement?

How are the fundamental economic decisions determined in Cuba?

Which of the following best describes an assumption economists make about human behavior?