Exam 1: Ten Principles of Economics: Part A

Explore all topics

Scenario 1-2 Suppose that you have a choice between going to the movies with a friend for two hours or working at your job.If you go to the movies,you will spend $7 on a ticket and $5 on popcorn.If you choose to work,you will earn $10 an hour. -Refer to Scenario 1-2.What is your opportunity cost of working?

(Short Answer)

4.8/5

(79)

Question 41

In the short run,an increase in the money supply is likely to lead to ------ inflation and ------ unemployment.

(Short Answer)

4.7/5

(76)

Question 42

Economists use the term ------ to refer to the ability of a single person (or a small group)to have a substantial influence on market prices.

(Short Answer)

4.9/5

(71)

Question 43

Invisible hand is a term used by the economist ------ in his 1776 book An Inquiry into the Nature and Causes of the Wealth of Nations.

(Short Answer)

4.7/5

(77)

Question 44

Economics is the study of ------ .

(Short Answer)

4.9/5

(88)

Question 45

What do prices reflect in a market economy?

(Short Answer)

4.8/5

(88)

Question 46

Scenario 1-3 It costs a company $35,000 to produce 700 graphing calculators.The company's cost will be $35,070 if it produces an additional graphing calculator.The company is currently producing 700 graphing calculators. -Refer to Scenario 1-3.What is the minimum price the company will charge for the 701^th calculator?

(Short Answer)

4.7/5

(67)

Question 47

Explain the concept of market failure.

(Short Answer)

4.8/5

(75)

Question 48

Scenario 1-3 It costs a company $35,000 to produce 700 graphing calculators.The company's cost will be $35,070 if it produces an additional graphing calculator.The company is currently producing 700 graphing calculators. -Refer to Scenario 1-3.What is the company's marginal cost?

(Short Answer)

4.8/5

(77)

Question 49

Debbie quits her job,which pays $30,000 a year,to finish her college degree.Her annual college expenses are $10,000 for tuition,$2,000 for books,and $700 for food.What is her opportunity cost of attending college for the year?

(Short Answer)

4.8/5

(86)

Question 50

Economists use the term ------ to refer to an increase in the overall level of prices in the economy.

(Short Answer)

4.9/5

(80)

Question 51

Explain the concept of externality and give an example.

(Short Answer)

4.9/5

(90)

Question 52

The term ------ refers to the size of the economic pie,and the term ------ refers to how the pie is divided.

(Short Answer)

4.9/5

(63)

Question 53

Showing 41 - 53 of 53

Exam 1: Ten Principles of Economics: Part A

In the short run,an increase in the money supply is likely to lead to ------ inflation and ------ unemployment.

Economists use the term ------ to refer to the ability of a single person (or a small group)to have a substantial influence on market prices.

Invisible hand is a term used by the economist ------ in his 1776 book An Inquiry into the Nature and Causes of the Wealth of Nations.

Economics is the study of ------ .

What do prices reflect in a market economy?

Explain the concept of market failure.

Scenario 1-3 It costs a company $35,000 to produce 700 graphing calculators.The company's cost will be $35,070 if it produces an additional graphing calculator.The company is currently producing 700 graphing calculators. -Refer to Scenario 1-3.What is the company's marginal cost?

Debbie quits her job,which pays $30,000 a year,to finish her college degree.Her annual college expenses are $10,000 for tuition,$2,000 for books,and $700 for food.What is her opportunity cost of attending college for the year?

Economists use the term ------ to refer to an increase in the overall level of prices in the economy.

Explain the concept of externality and give an example.

The term ------ refers to the size of the economic pie,and the term ------ refers to how the pie is divided.

Ten Principles of Economics

Ten Principles of Economics: How People Make Decisions

Ten Principles of Economics: How People Interact

Ten Principles of Economics: How the Economy As a Whole Works

Ten Principles of Economics: Part B

Thinking Like an Economist

Thinking Like an Economist: The Economist As Scientist

Thinking Like an Economist: The Economist As Policy Adviser

Thinking Like an Economist: Why Economists Disagree

Thinking Like an Economist: Lets Get Going

Thinking Like an Economist: Graphing a Brief Review

Thinking Like an Economist: Part A

Thinking Like an Economist: Part B

Interdependence and the Gains From Trade

Interdependence and the Gains From Trade: A Parable for the Modern Economy

Interdependence and the Gains From Trade: Comparative Advantage the Driving Force of Specialization

Interdependence and the Gains From Trade: Applications of Comparative Advantage

Interdependence and the Gains From Trade: Conclusion

Interdependence and the Gains From Trade: Part A

Interdependence and the Gains From Trade: Part B

The Market Forces of Supply and Demand

The Market Forces of Supply and Demand:Markets and Competition

The Market Forces of Supply and Demand: Demand

The Market Forces of Supply and Demand: Supply

The Market Forces of Supply and Demand: Supply and Demand Together

The Market Forces of Supply and DemandConclusion How Prices Allocate Resources

The Market Forces of Supply and Demand: Part A

The Market Forces of Supply and Demand: Part B

Elasticity and Its Applications

Elasticity and Its Applications: The Elasticity of Demand

Elasticity and Its Applications: The Elasticity of Supply

Elasticity and Its Applications: Three Applications of Supply,demand,and Elasticity

Elasticity and Its Applications: Part A

Elasticity and Its Applications: Part B

Supply Demand and Government Policies

Supply Demand and Government Policies: Controls on Prices

Supply Demand and Government Policies: Taxes

Supply Demand and Government Policies: Part A

Supply Demand and Government Policies: Part B

Consumers Producers and the Efficiency of Markets

Consumers Producers and the Efficiency of Markets: Consumer Surplus

Consumers Producers and the Efficiency of Markets: Producer Surplus

Consumers Producers and the Efficiency of Markets: Market Efficiency

Consumers Producers and the Efficiency of Markets: Conclusion Market Efficiency and Market Failure

Consumers Producers and the Efficiency of Markets: Part A

Consumers Producers and the Efficiency of Markets: Part B

Application the Cost of Taxation

Application the Cost of Taxation: The Deadweight Loss of Taxation

Application the Cost of Taxation: The Determinants of the Deadweight Loss

Application the Cost of Taxation: Deadweight Loss and Tax Revenue As Taxes Vary

Application the Cost of Taxation: Conclusion

Application the Cost of Taxation: Part A

Application the Cost of Taxation: Part B

Application International Trade

Application International Trade: The Determinants of Trade

Application International Trade: The Winners and Losers From Trade

Application International Trade: The Arguments for Restricting Trade

Application International Trade: Conclusion

Application International Trade: Part A

Application International Trade: Part B

Measuring a Nations Income

Measuring a Nations Income: The Economy's Income and Expenditure

Measuring a Nations Income: The Measurement of GDP

Measuring a Nations Income: The Components of GDP

Measuring a Nations Income: Real Versus Nominal GDP

Measuring a Nations Income: Is GDP a Good Measure of Economic Well-Being

Measuring a Nations Income: Part A

Measuring a Nations Income: Part B