Econ 213 Quiz 1 is a quiz that covers the material covered in an economics course that focuses on microeconomics. This quiz is typically given to students in the first few weeks of the course, and it is meant to assess the student's understanding of the basic concepts and principles of microeconomics.
Microeconomics is a branch of economics that studies the behavior of individual economic agents, such as households and firms, and how they make decisions in the face of scarcity. It looks at how these agents allocate their resources and make trade-offs in order to maximize their own utility or profit.
The quiz may cover topics such as supply and demand, elasticity, opportunity cost, production and cost, market structures, and market failures. These topics are all important for understanding how the economy functions and how individual agents make decisions in the market.
In order to do well on the quiz, it is important for students to have a strong understanding of these concepts and to be able to apply them to real-world situations. This may involve analyzing graphs and data, interpreting economic theories, and making logical conclusions based on economic principles.
To prepare for the quiz, students should review their notes and textbook readings, participate in class discussions, and practice problem-solving skills by working through practice problems and review questions. It is also helpful to seek out additional resources, such as online videos or tutor sessions, to help clarify any concepts that are still unclear.
Overall, Econ 213 Quiz 1 is an important assessment of a student's understanding of microeconomics, and it is essential for students to be well-prepared in order to do their best on the quiz. By reviewing the material and practicing problem-solving skills, students can increase their chances of success on the quiz and in the course overall.
ECON 213 Quiz #1 Flashcards
With what population would such a system be successful? When store managers make the decision to stay open 24 hours, it must be the case that: Question 13 What is the strongest argument for why we need more economists today than ever before? Selected Answer: There will not be a shortage. Question 4 Indirect incentives create: Question 5 What is the opportunity cost of taking this exam? Question 9 The opportunity cost of a purchase is: Question 10 Why would economists find it surprising if the CEO of a large company does his or her own housework? Calculate the elasticity of demand between the following prices. If the tax deduction caused people who otherwise would have rented to own, the tax deduction serves as a n : Question 4 In a growing number of cities, stores are required either not to make available plastic or paper bags or to do so only for an additional fee. The first picture below depicts the cost curves for a representative firm in this perfectly competitive industry. Selected Answer: More consumers would purchase the product in the community without a price floor. Selected Answer: It makes the price so low that the quantity demanded exceeds the quantity supplied in the legal market. Question 11 2 out of 2 points Use the following table to answer the questions that follow.
Explain the concept of scarcity. Selected Answer: What is the rate of unemployment? We came to our final decision based on my dream of wanting to be a nurse. As compared to production alternative D, the choice of alternative C would: 18. Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses 2. Capital goods: 5 4 3 2 1 0 Consumer goods: 0 5 9 12 14 15 16. Question 4 2 out of 2 points Suppose you live in a community with no price controls. Question 6 When most economists wake up in the morning, their first decision is whether or not to hit the snooze bar on the alarm clock.
Selected Answer: comparative advantage Question 15 2 out of 2 points Public buildings in the United States are required to be accessible to the disabled and, as a result, almost all have an elevator. What is the difference between positive and normative economics? Question 14 2 out of 2 points Use the following figure to answer the questions that follow. Answer Key: C Question 2 of 10 10. The condition of a region or group as regards material prosperity. When store managers make the decision to stay open 24 hours, it must be the case that: Version B Quiz Question 1 Economics professors are well aware of the importance of incentives. . This reduction in taxes may have encouraged too many people to own a home.
Why does this happen? Question 12 Many stores are open 24 hours a day. TCO 1 The term scarcity in economics refers to the fact that 3. If the tax deduction caused people who otherwise would have rented to own, the tax deduction serves as a n : Question 4 In a growing number of cities, stores are required either not to make available plastic or paper bags or to do so only for an additional fee. All gas companies follow the same basic formula. Question 13 2 out of 2 points Which of the following is a macroeconomic question? If the economy is producing at production alternative C, the opportunity cost of the tenth unit of consumer goods will be? Question 3 2 out of 2 points You would expect there to be many customers for a black market good when the opportunity cost of finding the good under a: Selected Answer: binding price ceiling is high. We are all familiar with fluctuating prices of gasoline at the pump.
Question 16 Public buildings in the United States are required to be accessible to the disabled and, as a result, almost all have an elevator. What is ceteris paribus? Answer the next question s on the basis of the data given in the the following production possibilities table: Production possibilities alternatives A. Question 6 Because of scarcity: Question 7 Economists believe that optimal decisions are made up to the point where: Question 8 Why would economists find it surprising if the CEO of a large company does his or her own housework? What would this economist be unable to help your managerial team with? Question 6 2 out of 2 points In a growing number of cities, stores are required either not to make available plastic or paper bags or to do so only for an additional fee. Economics is primarily the study of a. If this fee can be refunded when you recycle the bag, the refund acts as a n : Selected Answer: direct incentive.
Define and explain the difference between efficiency and equity. Question 3 The U. What is the equilibrium price and quantity? Question 2 2 out of 2 points The United States is able to experience economic growth to the extent that: Selected Answer: specialization and trade are encouraged. Selected Answer: Selected Answer: It would decrease by 18,000 units. Question 5 0 out of 2 points What is the incentive to create a black market when a binding price ceiling exists? Differentiate between macro and microeconomics. Question 14 An opportunity cost is the: Question 15 Economics is concerned with the tradeoffs that emerge because of scarcity.
What would be an example of a positive direct incentive for those who can use stairs? Question 9 When consumers discard their gasoline¬powered automobiles for electric. Question 3 2 out of 2 points Economics is the study of: Selected Answer: how to allocate resources to satisfy wants and needs. Question 6 Because of scarcity: Question 7 Economists believe that optimal decisions are made up to the point where: Question 8 Why would economists find it surprising if the CEO of a large company does his or her own housework? Kelly is an architect, and she is trying to decide whether to hire Mike, a draftsman, to assist with her work. . Question 13 2 out of 2 points Why do shortages develop under a binding price ceiling? TCO 1 The general concern of economics is with the study of the 2. Question 4 2 out of 2 points The opportunity cost of going to school rather than working is the cost of: Selected Answer: potential wages. What would be an example of a positive direct incentive for those who can use stairs? Data for the market for graham crackers is shown below.
Econ 213 quiz 1 liberty university answers solutions 100
Question 2 2 out of 2 points Which of the following is an accurate statement about the consequence of a binding price floor? Buy now to view the complete solution. Question 3 As a new firm in the applepicking business, you have considered adding an economist to your management team. TCO 1 Are the goods that businesses offer for "free" to consumers also free to society? Explain how marginal costs and marginal benefits influence incentives and choice. Selected Answer: Binding price floors encourage the formation of a black market. This quiz needs to be completed without help from others. Question 12 0 out of 2 points If a store sells a good at the market price, even though the government authorities have set the maximum price that can be charged for it, the store is selling the good in a n : Selected Answer: legal market for a market price that is lower. Question 3 The U.