Name:_________________________ ECO 101 Principles of Microeconomics Final Exam Spring 2006 Form A There are 30 multiple choice questions and 5 short answer questions on this double-sided exam‚ so be careful not to skip any questions! Part I: Multiple Choice (60 points) Read each question carefully and select the best response. Fill in the corresponding circle on your answer sheet. 1. If the total output of candles in Nick’s Wicks shop increases from 20 per hour to 30 per hour
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Micro Chapter 25 Practice Questions Key 1. Derived demand is the demand: A) that arises because of monopoly control of resources in a market. B) for a product based on the tastes and preferences of consumers. C) derived from consumer satisfaction with a product. D) for a resource to produce a product. Answer: D 2. Marginal revenue product is the increase in: A) total revenue from a decrease in the price of the product. B) marginal revenue from a decrease in the price of the product
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1. Use only 1 or 2 sentences only to answer in terms of economic concepts. [10 points] a. What are automatic stabilizers? Automatic stabilizers are part of the fiscal policy and are built into the federal/state/local tax and transfer systems. They are put in place to stimulate aggregate demand in a recession without the need for action by policymakers. Corporate and personal income taxes are the best-known automatic stabilizers. For example: when the economy is in its growth stage‚ our progressive
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1. Question: (TCO A) Wages paid to a timekeeper in a factory are a: Your Answer: Prime Cost YES.....Conversion Cost NO Prime Cost YES.....Conversion Cost YES Prime Cost NO....Conversion Cost NO Prime Cost NO.....Conversion Cost YES CORRECT Instructor Explanation: Chapter 2 Points Received: 6 of 6 2. Question: (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n):
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FINA300 Fall 2011 Benedictine University 100 points Name: ___________________________________________________ 1) Which of the following statements is CORRECT? a. The New York Stock Exchange is an auction market‚ and it has a physical location. b. Home mortgage loans are traded in the money market. c. If an investor sells shares of stock through a broker‚ then it would be a primary market transaction. d. Capital markets deal only with common stocks
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There is an old saying that goes‚ “Even the best laid plans can go astray”. This statement basically means that even when something is done with the best of intentions and preparation; it can still produce completely different results than what was originally intended. In America’s school systems‚ there are many examples of things being done with the best of intentions‚ but yielding less-than-desirable results. One of the largest and most prevalent examples of this can be seen when looking at the
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I. PPF: Production Possibilities Frontier A. Scarcity B. Tradeoffs C. Growth D. Efficiency E. Opportunity cost F. Models are simplified versions of reality 1. Making some unrealistic assumption II. PPF Model A. Only 2 goods: computers and cars (don’t care about the cost yet) B. Resources and technological levels are constant C. Downward slope D. Moving to the right‚ more cars‚ less computers 1. Scarcity: more for one good‚ less for the other 2. Tradeoffs: not both‚ only either or E
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Multiple-Choice & True/False 30 Multiple-Choice and True/False questions. Please highlight the correct answer. Once completed submit it as an attachment to the Assignment Link: 1. The insight that both parties must be benefiting if they freely agreed to make a trade is known as the fundamental theorem of exchange. True 2. In a two-party transaction‚ consumers make up the demand side‚ while sellers make up the supply side. True 3. A recent study showed that 86% of those who filed for bankruptcy
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Deterministic techniques assume that no uncertain exists in model parameters. A: True An inspector correctly identifies 90% of the time. For the next 10 products‚ the probability that he makes fewer than 2 incorrect inspections is .736. A: Use Binomial table to discover ‚ add 3 probabilities for 0‚1‚2 A continuous random variable may assume only integer values within a given interval. A: False A decision tree is a diagram consisting of circles decision nodes‚ square probability nodes and branches
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logical fallacy- logic of your topic deductive-general to specific inductive- specific to general syllogism- structure for reasoning fallacies- error in reasoning adhominem fallacy- statement that attempts to counter an arguement slippery slope fallacy- statement that attacks an arguement by taking it to such un extreme taht if appears ludicrous either/or fallacy- two alternatives and falsely suggest that one is rejected‚ the other must be accepted false cause fallacy-asserting that if an event
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