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Exam 1: Economics: Foundations and Models

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Question 161

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Technology is defined as

A) the process of developing and revising models.
B) new innovations and creations.
C) the processes used to produce goods and services.
D) the process of recycling products.

E) None of the above
F) B) and C)

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Question 162

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Table 1-3 $\begin{array} { | c | c | } \hline \begin{array} { c } \text { Hours } \\\text { Open }\end{array} & \begin{array} { c } \text { Total } \\\text { Revenue } \\\text { (dollars) }\end{array} \\\hline 1 & \$ 70 \\\hline 2 & 120 \\\hline 3 & 160 \\\hline 4 & 184 \\\hline 5 & 200 \\\hline 6 & 210 \\\hline\end{array}$ Santiago runs a comic book store in the town of East Arbor.He is debating whether he should extend his hours of operation.Santiago figures that his sales revenue will depend on the number of hours the store is open as shown in the table above.He would have to hire a worker for those hours at a wage rate of $18 per hour. -Refer to Table 1-3.Using marginal analysis,determine how many hours should Santiago extend his store's hours of operations?

A) 2 hours
B) 3 hours
C) 4 hours
D) 5 hours
E) 6 hours

F) A) and D)
G) C) and D)

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Question 163

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There is often a trade-off between

The sales revenue a seller receives from the sale of an additional unit of goods is called the marginal benefit.

The distribution of income primarily determines which of the fundamental economic questions?

Trinh quits his $80,000-a-year job to become a full-time volunteer at a museum.What is the opportunity cost of his decision?

Your roommate,Serafina,a psychology major,said,"The problem with economics is that it assumes that consumers and firms always make the correct decision.But we know that everyone's human,and we all make mistakes." Do you agree with her comment?

The extra cost associated with undertaking an activity is called

What is meant by the statement that "optimal decisions are made at the margin"?

Which of the following is a microeconomics question?

Scenario 1-2 Suppose a hat manufacturer currently sells 2,000 hats per week and makes a profit of $5,000 per week.The plant owner observes, "Although the last 300 hats we produced and sold increased our revenue by $1,000 and our costs by $1,100, we are still making an overall profit of $5,000 per week so I think we're on the right track.We are producing the optimal number of hats." -Refer to Scenario 1-2.Using marginal analysis terminology,another economic term for the incremental revenue received from the sale of the last 300 hats is

Table 1-3 $\begin{array} { | c | c | } \hline \begin{array} { c } \text { Hours } \\\text { Open }\end{array} & \begin{array} { c } \text { Total } \\\text { Revenue } \\\text { (dollars) }\end{array} \\\hline 1 & \$ 70 \\\hline 2 & 120 \\\hline 3 & 160 \\\hline 4 & 184 \\\hline 5 & 200 \\\hline 6 & 210 \\\hline\end{array}$ Santiago runs a comic book store in the town of East Arbor.He is debating whether he should extend his hours of operation.Santiago figures that his sales revenue will depend on the number of hours the store is open as shown in the table above.He would have to hire a worker for those hours at a wage rate of $18 per hour. -Refer to Table 1-3.What is Santiago's marginal benefit if he decides to stay open for two hours instead of one hour?

What is equity,and how does it differ from efficiency?

In a centrally planned economy,the government decides how economic resources will be allocated.

In 2012,Smileytown consumed 50,000 tubes of toothpaste.In 2013,toothpaste consumption rose to 62,000 tubes.Calculate the percentage change in toothpaste consumption.

________ is a problem that occurs when one concludes that a change in variable X caused a change in variable Y when in actual fact,it is a change in variable Y that caused a change in variable X.

How are the fundamental economic decisions determined in North Korea?

At a recent company meeting,Geraldine Erwin,sales manager of Dastoria,a flavored beverage producer announced,"We have increased our sales by 8 percent in just six months." Suppose six months ago,its sales amounted to $452,000,what is the value of its sales today?

The revenue received from the sale of ________ of a product is a marginal benefit to the firm.

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?