Economics and Production Possibilities Curve
Principles of Miroeconomics - Final Exam
Instructions
Please put your name and the course information on the scantron (ECON 2302 Professor J. Bikis)
Please put your DBU ID number on the scantron in the area market "ID NUMBER"
Please write your webadvisonr id on the back of the scantron in the area marked "WEBADVISOR ID". (This ID is the same ID that you use to get into your DBU email or into BlackBoard)
Please select the best answer for each question given and fill in the respective answer option on the scantron for questions 1-40. Good luck!
1. Which of the following is not a positive economics statement? a. Prices of essential goods and services should be set by the government. b. Interest rates are lower this year than last year. c. People 's wants are insatiable. d. Payments for resources are made in factor markets. e. Unemployment last year was 7.3 percent of the labor force.
2. Firm is losing money in producing the last unit if the last unit produced has a a. marginal revenue greater than its marginal cost. b. marginal cost greater than its marginal revenue. c. both of the above d. none of the above.
3. Marginal labor cost is defined as the additional a. output a firm would receive after hiring one more laborer b. cost of hiring one more laborer c. revenue earned by selling one more unit of a good d. revenue earned by hiring one more laborer e. output received by spending one more dollar on labor
4. Economics is the study of how ___ work together to transform _____ into _______ in order to satisfy their _____. a. governments, natural resources, goods and services, families b. governments, resources, goods, wants c. people, natural resources, goods and services,
Instructions
Please put your name and the course information on the scantron (ECON 2302 Professor J. Bikis)
Please put your DBU ID number on the scantron in the area market "ID NUMBER"
Please write your webadvisonr id on the back of the scantron in the area marked "WEBADVISOR ID". (This ID is the same ID that you use to get into your DBU email or into BlackBoard)
Please select the best answer for each question given and fill in the respective answer option on the scantron for questions 1-40. Good luck!
1. Which of the following is not a positive economics statement? a. Prices of essential goods and services should be set by the government. b. Interest rates are lower this year than last year. c. People 's wants are insatiable. d. Payments for resources are made in factor markets. e. Unemployment last year was 7.3 percent of the labor force.
2. Firm is losing money in producing the last unit if the last unit produced has a a. marginal revenue greater than its marginal cost. b. marginal cost greater than its marginal revenue. c. both of the above d. none of the above.
3. Marginal labor cost is defined as the additional a. output a firm would receive after hiring one more laborer b. cost of hiring one more laborer c. revenue earned by selling one more unit of a good d. revenue earned by hiring one more laborer e. output received by spending one more dollar on labor
4. Economics is the study of how ___ work together to transform _____ into _______ in order to satisfy their _____. a. governments, natural resources, goods and services, families b. governments, resources, goods, wants c. people, natural resources, goods and services,