Economics Test 1 Answers - 1997 Words

------------------------------------------------- Review Assessment: Chapter 1 Quiz (Due January 29, 2012) Status | Completed | Score | 75 out of 100 points | Instructions | | | Question 1 | 0 out of 2 points | | The following multiple-choice question requires critical thinking about In the News and World View articles that appeared in the text. One World View article is titled Food Shortages Plague N. Korea. On a production-possibilities curve between private and public goods, a decrease in military spending in an effort to increase food production could be represented as: | | | | | | Feedback: | The movement represents resources being pulled from one industry and allocated into the other industry.†¦show more content†¦| | | | | Question 22 | 2 out of 2 points | | If Korea is currently producing at efficiency, and it proceeds to increase the size of its military, then, as long as nothing else changes, its: | | | | | | Feedback: | There is a tradeoff; to get more of one good, other goods must be given up. | | | | | Question 23 | 2 out of 2 points | | When an economy is producing efficiently it is: | | | | | | Feedback: | This would be represented by being on the production-possibilities curve. | | | | | Question 24 | 0 out of 2 points | | Which of the following is true when an economy is producing efficiently? | | | | | | Feedback: | Being inside the production-possibilities curve is inefficient and being on it is efficient. | | | | | Question 25 | 1 out of 1 points | | If an economy is producing inside the production-possibilities curve, then: | | | | | | Feedback: | No goods must be given up to move from an inefficient to an efficient level of production. | | | | | Question 26 | 2 out of 2 points | | A technological advance would best be represented by: | | | | | | Feedback: | The shift would move the production-possibilities curve away from the origin, so that we can get more of both goods. | | | | | Question 27 | 2 out of 2 pointsShow MoreRelatedEssay about Marginal Cost and Correct Answer1404 Words   |  6 PagesQuestion 1 5 out of 5 points Economic profit is defined as the difference between revenue and ____. Answer Selected Answer: total economic cost Correct Answer: total economic cost Question 2 5 out of 5 points Recently, the American Medical Association changed its recommendations on the frequency of pap-smear exams for women. The new frequency recommendation was designed to address the family histories of the patients. The optimal frequency should be where the marginal benefit of anRead MoreEssay about Practice Test: Exon Mobile Operations Selection Battery 1010 Words   |  5 Pages PRACTICE TEST This practice test gives you an opportunity to respond to the types of questions contained in the ExxonMobil Operations Pre-employment Selection Battery. The test battery is made up of five tests. Each test measures a different ability, or set of skills, that has been shown to be necessary to perform ExxonMobil Operations jobs. All of the tests contain multiple-choice questions, with four response options, labeled A, B, C, and D. The correct answers are providedRead MoreFinal Exam Eco1441 Words   |  6 PagesECO518T022013 ââ€" º Quizzes ââ€" º Final Exam ââ€" º Review of attempt 1 Final Exam Review of attempt 1 Finish review Started on Wednesday, 27 March 2013, 06:09 AM Completed on Wednesday, 27 March 2013, 07:13 AM Time taken 1 hour 3 mins Marks 18/20 Grade Feedback 180 out of a maximum of 200 (90%) Excellent performance, you have clearly mastered this material and are ready to move on. 1 Marks: 1 In the case of agricultural goods: Choose one answer. a. the value of exports is greater than the value ofRead MoreManagerial Econ Chapter 51686 Words   |  7 Pagescoefficient? Choose one answer. | a. 2 | | | b. 0.5 | | | c. 5 | | | d. 1 | | Correct Marks for this submission: 1/1. Question 2 Marks: 1 Given the demand function in log-linear form: Q = 120 - 1.5P + 12ADV where Q = quantity, P = price, and ADV = advertising expenditures, what is the price elasticity? Choose one answer. | a. -1.5, elastic | | | b. 1.5, inelastic | | | c. 12, elastic | | | d. 120, elastic | | Incorrect Marks for this submission: 0/1. Question 3 Marks:Read MoreCase02 Piedmont1133 Words   |  5 Pagesï » ¿ 1. How will discount rates of 8, 10, 12, 14, and 16 percent affect the project’s feasibility? Figures 6 – 10 provide suggested answers for this question. The answers for this question assume a useful life of 5 years. Using a discount rate of 8 percent, the net present value of all benefits is $1,732,836.16; the net present value of all costs is $1,640,384.79; the overall net present value is $92,451.36, and the project breaks even in approximately 3.84 years. Using a 10 percent discount rateRead MorePublic Policy And Slave Security798 Words   |  4 Pages 1) Identify the question that the article is trying to answer In this article, the three authors Marl Yanochik, Bradley Ewing and Mark Thorton, discuss how public policy and slave security played a significant role in the profitability of antebellum slavery. When looking into this, the authors aim to determine whether there was an economic relationship that existed between public policy and slave prices. 2) Explain how the author tries to answer the question The authors have recognized thatRead MoreSelecting An Imaging Technique Is Based On Multiple And Important Factors1049 Words   |  5 Pagestechniques with other clinicians, patients, and their family members. The 1-2 comments below each factor are examples of why these components are crucial in the decision making process of selecting an imaging technique. Age of the Patient 1. The older the patient the highest the possibility of radiation exposure on his/her lifetime. 2. Children are more sensitive to radiation dose and more at risk of radiation damage. Sex of the Patient 1. Women have a higher lifetime risk of cancer than men for developingRead MoreWhy Do More Than Half Of Indian Women Not Express A Preference For Sons?1662 Words   |  7 Pages Gender Economics Assignment 2 Prof. Rupa Korde Ronak shah LE2012761090 1. Why do more than half of Indian women not express a preference for sons? What is special about these women and communities, and how can these â€Å"positive deviants† be studied as a possible resource for policy design? ANSWER: When questioned about the ideal sex composition of the families, it was clear that Indian women preferred boys over girls. In the following table you will be able to see how it is. I haveRead MoreMarginal Cost and Correct Answer Essay1420 Words   |  6 PagesQuestion 1 The primary objective of a for-profit firm is to ___________. Selected Answer: Correct Answer: 5 out of 5 points maximize shareholder value maximize shareholder value Question 2 5 out of 5 points The flat-screen plasma TVs are selling extremely well. The originators of this technology are earning higher profits. What theory of profit best reflects the performance of the plasma screen makers? Selected Answer: Correct Answer: innovation theory of profit innovation theoryRead MoreTest 04 05 061644 Words   |  7 Pagesï » ¿Test 04 Question 1 5 out of 5 points If the subcontractor to whom a struck company has contracted work is unionized, its employees legally can refuse to perform the work. Such refusals are allowed under the Selected Answer: ally doctrine. Question 2 5 out of 5 points Which strike occurs when one union strikes to support another union s strike? Selected Answer: Sympathy Question 3 5 out of 5 points All of the following observations are true of fact-finding except