Discussion #1
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Discussion #1

Course Number: ECON 201, Spring 2010

College/University: Bowling Green

Word Count: 1066

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1. Kara was out jogging and despite being tired, decided to run one more mile. Based on her actions, economists would conclude that Kara: A. must be an avid runner. B. decided that the marginal benefit of running one more mile would outweigh the cost of the additional mile. C. decided that the marginal cost of running one more mile would outweigh the benefit of the additional mile. D. was not very tired, so the...

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Kara 1. was out jogging and despite being tired, decided to run one more mile. Based on her actions, economists would conclude that Kara: A. must be an avid runner. B. decided that the marginal benefit of running one more mile would outweigh the cost of the additional mile. C. decided that the marginal cost of running one more mile would outweigh the benefit of the additional mile. D. was not very tired, so the marginal cost of the extra mile was very low. Option B: Economists compare marginal benefits and marginal costs in order to make decisions. Here, Kara decided to run one more mile because the benefit she would gain (muscle strengthening, increasing endurance, cutting her mile time, etc.) was greater than the sacrifice of a few more minutes and becoming a little more tired. --------------------------------------------------------------------------------------------------------------------2. Refer to the budget line shown in the diagram above. If the consumer's money income is $20, which of the following combinations of goods is unattainable? A. 4 units of C, and 6 units of D. B. 5 units of C, and no units of D. C. 1 unit of C, and 8 units of D. D. 2 units of C, and 6 units of D. Option A: If you were to draw dots on this graph at each of the coordinates (4,6), (5,0), (1,8) and (2, 6), you would notice that coordinate (4,6) sits outside the curve. The other three points sit inside the curve, making them attainable, (the consumer is able to purchase the respective quantities within his/her $20 budget). Since point (4,6) is outside the curve, it is unattainable, or the consumer is unable to purchase 4 units of C and 6 units of D with his/her $20 budget. --------------------------------------------------------------------------------------------------------------------3. Refer to the above tables. Opportunity costs are: A. constant in both Duckistan and Herbania. B. larger in Duckistan than in Herbania. C. increasing in both Duckistan and Herbania. D. increasing in Duckistan and constant in Herbania. Option C: In both Duckistan and Herbania, as you move from alternative to alternative, the opportunity cost of each additional unit gets bigger than the opportunity cost of the preceding one. --------------------------------------------------------------------------------------------------------------------4. The basic difference between consumer goods and capital goods is that A. consumer goods are produced in the private sector and capital goods are produced in the public sector. B. an economy that commits a relatively large proportion of its resources to capital goods must accept a lower growth rate. C. the production of capital goods is not subject to the law of increasing opportunity costs. D. consumer goods satisfy wants directly while capital goods satisfy wants indirectly. Option D: Another way to think of a consumer good is a final good it is something that is ready to be used right away. A capital good is something that will aid in producing the final or consumer good or service. For example, a farmer might sell cotton, which is produced into fabric. The fabric would act as a capital good in the production of clothing, which is the consumer good. The clothing (consumer good) satisfies someone directly while the cotton/fabric (capital good) satisfies him/her indirectly. --------------------------------------------------------------------------------------------------------------------- 5. The market system's answer to the fundamental question "What will be produced?" is essentially: A. "Goods and services that are profitable." B. "Low cost goods and services." C. "Goods and service that can be produced using large amounts of capital." D. "Goods services and that possess lasting value." Option A: It only makes sense to produce goods and services that are profitable. Goods and services that continue to make a profit will continue to exist in the market; those that don't will fade out. If a good or service is not profitable, the business that produces or provides it cannot thrive or survive against its competition. --------------------------------------------------------------------------------------------------------------------6. The market system: A. produces considerable inefficiency in the use of scarce resources. B. effectively harnesses the incentives of workers and entrepreneurs. C. is inconsistent with freedom of choice in the long run. D. has slowly lost ground to emerging command systems. Option B: In a market system, workers and entrepreneurs are connected via the good or service they provide simply by providing similar goods or services. They often use the same equipment, materials, skill sets and resources. They are motivated to produce their goods and services for a similar client base. They often have similar budgets and expenses. In summary, the market system does effectively bind the incentives of workers and entrepreneurs. --------------------------------------------------------------------------------------------------------------------7. In the resource market: A. businesses borrow financial capital from households. B. businesses sell services to households. C. households sell resources to businesses. D. firms sell raw materials to households. Option C: In a circular flow diagram, the upper part is the resource market. This is the part where resources are purchased and sold. Here, households (people) sell resources and businesses buy them in order to produce goods and services. --------------------------------------------------------------------------------------------------------------------8. Which of the following statements is correct? A. An increase in the price of C will decrease the demand for complementary product D. B. A decrease in income will decrease the demand for an inferior good. C. An increase in income will reduce the demand for a normal good. D. A decline in the price of X will increase the demand for substitute product Y. Option A: Complimentary goods are products that are typically demanded together (i.e. DVD players and DVDs). If the price of DVD players goes up, the demand for DVDs will go down because consumers are only willing and able to buy a certain amount during a certain time period. --------------------------------------------------------------------------------------------------------------------9. The equation for the supply curve in the below diagram is approximately: A. P = 4 + 1/3Q. B. P = 4 + 2Q. C. P = 4 + 3Q. D. P = 4 - 3Q. Option A: This question comes down to simple math. If P=10, then the sum of the other side of the equation must equal 10. If we take the first coordinate (20, 10) and plug it into the equation, we get an equal equation: P=10 4+1/3(20)=10 In any of the other options, the equation does not work. --------------------------------------------------------------------------------------------------------------------10. Refer to the above table. If demand is represented by columns (3) and (1) and supply is represented by columns (3) and (4), equilibrium price and quantity will be: A. $10 and 60 units. B. $9 and 60 units. C. $8 and 80 units. D. $7 and 30 units. Option B: If you look at columns (1) and (4), you will notice that they are equal at 60 for the price of $9. No other columns have equal quantities - - they are not in equilibrium ---------------------------------------------------------------------------------------------------------------------

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