econ+110+quiz1a

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20 Existing Questions - 100 total points Add Part | Settings | Preview Assessment Questions: Quiz 1aa Add Question: select a question type Part Default - 20 questions 1 Copy to Pool | Edit A good that is not scarce Answer Key: B Insert New Question Question Multiple Choice (single correct) - points 1 5.0 Remove | Edit A. Would have a vertical supply curve over the relevant range B. Would have a zero price C. Is not in demand D. Would have an infinite price select a question type If you receive $18 worth of pleasure from the first hole of golf played and your additional pleasure from succeeding holes drops $1 for each hole played, how many holes of golf would you play if you had to pay $2.10 per hole. Answer Key: D Correct Feedback: You get $3 worth of pleasure from the 16th hole of golf but only $2 of pleasure from the 17th hole. At that point the cost of the hole (2.10) exceeds the benefit. Incorrect Feedback: You get $3 worth of pleasure from the 16th hole of golf but only $2 of pleasure from the 17th hole. At that point the cost of the hole (2.10) exceeds the benefit. Insert New Question Question Multiple Choice (single correct) - points 2 5.0 Remove | Edit A. 9 B. 12 C. 14 D. 16 select a question type If you receive $18 worth of pleasure from the first hole of golf played and your additional pleasure from succeeding holes drops $1 for each hole played. You must pay $25 up front to get on the course but you can then play as many holes as you like for the day without any further charge. How many holes of golf will you play. Question Multiple Choice (single correct) - points 3 5.0 Remove | Edit Page 1 of 7 Add/Edit Assessment 9/22/2008 https://classesv2.yale.edu/portal/tool/26249774-264d-4de4-a2a5-828bbec4142f/jsf/author/i. ..
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Answer Key: C Correct Feedback: The $25 course fee is a sunk cost. Incorrect Feedback: The $25 course fee is a sunk cost. Insert New Question A. 9 B. 12 C. 18 D. As many holes as can be played from dawn until dusk select a question type You decide to go skiing this weekend. It costs $100 for transportation, $100 for lodging, $60 for ski lift tickets and you could have earned $200 as a research assistant, a job you love so much you would do it as a volunteer. What is the total cost of the ski weekend? Answer Key: A Correct Feedback: The $200 you would have earned as a research assistant is an opportunity cost that should be counted as part of the total cost of going skiing, along with the actual out of pocket expenses. Incorrect Feedback: The $200 you would have earned as a research assistant is an opportunity cost that should be counted as part of the total cost of going skiing, along with the actual out of pocket expenses. Insert New Question Question Multiple Choice (single correct) - points 4 5.0 Remove | Edit A. $460 B. $260 C. $200 D. $160 select a question type You already have a ticket to see the Rolling Stones. The ticket cost $20, but scalpers without effort are legally selling the same ticket for $100. You must give up your income as a waiter on a Saturday night in
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This note was uploaded on 09/25/2008 for the course ECON 110 taught by Professor Donaldbrown during the Fall '06 term at Yale.

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econ+110+quiz1a - Add/Edit Assessment Page 1 of 7...

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