macro sheflin hwk 1

macro sheflin hwk 1 - Review Assessment: hw 1 Name: Status:...

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Review Assessment: hw 1 Name: hw 1 Status: Completed Score: 94 out of 100 point(s) Time Elapsed: 30 minutes and 3 seconds out of 55 minutes allowed. Instructions: Question 1 Multiple Choice 0 of 2 point(s) Stan buys a 1966 Mustang for $2,000, planning to restore and sell the car. He goes on to spend $8,000 restoring the car. At this point he can sell the car for $9,000. As an alternative, he can spend an additional $3,000 replacing the engine. With a new engine the car would sell for $12,000. Stan should Your Answer: sell the car now for $9, 000. Correct Answer: be indifferent between (i) selling the car now and (ii) replacing the engine and then selling it. Question 2 Multiple Choice 2 of 2 point(s) The overriding reason as to why households and societies face many decisions is that Your Answer: resources are scarce. Correct Answer: resources are scarce. Question 3 Multiple Choice 2 of 2 point(s) Factors of production are Your Answer: inputs into the production process. Correct Answer: inputs into the production process. Question 4 Multiple Choice 2 of 2 point(s) When studying the effects of changes in public policy, economists believe that Your Answer: it is important to distinguish between the short run and the long run. Correct Answer: it is important to distinguish between the short run and the long run. Question 5 Multiple Choice 2 of 2 point(s)
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Figure 2-1 Refer to Figure 2-1 . Which arrow represents the flow of goods and services? Your Answer: B Correct Answer: B Question 6 Multiple Choice 2 of 2 point(s) Which of the following items is not a factor of production? Your Answer: money Correct Answer: money Question 7 Multiple Choice 2 of 2 point(s) Which of the following is true? Your Answer: Efficiency refers to the size of the economic pie; equity refers to how the pie is divided. Correct Answer: Efficiency refers to the size of the economic pie; equity refers to how the pie is divided. Question 8 Multiple Choice 2 of 2 point(s) Who among the following individuals majored in economics as a college student? Your Answer: All of the above are correct. Correct Answer: All of the above are correct. Question 9 Multiple Choice 2 of 2 point(s) Which of these statements about economic models is correct?
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Your Answer: All of the above are correct. Correct Answer: All of the above are correct. Question 10 Multiple Choice 2 of 2 point(s) When the government redistributes income from the wealthy to the poor, Your Answer: people work less and produce fewer goods and services. Correct Answer: people work less and produce fewer goods and services. Question 11 Multiple Choice 2 of 2 point(s) In economics, the cost of something is Your Answer: what you give up to get it. Correct Answer:
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macro sheflin hwk 1 - Review Assessment: hw 1 Name: Status:...

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