Homework 1.docx - Question1 2\/2pts Question2 2\/2pts

Homework 1.docx - Question1 2/2pts Question2 2/2pts

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Question 12 / 2 ptsWhich of the following best describes sunk costs?  Costs associated with hiring labor each year   Only recurring fixed costs   Only costs in the future   Previous costs that once made are non-recoverable  Question 22 / 2 ptsWhich of the following illustrates the fallacy of composition? Big Mining Company believes all of its costs are sunk costs  The sun rose after the rooster crowed, so the rooster crowing must have caused the sunrise Barbara likes chocolate, so all women must like chocolate  Carol only buys cheese when it’s on sale at a discount price 
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 Question 34 / 4 ptsConsider the equation Y = 14 – 2X. With Y on the vertical axis and X on the horizontal axis, the slope of this line is  – (1/7)   – (1/2)   -7   14   – 2  Question 44 / 4 ptsConsider the equation Y = 14 – 0.5X. With Y on the vertical axis and X on the horizontalaxis, the slope of this line is  -7   – (1/7) 
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  – (1/2)   14   – 2  Question 52 / 2 ptsIn economics, ________ are limited but ________ are unlimited.  resources; wants   money; ideas   wants; resources   ideas; money  Question 62 / 2 ptsEconomics deals with  how society allocates unlimited resources.
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   how to profit from the stock market.   how to satisfy limited human wants.  how individuals allocate scarce resources to satisfy unlimited human wants. Question 72 / 2 ptsEconomics is concerned with choices  that involve making money.   that involve the wants of individuals.  made by individuals only when they are consuming goods or services. that involve the political goals of professional associations.  Question 82 / 2 ptsWhich of the following would most likely NOT be taught in a microeconomics course?  changes in prices of automobiles
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  the effects of an increase in wheat prices on farmers' behavior  the unemployment rate   the effects of a gas tax on gas purchases  Question 92 / 2 ptsThe impact of higher taxes would be examined by  a macroeconomist.   a microeconomist.   both a macroeconomist and a microeconomist.   neither a macroeconomist nor a microeconomist.  Question 102 / 2 ptsOne topic of study for a microeconomist would be the 
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effects of an increase in government spending on overall economic activity.
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