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

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Question 1 2 / 2 pts Which 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 2 2 / 2 pts Which 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 3 4 / 4 pts Consider 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 4 4 / 4 pts Consider the equation Y = 14 – 0.5X. With Y on the vertical axis and X on the horizontal axis, the slope of this line is    -7      – (1/7)  
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   – (1/2)      14      – 2     Question 5 2 / 2 pts In economics, ________ are limited but ________ are unlimited.    resources; wants      money; ideas      wants; resources      ideas; money     Question 6 2 / 2 pts Economics 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 7 2 / 2 pts Economics 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 8 2 / 2 pts Which 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 9 2 / 2 pts The 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 10 2 / 2 pts One 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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