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Questions Class 3

Questions Class 3 - the average household B No change in...

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Econ 101 Class 3 Questions 1. On Saturday morning, you have decided to wash, wax, and detail your car. The improvements to your car’s appearance are worth $50 to you. You have decided to do the work yourself because the next best use of your time is working a morning shift at your job for $30. Now a friend suggests a fun outing that will take all morning. Your opportunity cost for that outing is… A. $0 B. $20 C. $30 D. $50** 2. Cary households pay a fixed weekly fee of $6 for trash collection and may put out as many trash bags as they wish. Cary collects three bags of trash per week on average. Cary changes to a system where households must affix a $2, non-reusable tag to each trash bag. Introduction of the tag system will most likely cause: A. No change in trash collection because the cost of the new system is the same for
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Unformatted text preview: the average household. B. No change in trash collection because households want the convenience of trash removal. C. A decrease in trash collection as households identify cheaper alternatives for disposing of some trash. ** D. A reduction in trash collection as many households drop out of the trash collection program. 3. In one eight hour work day, Sam can wax 4 cars or wash 12 cars. Ari can wax 3 cars or wash 6 cars. Which of the following is true? Sam’s cost of washing one car is … A. Greater than Ari’s Cost of washing a car. B. One third of a waxed car. ** C. Three waxed cars. D. One half of a waxed car. 4. Which survivor should be the first assigned to pick berries? Jean Joe Jerry Jack Fish (lbs) 4 3 2 1 Berries (lbs) 1 2 3 4 A. Jean B. Joe C. Jerry D. Jack **...
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