Econ 101 exam 1 actual exam attempt 1.docx - ECON101_MH_V3Topic 1 Basics of Macroeconomics Started on State Monday 1:10 PM Finished Completed on Monday

# Econ 101 exam 1 actual exam attempt 1.docx -...

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ECON101_MH_V3Topic 1: Basics of Macroeconomics Started on Monday, January 20, 2020, 1:10 PM State Finished Completed on Monday, January 20, 2020, 1:50 PM Time taken 40 mins 20 secs Grade 46.75 out of 55.00 (85%) Question 1 Correct 2.75 points out of 2.75 Not flaggedFlag question Question text The last time gas prices increased drastically, sales of large Sport Utility Vehicles (SUVs) fell. Why? Select one: a. Higher gas prices lowered the benefit of driving an SUV. b. Higher gas prices increased the benefit of driving an SUV. c. Higher gas prices increased the cost of driving a SUV. Correct d. Higher gas prices lowered the cost of driving a SUV. Feedback The correct answer is: Higher gas prices increased the cost of driving a SUV. Question 2 Correct 2.75 points out of 2.75 Not flaggedFlag question Question text Refer to the table below. The average cost of 5 units of activity is:
Units of Activity Total Cost Total Benefit 0 \$0 \$0 1 \$2 \$12 2 \$6 \$22 3 \$12 \$30 4 \$20 \$36 5 \$30 \$40 6 \$42 \$42 7 \$56 \$43 Select one: a. \$4 b. \$6 Correct c. \$8 d. \$10 Feedback The correct answer is: \$6 Question 3 Correct 2.75 points out of 2.75
d. not rational because it ignores the importance of total benefits and total costs.

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