Midterm Exam official attempt 1, after topic 8.docx - Midterm Exam ECON101_MH_V3Topic 8 Saving Capital Formation and Financial Markets Started on State

Midterm Exam official attempt 1, after topic 8.docx -...

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Midterm ExamECON101_MH_V3Topic 8: Saving, Capital Formation and Financial MarketsStarted onWednesday, January 22, 2020, 9:34 AMStateFinishedCompleted onWednesday, January 22, 2020, 11:05 AMTime taken1 hour 31 minsGrade145.00 out of 150.00 (97%)Question 1Correct2.50 points out of 2.50Not flaggedFlag questionQuestion textIf one fails to account for implicit costs in decision making, then applying the cost-benefit rule will be flawed because:Select one:a. the benefits will be overstated.b. the costs will be understated. Correctc. the benefits will be understated.d. the costs will be overstated.FeedbackThe correct answer is: the costs will be understated.Question 2Correct2.50 points out of 2.50Not flaggedFlag question
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Question textThe Scarcity Principle applies to:Select one:a. all decisions. Correctb. only market decisions, e.g., buying a car.c. only non-market decisions, e.g., watching a sunset.d. only the poor.FeedbackThe correct answer is: all decisions.Question 3Correct2.50 points out of 2.50Not flaggedFlag questionQuestion textJosh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decides to stay home and work on the paper. According to the Scarcity Principle, the reason Josh doesn't go to the game is that:Select one:a. Josh prefers schoolwork to football games.b. writing the paper is easier than going to the game.c. Josh can't go the game and finish the paper. Correctd. going to the game won't be fun.FeedbackThe correct answer is: Josh can't go the game and finish the paper.
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Question 4Correct2.50 points out of 2.50Not flaggedFlag questionQuestion textThe average benefit of n units of an activity is the:Select one:a. total benefit of n units divided by n. Correctb. n divided by the total benefit of n units.c. n times the total benefit of n units.d. extra benefit from carrying out one additional unit of the activity.FeedbackThe correct answer is: total benefit of n units divided by n.Question 5Correct2.50 points out of 2.50Not flaggedFlag questionQuestion textEvery time you go to the grocery store, you try to wait in the shortest line. But the lines always seem to be roughly the same length. Why?Select one:a. Random chance equalizes the length of the lines.b. Other people are trying to choose the shortest line too. Correctc. The cashiers work at the same speed.
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d. The cashiers do not have an incentive to work faster.FeedbackThe correct answer is: Other people are trying to choose the shortest line too.Question 6Correct2.50 points out of 2.50Not flaggedFlag questionQuestion textWhich branch of economics is most likely to study differences in countries' growth rates?Select one:a. microeconomicsb. normative economicsc. macroeconomics Correctd. experimental economicsFeedbackThe correct answer is: macroeconomicsQuestion 7Correct2.50 points out of 2.50Not flaggedFlag questionQuestion textOn a graph of a production possibilities curve, an inefficient point is:Select one:
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a. necessarily an attainable point. Correctb. not necessarily an attainable point.
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