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Extra credit - Econ 2005 Principles of Microeconomics Dr Gebre Gebremariam Spring 2008 Extra Credit Assignment Due Date Monday 28 April 2008 at the

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Econ 2005: Principles of Microeconomics Dr. Gebre Gebremariam Spring 2008 Extra Credit Assignment Due Date: Monday, 28 April 2008, at the end of class     Choose the one alternative that best completes the statement or answers the question and blacken the circle that  corresponds to your answer in the Scantron separately provided. 1) 
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Opportuni ty cost is  A) 
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the additional  cost of buying an additional unit of a product.  B) 
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that which we  forgo, or give up, when we make a choice or a decision.  C) 
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a cost that we  can avoid, regardless of what we do in the future.  D) 
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the additional  cost of producing an additional unit of output.    2) 
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The  process of analyzing the additional or incremental costs or benefits arising from a choice or decision is called  A) 
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scarcity. 
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B)  mar ginalis
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market  efficiency. 
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D)  prof itability   3)  N describ es what exists and how it works. 
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is called  theoretical economics.  C) 
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analyzes  outcomes of economic behavior, evaluates them as good or bad, and may prescribe preferred courses of action.  D) 
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seeks to  understand behavior and the operation of systems without making judgments.    4) 
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The  production possibility frontier is a graph that shows  A) 
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all  combinations of goods and services that a society can produce if it uses all its resources efficiently.  B) 
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how much  goods and services a society can consume at various average price levels.  C) 
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the rate at  which a society s output will grow over time if it uses all resources efficiently.  ʹ D) 
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all  combinations of  goods and  services that a  society can  consume over  time if it uses  all its resources  efficiently.    Refer to the information provided in Table 2.1 below to answer the following questions. Table 2.1 Matthew Andrew Design Brochure 10 12 Design Web Site 2 3   5) 
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Refer to  Table 2.1. Matthew's opportunity cost of designing one web site is ________ brochure(s).  A) 
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1/5 of a 
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B) 
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C) 
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D)  1 0   Refer to the  information  provided in  Figure 3.8  below to  answer the  following  questions. Figure 3.8   R
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$12; 5 
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B) 
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$12; 10 
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C) 
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This note was uploaded on 12/09/2009 for the course ECON 2005 taught by Professor Zirkle during the Spring '07 term at Virginia Tech.

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Extra credit - Econ 2005 Principles of Microeconomics Dr Gebre Gebremariam Spring 2008 Extra Credit Assignment Due Date Monday 28 April 2008 at the

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