Questions from the study guide with answers

Questions from the study guide with answers - Questions...

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Questions from the study guide: questions 51-55 of the midterm. Version A 51 Suppose you find $20. If you choose to use the $20 to go to the football game, your opportunity cost of going to the game is a. Nothing, because you found the money. b. $20 (because you could have used the $20 to buy other things). c. $20 (because you could have used the $20 to buy other things) plus the value of your time spent at the game. d. $20 (because you could have used the $20 to buy other things) plus the value of your time spent at the game, plus the cost of the dinner you purchased at the game. e. None of the above. 52 Joe is a tax accountant. He receives $100 per hour doing tax returns. He can type 10,000 characters per hour into spreadsheets. He can hire an assistant who types 2,500 characters per hour into spreadsheets. Which of the following statements is true? a. Joe should not hire an assistant because the assistant cannot type as fast as he can. b. Joe should hire the assistant as long as he pays the assistant less than $100 per hour c. Joe should hire the assistant as long as he pays the assistant less than $25 per hours. d. None of the above is true. 53 If an increase in consumer incomes leads to a decrease in the demand for camping equipment, then camping equipment is a. A complementary good. b. A substitute good. c. A normal good. d. An inferior good. e. None of the above. 54 Suppose consumer tastes shift toward the consumption of apples. Which of the following statements is an accurate description of the impact of this event on the market for apples? a. There is an increase in the demand for apples and an increase in the quantity supplied of apples. b.
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This note was uploaded on 03/23/2011 for the course 220 102 taught by Professor Perry during the Fall '09 term at Rutgers.

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Questions from the study guide with answers - Questions...

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