Exam 1 - th unit of X 1 4 2 2 Y 3 2 X 4 4 Y 10 Say the...

Info icon This preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
QUIZ REVISION
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Why does the Supply Curve Slope  upwards? 1. Resources &  Technology 2. Prices and Income  Changes 3.  Opportunity Cost  Rises 4. Marginal Cost Rises 10
Image of page 2
When a farmer decides to harvest his crop  with the aid of a machine he is answering  _____. 1. The What question. 2. The Whom question. 3. The How question. 4. The Why question. 10
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
You spend $2000 on a 1 week vacation, if you  had stayed at home you would have earned  $1,000 at your job, eaten $100 of your parents  food, and earned $100 shoveling snow; what is  the opportunity cost of the vacation? 1. $1,100 2. $1,200 3. $2,000 4. $3,200 10
Image of page 4
Given that point A (10, 12) and Point B (12, 8)  what is the opportunity  cost of producing the 11
Image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 6
Image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: th unit of X? 1. 4 2. 2 Y 3. 2 X 4. 4 Y 10 Say the price of X is $2.00 and the price of Y is $1.00; and the price of Y rises, then the relative price of X ___ 1. Falls 2. Rises 3. Remains the same 4. Uncertain 10 The law of supply is illustrated by a …. . 10 1. Movement of the supply curve. 2. Movement of the demand curve, ceteris paribus. 3. Movement along the demand curve. 4. None of the above. Say the demand and supply for Ipods increase then __________ 1. Price falls and Qty rises. 2. Price rises but Qty uncertain. 3. Price uncertain and Qty rises. 4. Price remains the same and Qty rises. 10...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern