Post quiz1 Mod3 Mirco 2012

Post quiz1 Mod3 Mirco 2012 - Microeconomics Quiz 1 Name:...

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Microeconomics Quiz 1 Name: Eron Lindsey D 1. The phenomenon of scarcity stems from the fact that
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a. most economies’ production methods are not very good. b. in most economies, wealthy people consume disproportionate quantities of goods and services. c. governments restrict production of too many goods and services.
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d. resources are limited.
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C 2. The adage, "There is no such thing as a free lunch," means
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a. even people on welfare have to pay for food. b. the cost of living is always increasing. c. people face tradeoffs.
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d. all costs are included in the price of a product.
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C 3. Mallory decides to spend three hours working overtime rather than watching a video with her friends. She earns $8 an hour. Her opportunity cost of working is
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a. the $24 she earns working. b. the $24 minus the enjoyment she would have received from watching the video. c. the enjoyment she would have received had she watched the video.
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d. nothing, since she would have received less than $24 of enjoyment from the video.
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4. A furniture maker currently produces 100 tables per week and sells them for a profit. She is considering expanding her operation in order to make more tables. Should she expand?
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This note was uploaded on 03/25/2012 for the course ECO 202 taught by Professor Rondeau during the Spring '11 term at Post.

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Post quiz1 Mod3 Mirco 2012 - Microeconomics Quiz 1 Name:...

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