micro 1 - 1. Your grade in this course will be based on:...

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Unformatted text preview: 1. Your grade in this course will be based on: Student Response Correct Answer A. A. Your highest 4 test scores plus the final exam. B. B. Your scores on 5 tests and 1 short paper. C. C. Your scores on 3 tests, 5 homeworks, and 1 final exam. D. D. Your highest 4 test scores plus 10 points for the policy sheet. Score: 0/4 2. The main economic problem at its most fundamental level is Student Response Correct Answer A. A. How to redistribute income in order to eliminate poverty. B. B. How to best utilize scarce resources to satisfy human wants. C. C. How to establish prices that accurately reflect the values of goods and resources. D. D. How to establish a political mechanism that will decide optimal levels of public goods. Score: 0/4 3. Which statement best describes the concept of "opportunity cost"? Student Response Correct Answer A. A. Opportunity cost must be measured in money terms. B. B. Opportunity cost should be reckoned as the best alternative use of the resources involved. C. C. An economy at full employment and full efficiency does not face any opportunity costs. D. D. Opportunity costs are nonexistent if resources are scarce. Score: 0/4 4. The full opportunity cost of gaining a college education would include all of the following EXCEPT: Student Response Correct Answer A. The money cost of tuition and books. B. The higher income you hope to earn after you finish college. C. The income you could have earned if you had worked instead of going to school. D. The interest that you have to pay on school loans, or the interest that you lose when you use up your savings during school. Score: 0/4 5. "Marginal analysis" involves the idea that a rational decision-maker will: Student Response Correct Answer A. A. Expand an activity if the marginal cost exceeds the marginal revenue. B. B. Expand an activity if the marginal benefit exceeds the marginal cost. C. C. Undertake any activity for which the marginal benefit is positive. D. D. Avoid any activity for which the marginal cost is positive. Score: 0/4 6. Microeconomics is the branch of economics which focuses on: Student Response Correct Answer A. A. The economic behavior of specific markets and individual participants. B. B. An economy's aggregate flows of output and income....
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This note was uploaded on 04/07/2008 for the course ECON 202 taught by Professor Kling during the Spring '08 term at Colorado State.

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micro 1 - 1. Your grade in this course will be based on:...

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