Study Guide - Exam 2 (Fall 2010)
Use the figure below to answer the following question(s):
1. Refer to the above diagram, which shows demand and supply conditions in the competitive market for product X.
If supply is S1 and demand D0 , then
Study Guide - Exam 1 (ECO 110)
1. If one fails to account for opportunity costs in decision making, then applying the cost-benefit rule will be flawed
the benefits will be overstated.
the costs will be understated.
ECO 110 - Bonus Exam (Fall 2010)
1. The statement that "the unemployment rate will increase as the economy moves into a recession" is an example of:
a normative statement.
a microeconomic statement.
Matthew Syers March 12, 2008 Homework 1.2 1. Governments have attempted to privatize many different services we often associate with government. These may include municipal bus systems, hospitals, education, prisons, trash disposal, and highways. Sel
Matthew Syers March 11, 2008 Micro Economics HW #4 A parking lot in downtown Plattsburgh is owned by the city of Plattsburgh. It therefore does not generate any tax revenue, nor is there a daily use charge for vehicles parked there. The city is consi
Matthew Syers Economics 110 HW #5 April 20, 2008 1. The table shows the actual (current dollar) value for the minimum wage, as well as the consumer price index for each year. Find the "real" minimum wage for each year. Year 38 48 58 68 78 88 98 08 Wa
Eco 110 Notes
Chapter 1: The core
Economic: study of how best to use societys scarce resources.
Make a choice
Opportunity cost(intransient, hidden cost)
The alternative(s) that must be given up in
Order to get something.