When the government reduces my income tax by $0.30 for every $1.00 that I contribute to a charity,
the government is effectively
alleviating the negative externalities that are associated with charitable giving.
imposing a negative extern
When VMP = MRP, there is
Correct Answer: Correct perfect competition in the product market.
The addition to revenue that a firm receives from adding an additional unit of labor is the
Correct Answer: Correct marginal revenue product of labor.
Question 1 3.3 out of 3.3 points
There would necessarily be an increase in supply with all but which one of the following
An increase in the price offered for the good.
An increase in the price offered for the
When an economist talks of swore: the economist is referring to the
ability of society.f to employ all of its resources.
ability (if Eﬂﬁiﬁtﬁ.’ TU GDHSUME all that it DMGUGB’S.
inability.I of society to satisfy all human wants because of limited
A good eoonomio model
HESICI‘iDBS EVEN HBDBCT Of “'18 eoonomio WDI'ICL With ['10 exoeption.
includes all those features of the world that can he described
i3 orrsot! ;
includes only those features of the world that are needed for the
Can the Federal Reserve keep income growing by cutting interest
How woutd a tax on eroommeroe affect eBay?
What is Britney‘s opportunity cost of having another baby?
Does the United States have a oomparative advantage in information
During the next heur, Jehn can play.r beaketball,walmtele1uriaien, er read a bed-c. The
eIzmnr:lr'tunit'_n.r coat of reading a ham _.
i3 haw l’T'IEJCh the DUDE Gﬂﬁt WHEN it was purchased
1: errant! ;
ia the 1“value of playing basketball If John prefers th
are alwavs misleading because the numbers can
be scaled td illustrate the desired result
are never misleading because there is cnlv cne
wav tc graph a numerical relaticnship
are misleading anv time there i3 a DI‘EEK in “15 ENE
can be misleading if vcu dc
Marginal beneﬁt is the beneﬁt _.
that your activity provides to aomeene else
* at an an:ti'-.rit:-,ur that exceeds its neat
' that arises from a small increase in an activity
that arises from the ae:4:1+r1:dar3.I effects at an activity,I
duasuon 1e 5’ 5|“'3
When the government chooses to spend the tax dollars that it collects on homeland
security. its choice
involves a tradeoﬁ of other goods and services such as education for
more homeland security
iIIUSTt‘ﬂtE’f-‘J that SGEit‘C
Which of the fpllmm'ng is a nonnative statement?
Popcorn and panel}I are sold in movie theaters.
BOWEN! 3 "rbu should eat less sandy.
The price of candy hers is $1.25 each.
Gamay.»f bars are more expensive than newspapers.
1I.|"'I.fnich ia the moat acmrate deﬁnition of the study of economics? Eocnor'rﬁca ia the
etooyr of _.
comm! ; the choices we make became of scarcity
ways to reouoe wants to etiminate the prooiem of aa:aroit':.uI
affluence in a I'r'Horally.I bankrupt wori
ECO 304 K: Introduction to Microeconomics 140801'1408-1 2014-2015
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Question: The state needs to raise money. and the governor has a choice of imposing an excise tax of
the same amount on one of two previously untaxed goods: the state can tax sales of either restaurant
meals or gasoline. Both the demand for and the supply
Ftead the nevus clipr then answer the fcllcwing questien.
if DPEC is ccrrectI the price change cculd have cccurred as a result cf demand changing
bra-use cf in the expected price cf eil and supply:r changing because cf in the
expected price cf cil.
”you hire 1 waneer; he can precluee 1i] pretzels a clay. If yeti
hire a eeenhd walker. ehe can preduee B mere pretzeie. If yen
hire athircl werlter. ehe can pmnuee 6 more pretaeie a day. A
graph [lien-laying thie relatiehehip between the number (if
The slepe sf a line
measures the ratie ef the change in the value at
the y-Eﬂiﬁ variable relative tn the change in the
value at the x-axis variable
is always a senstant
measures the value ef the Jar-axis variable relative
he the value ef the x-exis variab
In the ﬁgure. the retetrcnehip behveen the tea-t rate and tax
revenue ie pce'ltive and ceccming leee eteep between tern:
30 percent and 1GB percent
ﬂ percent end 106 percent
3 ﬂ percent and 312} p