The potential rewards that a person receives for taking a particular action are called:
B. opportunity costs.
1 out of 1
Correct. Incentives are potential rewards that motivate people.
Economists assume that peopl
Assume there Is initially a shortage In the market. As market participants respond to rising
prices. the market returns to an equilibrium where the quantity supplied equals the quantity
demanded. resulting In:
V'Your answer i5 00er
V an elimination of a s
Principles of Microeconomics
This assigned covers Chapters 1, 2, and 21
Problems from Book:
Questions for Review: #1 through #7 (Same for both 6th edition and 7th edition)
Problems and Applications: #1, #10 (Same for both 6th edition and 7th e
A binding price floor Is:
1 Your answer is correct.
a maximum Ieml pride set below'lha equlllbrlum poa.
v' a minimum legal price 391 above the aquibum price.
H19- Iowan! historical 'poeof a good. oonoo, or resource.
'la low-mulllbrlum prion-lotus market.
Detarmlna whlch reason for downward-aloplng demand beet esplalne each of the
III'IlpIBE below. Drag the reason to the example to complete the problem.
When a nelllI cupcake store In your town sells glam: cupcakes for
$5 each, you buy one. When the store p
Assume you buy three goods: hamburgers. french fries, and pizza. You always prefer your
hamburger wlIh french fries. Also. you do not like consuming hamburgers and pizzas at the
some time. lfthe price of french fries Increases, the demand for:
1 Your answ
A nonprlce determinant of demand la:
V Your answer is correct.
some change In demand That is not readily observable.
v' a characteristic of demand for a good. service. or resource other than its own market price.
a characteristic or demand for a good. eer
Taxes on products:
1 Your answer is correct.
mange me lseohol' used to pmduoe a product.
change 111a quallty ofthe product.
Increase the quanty hat consumers are-wllllng to buy.-
v generally result in ferrer products being purchased.
A good once unaffordable to most people can beoome an Item that almost everyone owns
X Sony, your answer I: Incorrect.
V the marl-cat supply Increases over time.
the market demand ls constant over time.
If market demand la oonetant. we need
An Increase In the quantity of a good. service. or resource supplied at emeryr price ls:
X Sorry, your answer Is incorrect
van increase in supply.
X an increase in the quantity supplied.
An Increase in the quantity supplied occurs when the
x Sorry, your amwar ls lneurrect.
I a good or servlee that depends on the price at the good or servlee.
Thls descdbes a sales tax.
vi a good or servlce that depends on the unlts sold.
ail fem t'd'ln'dtll'l'l_a,-r c
1119 oorreot amor Is shown.
The minimum [one mm wage Is the most common fonn of prion oor.
3 Sorry. your answer Is incorrect
You wrote 3: price Instead of v minimum.
Fodaral minimum wage laws one who 111mm all omnpomnto of the economy.
1iitihen there Is a change In a nonprlce deten'nlnant of supply:
V Your answer is partially correct.
I Also correct
V the supply cunre shifts and there is a change in the quantity demanded.
X the quantity supplied changes and there is a shift in demand.
Multiple R 0.433876
R Square 0.188249
Adjusted R 0.182491
Standard E 42563.54
F Significance F
1 5.9E+010 5.9E+010 32.69849 6.18E-008
141 2.6E+011 1.8E+009
ECON 170 Principles of Microeconomics
Unit 1 Study Guide (SG)
1) What is the most basic economic problem?
2) Which of the following is true of resources?
a) Their availability is unlimited.
b) They are inputs used to produce goods and services.
c) When re
Concurrent Enrollment Jump Start! Instructor Handbook
Table of Contents
A Little History. 1
Programs and Educational Services . 1
What is a Concurrent Enrollment Jump Start! Course . 1
Lecture 1 Problems
1. The quanties of Big Macs and Fries an individual can
purchase are shown below.
a. What is the maximum quantity of Big Macs the individual c
3. The quanties of Big Macs and Macs an economy can
produce is shown below.
a. What is the maximum quantity of Big Mass the e