ECN 151 Final S22
Flashcard
•
Social Studies
•
University
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
What is the marginal cost of Jacob ordering a burrito instead of a taco if burritos cost $5 and tacos cost $3?
Back
$1
Answer explanation
The marginal cost of a burrito is $2, split evenly is $1.
2.
FLASHCARD QUESTION
Front
Economic choice and competitive behavior are the result of
Back
Scarcity.
3.
FLASHCARD QUESTION
Front
With voluntary exchange,
Back
Both the buyer and the seller will be made better off.
4.
FLASHCARD QUESTION
Front
Other things constant, a decrease in the demand for hair dryers will
Back
Decrease the demand for hair dryer manufacturing workers.
5.
FLASHCARD QUESTION
Front
When a price floor is above the equilibrium price,
Back
Quantity supplied will exceed quantity demanded, so there will be a surplus.
6.
FLASHCARD QUESTION
Front
Which of the following would most likely increase the demand for peanut butter?
Options:
The discovery that excessive consumption of peanut butter is harmful to one’s health,
Crop failures that raise the price of peanuts,
The invention of a new product that consumers think is a good substitute for peanut butter,
A decrease in the price of jelly, a good that is often used with peanut butter
Back
A decrease in the price of jelly, a good that is often used with peanut butter
7.
FLASHCARD QUESTION
Front
“A reduction in gasoline prices caused the demand for gasoline to increase. The lower gas prices also led to an increase in demand for large cars, causing their prices to rise.” Theses statements
Back
Contain one error; the lower gasoline prices would cause an increase in the quantity demanded of gasoline, not an increase in demand.
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