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ECON EXAM REVIEW

Authored by Kelly Hayes

Mathematics

University

27 Questions

Used 2+ times

ECON EXAM REVIEW
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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?

muffins 
cookies 

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The opportunity cost of Australian households moving away from coal-powered energy to solar-powered energy includes (i) the loss of jobs in the coal industry, (ii) a cleaner environment, (iii) reduced coal production.

(i), (ii) and (iii)

(ii) and (iii)

(iii) only

(i) and (iii)

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A firm operating at 'X' produces 70 whips and 60 saddles. It changes production to 'Y' producing 20 whips and 90 saddles. The opportunity cost of this production change is

20 whips

30 saddles

50 whips

60 saddles

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In terms of the production possibility curve, a decrease in unemployment would be best shown by

a movement along the curve.

an outward shift of the curve.

a movement from a point inside the curve to a point closer to the curve.

an inward shift of the curve.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

You made a good decision if:

Marginal cost is greater then marginal benefit

Marginal cost is less than marginal benefit

Marginal benefit is greater then marginal cost

Marginal benefit is less then marginal cost

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

What does point B represent?

Production at greater than the country's minimum potential
Production is less than the country's minimum potential
Production is greater than the country's maximum potential
Production at the country's maximum potential

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Suppose there is a production possibilities frontier (PPF) for wine and cheese. Which of the following situations would shift the PPF inward (toward the origin)?

A. A severe weather event that destroys much of the economy’s productive capacity.
B. Improved education of the work force.
C.  Discovery of a new, cheaper source of milk for making cheese.
D.  Increased popularity of wine, as compared with cheese.

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