“2” aplia check $100 $200 $300 $400 $500 “1” economic principles “3” famous economists...
TRANSCRIPT
“2”ApliaCheck
$100
$200 $200
$300 $300
$400 $400
$500 $500
“1”Economic Principles
“3”Famous
Economists
“4”Marginal Analysis
“5”PPF
Model
“6”ComparativeAdvantage
$100 $100 $100 $100 $100
$200 $200 $200 $200
$300 $300 $300 $300
$400 $400 $400 $400
$500 $500 $500 $500
A-100
The study of the economy as it pertains to individuals or specific markets.
Correct response? Earn $100Incorrect response? Lose $100
A-200
TRUE or FALSE
The opportunity cost of going to a particular college is the same for everyone.
Correct response? Earn $200Incorrect response? Lose $200
A-300
A subjective statement that does not express a testable hypothesis.
Correct response? Earn $300Incorrect response? Lose $300
A-400
TANSTAAFL
Correct response? Earn $400Incorrect response? Lose $400
A-500
The dominant assumption made by economists regarding the behavior of
individuals.
Correct response? Earn $500Incorrect response? Lose $500
B-100
A baseball stadium has three ticket windows that sell season tickets. Windows 1 and 2 have lines of three people each. Window 3, which was initially closed, opens. One person from Window 1 and one person from Window 2 line up at Window 3.
The economic principle that is described above.
Correct response? Earn $100Incorrect response? Lose $100
B-200
TRUE or FALSE
Supplies such as paint stripper, varnish, polish, sandpaper, and so on are implicit
costs.
Correct response? Earn $200Incorrect response? Lose $200
B-300
The coach of a soccer team must decide whether team member Anna should play in the next game, and if so, how long to let Anna continue in this game.
Which part of this decision is a marginal decision?
Correct response? Earn $300Incorrect response? Lose $300
B-400
Diagram used to illustrate the transactions in the product and factor markets
Correct response? Earn $400Incorrect response? Lose $400
B-500
Economist who created Aplia.com
Correct response? Earn $500Incorrect response? Lose $500
C-100
The father of modern economics.
Correct response? Earn $100Incorrect response? Lose $100
C-200
The first woman appointed to the US Supreme Court.
Correct response? Earn $200Incorrect response? Lose $200
C-300
Former U.S. President known as the “great communicator” and for his use of “supply
side economics.”
Correct response? Earn $300Incorrect response? Lose $300
C-400
Stanford grad who won two Super Bowls quarterbacking the Denver Broncos.
Correct response? Earn $400Incorrect response? Lose $400
C-500
A graduate of Kenyon College, this actor won the Academy Award for “best actor” in
The Color of Money.
Correct response? Earn $500Incorrect response? Lose $500
D-100
TRUE or FALSE
If the marginal benefit is decreasing, the total benefit must be negative.
Correct response? Earn $200Incorrect response? Lose $200
D-200
TRUE or FALSE
Marginal analysis is relevant for only “either-or” decisions.
Correct response? Earn $200Incorrect response? Lose $200
D-300
The rule for determining the optimal amount of any activity.
Correct response? Earn $500Incorrect response? Lose $500
D-400
Wendy sells ice-making machines. She can sell 6 per week at a price of $2000 each. If she charges $2100, she will only sell 5 per week. The marginal benefit of selling the 6th machine is _______.
Correct response? Earn $400Incorrect response? Lose $400
D-500
TRUE or FALSE
If a company’s total costs per day increase from $500 to $600 by adding worker, but its marginal benefits are $150, it is sensible to
add that additional worker.
Correct response? Earn $300Incorrect response? Lose $300
E-100
All points inside the PPF.
Correct response? Earn $100Incorrect response? Lose $100
E-200
All points outside the PPF
Correct response? Earn $200Incorrect response? Lose $200
E-300
PPF will shift outward for all of the following reasons EXCEPT:
a) Increase in unemployment rateb) Increase in the labor forcec) Improvement in technologyd) Increase in worker productivity
Correct response? Earn $300Incorrect response? Lose $300
E-400
The shape of a PPF depicting resources that are perfect substitutes for each other.
Correct response? Earn $400Incorrect response? Lose $400
E-500
“Law” illustrated by a concave PPF
Correct response? Earn $500Incorrect response? Lose $500
F-100
TRUE or FALSE
Comparative advantage is held by the person with the highest opportunity cost of
production.
Correct response? Earn $100Incorrect response? Lose $100
F-200
In one hour Fred can produce either 20 bikes or 10 trikes while Barney can produce either 30 bikes or 20 trikes.
Fred’s opportunity cost of 1 trike is ____.
Correct response? Earn $200Incorrect response? Lose $200
F-300
In one hour Fred can produce either 20 bikes or 10 trikes while Barney can produce either 30 bikes or 20 trikes.
Barney holds the comparative advantage in _____.
Correct response? Earn $300Incorrect response? Lose $300
F-400
True or False
If Sarah can produce 10 hamburgers while Jesse can produce 5 hamburgers, we know that Sarah has a comparative advantage in
hamburgers.
Correct response? Earn $400Incorrect response? Lose $400
F-500
Economist who developed the theory of comparative advantage.
Correct response? Earn $500Incorrect response? Lose $500
A-100
The study of the economy as it pertains to individuals or specific markets.
Microeconomics
Correct response? Earn $100Incorrect response? Lose $100
A-200
FALSE
The opportunity cost of going to a particular college is not the same for everyone.
Correct response? Earn $200Incorrect response? Lose $200
A-300
A subjective statement that does not express a testable hypothesis.
Normative Statement
Correct response? Earn $300Incorrect response? Lose $300
A-400
TANSTAAFL
There Ain’t No Such Thing As A Free Lunch
Correct response? Earn $400Incorrect response? Lose $400
A-500
The dominant assumption made by economists regarding the behavior of
individuals.
Self-interest (or rationality)
Correct response? Earn $500Incorrect response? Lose $500
B-100
Equilibrium
Correct response? Earn $100Incorrect response? Lose $100
B-200
FALSE
These are examples of explicit costs.
Correct response? Earn $200Incorrect response? Lose $200
B-300
How long Anna plays.
Correct response? Earn $300Incorrect response? Lose $300
B-400
Circular Flow Diagram
Correct response? Earn $400Incorrect response? Lose $400
B-500
Paul Romer
Correct response? Earn $500Incorrect response? Lose $500
C-100
The father of modern economics.
Adam Smith
Correct response? Earn $100Incorrect response? Lose $100
C-200
The first woman appointed to the US Supreme Court.
Sandra Day O’Connor
Correct response? Earn $200Incorrect response? Lose $200
C-300
Former U.S. President known as the “great communicator” and for his use of “supply
side economics.”
Ronald Reagan
Correct response? Earn $300Incorrect response? Lose $300
C-400
Stanford grad who won two Super Bowls quarterbacking the Denver Broncos.
John Elway
Correct response? Earn $400Incorrect response? Lose $400
C-500
A graduate of Kenyon College, this actor won the Academy Award for “best actor” in
The Color of Money.
Paul Newman
Correct response? Earn $500Incorrect response? Lose $500
D-100
FALSE
If the marginal benefit is decreasing, the total benefit may still increase.
Correct response? Earn $200Incorrect response? Lose $200
D-200
FALSE
Marginal analysis is relevant only for “how much” decisions.
Correct response? Earn $200Incorrect response? Lose $200
D-300
MB = MC
Correct response? Earn $500Incorrect response? Lose $500
D-400
Wendy sells ice-making machines. She can sell 6 per week at a price of $2000 each. If she charges $2100, she will only sell 5 per week. The marginal benefit of selling the 6th machine is $1500.
Correct response? Earn $400Incorrect response? Lose $400
D-500
TRUE
If a company’s total costs per day increase from $500 to $600 by adding worker, but its marginal benefits are $150, it is sensible to
add that additional worker.
Correct response? Earn $300Incorrect response? Lose $300
E-100
Inefficient
Correct response? Earn $100Incorrect response? Lose $100
E-200
Unattainable
Correct response? Earn $200Incorrect response? Lose $200
E-300
a) Increase in unemployment rate
Correct response? Earn $300Incorrect response? Lose $300
E-400
Linear (or straight line)
Correct response? Earn $400Incorrect response? Lose $400
E-500
“Law of Increasing Opportunity Costs”
Correct response? Earn $500Incorrect response? Lose $500
F-100
FALSE
Comparative advantage is held by the person with the LOWEST opportunity cost of
production.
Correct response? Earn $100Incorrect response? Lose $100
F-200
2 bikes
Correct response? Earn $200Incorrect response? Lose $200
F-300
Trikes
Correct response? Earn $300Incorrect response? Lose $300
F-400
FALSE
Sarah has an absolute advantage.
Correct response? Earn $400Incorrect response? Lose $400
F-500
David Ricardo
Correct response? Earn $500Incorrect response? Lose $500