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Exam 1: Economics and Life

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Question 71

Multiple Choice

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After investigating an idea to open a rooftop restaurant in the downtown area of your community, you discover that any rooftop restaurant would violate city regulations. These circumstances would not be considered normal due to:

A) innovation.
B) market failure.
C) intervention.
D) goals other than profit.

E) A) and B)
F) A) and C)

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Question 72

Multiple Choice

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Saturday afternoon you can either attend a street festival, work and earn $100, or study for your midterm exam. You flip a coin between the street festival and studying, but did not really consider working. The coin flip determined that you would stay home and study. The opportunity cost of the time spent studying includes:

A) the loss of $100 worth of wages and going to the street festival.
B) earning a high score on your midterm.
C) the benefit that could have been received at the street festival.
D) The time you spent deciding upon using a coin flip to determine your Saturday afternoon activity.

E) None of the above
F) A) and B)

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Question 73

Multiple Choice

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Which of the following could be considered a macroeconomic issue?

Which actor in the simplified circular flow model is on the supply side of the goods market?

Which of the following is considered a microeconomic topic?

Thomas Malthus was an early nineteenth-century economist that created a model describing the relationship between:

"There is no such thing as a free lunch." This is an example of which economic concept?

You decided to take a college accounting course to brush up on your knowledge of the language of business. The tuition expense was $500. After the date has expired to receive a refund for the course, you are offered a job that would conflict with your class time. In making the decision to accept or decline the offer, the $500 is:

If people have never implemented an idea that you believe offers substantial opportunity:

Making a decision "on the margin" involves comparing:

The idea of efficiency is used to address which of the following questions?

Mitt Romney argued in a debate with President Obama that the economy had grown more slowly in each year of the President's term than in the year prior to Obama's presidency. This claim is most related to the field of:

In order to understand when a model may not be accurate, which is not an important action to take?

Scarcity can best be defined as a situation in which:

Which of the following describes when government alter normal market activity?

The Widgetville County Wolfpack has won 90 percent of their last 20 games played under a full moon. This means:

Which actor in the simplified circular flow model buys or rents land, labor, and capital?

When two variables have been observed to have a tendency to occur at the same time, we can say there is ____________ but not necessarily ____________.

Disney World decides to charge local residents a lower price than other park visitors. This would fall under which field of economics?

The deadline for your research paper is tomorrow and you still need a day of work to complete the paper. Unfortunately, you are scheduled to work all day in the cafeteria. You can turn the paper in one day late for a 10 percent penalty or take the day off of work and turn the paper in by the deadline. Losing a day of wages will cost you $90. The marginal cost of turning the paper in on time is: