If Jim can make 40 chocolates or 2 cakes in one hour, and Kate can make 20 chocolates or 2 cakes in one hour, who has the comparative advantage in cake-making and why? Sample problems with solutions, 1999-2010. These flashcards cover important vocabulary terms that you will see on the test. If they do not stream, you may need to download them first, then play them. The theory of supply and demand usually assumes that the markets are perfectly what? Refer to the above data. If your player cannot play wav, perhaps use a free converter to convert wav to mp3 or some other format your machines can play.
Show us your microeconomics skills and make it to first place. Exam 1--Recent Examples: Spring 11--not available ; ; ; ; ; ; Exam 2--Recent Examples: ; ; ; ; Exam 3 comprehensive exams, except as noted : and audio discussion Final exams--recent examples: with key and audio discussion. Assume that the amounts of all non-labor resources are fixed. The total variable cost of producing 5 units is 11. Download and install the reader. Refer to the above data.
Which concept was most significant to your decision-making? The marginal product of the sixth worker is: A. She used to mostly eat at her local cheap Chinese restaurant and wore normal clothing, but now she eats at expensive restaurants and wears luxurious clothing. K units at price C. Assume that the amounts of all non-labor resources are fixed. The marginal product of the sixth worker is:Answer Selected Answer: 15 units of output. The total variable cost of producing 5 units is: A. If you are an economics student then you must know that economics is all about supply, demand and maximizing income be it in a business or a country.
Said owners are not affiliated with Educator. Refer to the above data. If you wished to regulate this monopoly by charging the socially optimal price, what price would you charge? E units at price A. When you have completed the free practice test, click 'View Results' to see your results. To the economist, total cost includes: A. It was raining in the morning and you were going to the store, so you chose to take your old clothes. Later on, when you had an important work meeting, you wore your best suit.
In the long run: A. Diminishing marginal returns become evident with the addition of the: A. If the pdf's don't load automatically into your browser, download and view via the free Acrobat reader. Suppose that demand is perfectly inelastic at 20 million bags, so that consumers demand 20 million bags no matter what the price is. Large number of practice exams with answers. Diminishing marginal returns become evident with the addition of the:Answer Selected Answer: third worker.
Our newest quiz is about that part of economics that studies the behavior of individuals and small players on the market. Essential facilities that add to the capital stock of the economyb. Content Review Please review the content from the units covered before attempting the exam. Correct Answer: 15 units of output. You are overseeing the construction of buildings on an island. Refer to the above diagram.
How big will the firm's profit or loss be at that price? In which of the following market structures is there clear-cut mutual interdependence with respect to price-output policies? Refer to the above diagram. Preliminary Comprehensive Exam Archive, 2001-2010 Large number of written exam problems with answers. Refer to the above data. The answers and detailed explanation are given at the end of each question. Send to friends and colleagues. This is an example of which economic theory? A purely competitive seller is: A.
What price should you charge if you want the firm to earn only a fair rate of return? The marginal cost of producing the sixth unit of output is: A. The summary notes below are concise outlines of the main points covered in each session, but are presented only as a study aid in reviewing for the exam. Why do economists designing new models to test economic ideas often fall victim to bias? Essential factors such as roads that are necessary for economic activity. Refer to the above diagram. These exams are from Professor William Wheaton's course site, , and are used with permission. To aid in the process, Economics Wiki also offers Economics News to demonstrate the impact different decisions have on the local, national and global economy.
At P 1, this firm will produce: A. Correct Answer: as extra units of a variable resource are added to a fixed resource, marginal product will decline beyond some point. As Rosa considers where to build her new bakery, she also factors in the number of other bake shops in the area. Which of the following is a short-run adjustment? Answer the question on the basis of the following output data for a firm. D units at price J. Interactive chapter quizzes and from Quizlet. Introduction to Microeconomics Chapter Exam Instructions Choose your answers to the questions and click 'Next' to see the next set of questions.
Since nearly all components of life somehow relate to the allocation of scarce resources, almost every interaction and event that occurs impacts the economy. You are not allowed to use notes, equation sheets, books or any other aids. Sample problems with solutions, 1999-2010. She switched jobs and now works for Goldman Sachs and has gotten a very large salary. Answer the question on the basis of the following data confronting a firm: Marginal Cost, Marginal Revenue, Output 21.