ECON 200 Fundamentals Problems Solution
Which of the following can best be characterized as a subject of microeconomics?
An examination of
... [Show More] inflation
An examination of an economy’s overall level of production
An examination of a country's imports and exports
An examination of how much of a particular good gets produced
Which of the following can best be characterized as a subject of microeconomics?
An examination of a country’s economic growth
An examination of an economy’s price level
An examination of consumer behavior
An examination of monetary policy
Which of the following can best be characterized as a subject of macroeconomics?
An examination of consumer behavior
An examination of where goods come from
An examination of how much of a particular good gets produced
An examination of inflation
Which of the following can best be characterized as a subject of macroeconomics?
An examination of monetary policy
An examination of specialization
An examination of the production of a good
An examination of how a change in demand or supply impacts the price of a good
Bob, the owner of a deli in his town, needs to purchase something that economists would label as "capital" to help him produce sandwiches. Which of the following is an example of capital?
An additional worker
A meat slicer to cut ham for sandwiches
Ham for the sandwiches
A new idea that automates the making of sandwiches
Maurice needs to purchase something that economists would label as “land” to help him produce cloth to sell to the fashion industry. Which of the following is an example of land?
A factory in which to produce fabric
Cotton to be woven into fabric
The ability to organize a factory to meet the demand for fabric
New workers trained to run an industrial loom
Samantha needs to purchase something that economists would label as "labor" to help her produce court documents for her law firm. Which of the following is an example of labor?
A stenography machine to type courtroom proceedings
Filing cabinets to store the typed courtroom documents
A stenographer who can type courtroom proceedings
The ability to see that organizing courtroom documents is an unfilled market need
The ability to see a market need and to organize inputs to meet that need is what type of market resource?
Labor
Capital
Land
Entrepreneurial ability
The fish in the ocean are what type of market resource?
Entrepreneurial ability
Capital
Labor
Land
The tools and machines used to produce a good or service are what type of market resource?
Capital
Land
Labor
Entrepreneurial ability
Which of the following scenarios most accurately reflects the concept of scarcity?
Terry received a paycheck of $1,000 for helping build a house this week.
Brett is a farmer with an open field on which he can plant either soybeans or corn.
The steak Henry did not buy because he is a vegetarian.
Johnny purchased a skinny vanilla latte from Starbucks.
The opportunity cost of an action is always equal to the value of:
the time you give up to undertake the action.
the next-best alternative for the resources used to undertake the action.
the money you give up to undertake the action.
the things you could have done instead of the action you chose to undertake.
Which of the following best describes the opportunity cost of attending a free concert at the local coffee shop?
Hanging out with your friends at the coffee shop during the concert
The chance to play the latest video game with your roommate while you were at the concert
The coffee you buy while attending the concert
The amount of money a ticket would have cost if it were not free
Economic reasoning is based on the premise that:
all decisions or actions have a cost associated with them.
only non-economic decisions or actions have a cost associated with them.
only economic decisions or actions have a cost associated with them.
all decisions or actions are costless.
a. In the circular flow model, households provide inputs to firms in the resource market and receive income from firms.
b. In the circular flow model, firms receive expenditures from households when households purchase goods and services in the product market.
Which of the following transactions would take place in the resource market?
George visits his favorite barbershop and gets a new haircut.
Jerry goes to a sporting goods store and purchases a dozen golf balls before meeting some friends at the golf course.
Sally gets an airline ticket from an online travel website for her trip to the beach.
Lyndsay worked 40 hours this week as a cashier at the local hardware store. [Show Less]