Which of the following is true about the field of economics?
Economics as a field of study was introduced during the Industrial Revolution and has not changed over time
Economics can correctly predict when a re
...
Which of the following is true about the field of economics?
Economics as a field of study was introduced during the Industrial Revolution and has not changed over time
Economics can correctly predict when a recession is coming and how long it will last
Economics is commonly broken into Labor Economics and Consumer Economics
Economics is a social science that intersects with other fields of study
The scenario above is an example of which principle?
Ceteris paribus
Consumer surplus
Deadweight loss
Producer surplus
3
CEOs are limited in making policy changes regarding climate change by all of the following EXCEPT
.
investor support which is linked directly to profits
the necessity to think in the long term rather than the short term
his/her fiduciary responsibility to the company
needing support from the Board of Directors
A person who consumes a good without paying for it is known as a(n) .
free rider
rival
producer
utility maximizer
5
Product Price Cost Per Unit Quantity Sold Quantity Produced Opportunity Cost
$1.25 $0.75 690 750 100
Using the data in this table, calculate the firm’s economic profit.
-$300
-$200
$300
-$520
$320
$200
CONCEPT
Economic Profit 6
If Bundle of Goods A contains two pizzas and three sodas, and Bundle B contains three pizzas and three sodas, then Patrick will select Bundle B based on the principle of .
transitivity
completeness
non-satiation
utility theory
CONCEPT
Consumer Choice Theory 7
Number of Employees Total Production Marginal Product of Labor Marginal Revenue Product
0 0 0
1 18 18
2 30 12
3 41 11
4 46 5
If the price of the item is $10.00 per unit and the employees cost $100 each, how many employees should the firm hire to maximize their profit?
Two employees
Four employees
.........................................................CONTINUE...................................................
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