ECON 1202 Midterm Exam 2022
If Isabella drives to a Kansas City, 120 miles from Manhattan, Kansas (home of Kansas State University) to do her back-to-school shopping, this will: -Answers= hurt Isabella's community beca
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ECON 1202 Midterm Exam 2022
If Isabella drives to a Kansas City, 120 miles from Manhattan, Kansas (home of Kansas State University) to do her back-to-school shopping, this will: -Answers= hurt Isabella's community because Isabella's spending will be income for people in the large city
Suppose one parent picks up their child from daycare, while the other parent stays home to make dinner. This is an example of the principle that -Answers= there are gains from trade
When the economy experiences shortfalls or excesses of spending, government policies can be used to address the imbalances. Which statement does NOT address such imbalances, realized during the coronavirus pandemic? -Answers= There is fear of recession and uncertainty about the future in a post COVID-19 reality.
When the Chicago city manager receives complaints that the municipal courts are not fully accessible to individuals with disabilities, she responds that the $1 million improvement needed to address the problem will not happen because "that money could be spent building lavatory space for people with disabilities." Which economic principle does this statement -Answers= The true cost of something is its opportunity cost.
Sabrina has gone out to lunch three times this week. She has some extra money, so she decides to go out to lunch a fourth time. Which economic principle does this statement BEST represent? -Answers= "How much" is a decision at the margin.
A sushi chef prepares a California roll for a customer. Which of the following factors is physical capital? -Answers= the knife use to cut the sushi
Which of the following statements describes efficiency?
I. A situation in which producers make the highest profits possible.
II. A situation in which we cannot produce more of one good without producing less of another good.
III. A situation in which we produce the goods and services that people value most highly. -Answers= II and III
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