Economics > SOLUTIONS MANUAL > Ivy Tech Community College, ColumbusECON 101Midterm Exam 3 Key-reviewed by experts 2021 (All)
Ivy Tech Community College, ColumbusECON 101Midterm Exam 3 Key-reviewed by experts 2021
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IVY TECH STATE COLLEGE REGION 14-BLOOMINGTON ECN 101 ECONOMICS FUNDAMENTALS Fall 2006 Midterm_03 Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best com... pletes the statement or answers the question. Use the figure below to answer the following questions. 1) Joe runs a business in which his marginal benefit of staying open for an additional hour is illustrated in Figure 1.3. Suppose that we observe Joe staying open 5 hours per day. If he is following the marginal principle, what must his marginal cost be? A) $32 B) $16 C) $40 D) $24 1) 2) Which of the following is most likely to have a spillover cost? A) A smoker sneaks a cigarette in a public restroom. B) An individual eats too much and gets indigestion. C) A student writes a paper instead of going to a concert. D) None of the above is likely to have a negative spillover. 2)Use the figure below to answer the following questions. 3) Figure 1.5 illustrates the relationship between the price of pizza and the number of pizzas a person chooses to consume. On this figure, as the price of pizzas rises this personʹs consumption of pizzas will: A) decrease. B) remain constant. C) increase. D) none of the above 3) 4) Suppose that your tuition to attend college is $8,000 per year and you spend $5,000 per year on room and board. If you were working full time, you could earn $22,000 per year. What is your opportunity cost of attending college? A) $35,000 B) $13,000 C) $30,000 D) $27,000 4) 5) The set of all attainable combinations of goods and services is illustrated by the: A) production possibilities curve. B) scarcity curve. C) set of infeasible production. D) efficiency frontier. [Show More]
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