You may not leave the room during the examihatioh perlou Academic dishonesty is

Question

You may not leave the room during the examihatioh perlou Academic dishonesty is a serious offense. In the event I find someone beh dishonest manner, I will ask that the maximum penalty allowed by the uni imposed e 1. Alexandra has determined that studying an hour for her economics quiz will improve grade on the quiz from 75 to 100. She also determines that this improvement is worth S study for an hour for her economics quiz, however, she will have to work one fewer hou part-time job. Alexandra should A. Study for the quiz as long as her hourly wage rate is less than $20 B. Study for the quiz as long as her hourly wage rate is more than $20. C. Study for the quiz only if her hourly wage rate is exactly S20. D. Not study for the quiz because earning a higher grade cannot have a dollar value. 2. Marginal analysis suggests that you will engage in more of an activity if the: A. Total benefit of the activity is less than the total cost B. Additional benefit from the activity exceeds the additional cost C. Total benefit from the activity exceeds the total cost. D. Additional cost of the activity exceeds the additional benefit. 3. The opportunity cost of attending college for one year is best measured by the: A. Benefit received by the student. B. Tuition paid for the year C. Value of the next-best activity forgone by attending college. D. Total money expenses associated with attending college. 4. The price mechanism that guides people's actions is called the: A. Invisible market force. B. Invisible hand. C. Invisible handshake. D. invisible foot

Explanation / Answer

1). A). Study for the quiz as long her as hourly wage rate is less than $20. This is because, higher quiz marks provides her higher utility than the wage she gets.

2). C). Total Benefit exceeds total cost. This is evident in various profit maximizing behaviour of many firms in the long run.

3). c). Value of the next best activity forgone by attending college

4). B). Invisible Hand. It is so called because the markets adjust automatically without any delibrate market interventions.

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