Can you please tell me the reason Question 1 (1 point) Even today, microeconomic

Question

Can you please tell me the reason

Question 1 (1 point)

Even today, microeconomic concepts developed by ___________ remain influential.

Question 1 options:

Adam Smith.

Alfred Marshall.

David Hume

John Maynard Keynes.

John Stuart Mill.

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Question 2 (1 point)

The marginal cost of an activity is the

Question 2 options:

change in the costs of the activity divided by the change in the level of the activity.

same as the total costs of the activity.

ratio of total costs to the level of the activity.

change in the level of the activity divided by the change in the costs of the activity.

reservation costs.

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Question 3 (1 point)

  

.......

According to data, Jenny has an absolute advantage in

Question 3 options:

the production of shoes.

neither shoe nor pants production.

the production of pants.

both shoe and pants production.

pants and possibly shoe production.

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Question 4 (1 point)

Sunk costs are different from other concepts of costs in that they

Question 4 options:

can be either variable or fixed.

cannot be lessened by choosing any particular course of action.

influence the decision of which activity to do or not do.

rise as the level of the activity rises.

must be included for an accurate cost-benefit analysis.

Question 5 (1 point)

The average cost of 20 units of an activity is the

Question 5 options:

total cost of 20 units of the activity divided by 20.

20 divided by the total cost of 20 units of the activity.

extra cost of 20 units of the activity divided by 20.

reciprocal of the total cost of 20 units of the activity.

change in total cost of the activity.

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Question 6 (1 point)

Class attendance today is nearly 100%, but on most other days it is less. The likely explanation for this would be

Question 6 options:

the opportunity cost of not attending today is much higher than usual.

random chance.

everything on TV was a rerun.

students thought today's class was a review.

the opportunity cost of attending today is much higher than usual.

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Question 7 (1 point)

"Economic development reduces environmental quality and should be restricted" is an example of

Question 7 options:

positive economics.

normative economics.

comparative economics.

neoclassical economics.

classical economics

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Question 8 (1 point)

A concave (bowed out from the origin) production possibilities curve would indicate

Question 8 options:

decreasing opportunity costs.

that the slope is getting smaller in absolute value.

a large economy with many workers.

a small economy with a handful of workers.

constant opportunity costs.

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Question 9 (1 point)

In general, individuals should specialize in producing those goods for which they have a(n)

Question 9 options:

absolute advantage.

comparative advantage.

absolutely comparative advantage.

absolute and comparative advantage.

comparatively absolute advantage.

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Question 10 (1 point)

The core problem of economics is

Question 10 options:

that unemployment is too high.

that governments do not spend enough money on education.

understanding the Great Depression.

the scarcity problem.

determining the best price for oil.

Question 11 (1 point)

Sharon, a marketing major, has her first economics test and her first finance test to take tomorrow and she has four hours tonight to allocate to studying the two subjects. The data below show her scores on the two tests based on the time spent studying. (Hint: Studying economics for 0 hours means studying finance for 4 hours.)

  .....

The cost of spending an extra hour studying economics is

Question 11 options:

falling.

the resulting test score in finance.

constant.

the resulting decrease in the finance test score.

missing an hour's worth of TV.

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Question 12 (1 point)

When making a decision, the important costs to identify and consider are the __________ costs and the __________ costs.

Question 12 options:

opportunity; marginal

opportunity; variable

sunk; marginal

marginal; average

marginal; fixed

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Question 13 (1 point)

At the most basic level, the benefit of specialization is

Question 13 options:

greater total output.

greater interest in work.

less job related stress.

less diversity in output.

less detailed knowledge.

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Question 14 (1 point)

Production possibilities curves are downward sloping, reflecting the principle of

Question 14 options:

scarcity.

comparative advantage.

increasing opportunity cost.

absolute advantage.

low-hanging fruit.

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Question 15 (1 point)

The average benefit of an activity is the

Question 15 options:

total benefit of the activity times the number of units.

total benefit of the activity divided by the number of units.

number of units divided by the total benefit of the activity.

number of units times the total benefit of the activity.

reciprocal of the total benefits of the activity.

Explanation / Answer

1) alfred marshal

2) change in the costs of the activity divided by the change in the level of the activity

3) neither shoe nor pants production.

4)cannot be lessened by choosing any particular course of action

5)total cost of 20 units of the activity divided by 20.

6)the opportunity cost of not attending today is much higher than usual.

7) comparative economic

8)constant opportunity costs

9)absolute and comparative advantage

10)understanding the Great Depression

11)the resulting decrease in the finance test score

12)opportunity; marginal

13)less job related stress.

14)comparative advantage

15)total benefit of the activity divided by the number of units

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