EGEC **** dumb exam

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Mary saw a bangle bracelet at an accessories shop that she liked and told her friend Susan that the most she would pay for it was ​$43.00. When she found out the price was ​$27.00​, she immediately bought it and gained ​_____ in consumer surplus. ​(Enter your response rounded to two decimal places​) If Mary was to buy another bangle​ bracelet, her additional consumer surplus would______

$16, decrease

Jonathan works at a convenience store and makes note of changes to sales after the price of liquid soap unexpectedly increases by 15 percent. He notices that the sale of shampoo decreases by 3 percent and the sale of lotion increases by 10 percent. The​ cross-price elasticity of demand between liquid soap and shampoo is ____

-0.2

If the percentage change in quantity demanded for a good is an increase of 25​%, when the price of its substitute increases by 30​%, the​ cross-price elasticity is____

0.83

Joey goes to a supermarket to buy shorts​ (s) and​ T-shirts (t). His budget constraint is given by ​$15 s​ + ​$3 t​ = $ 45. Suppose Joey purchases only​ T-shirts. Given his budget​ constraint, the price of each​ T-shirts is ​$3, and the maximum number of ​T-shirts Joey can purchase is 15. Part 2 Which of the following consumption bundles lies below ​Joey's budget​ constraint? WHAT IS THE OPP COST

2 shorts and 4 shirts OPP COST 5 SHORTS

Joey goes to a supermarket to buy shorts​ (s) and​ T-shirts (t). His budget constraint is given by ​$15 s​ + ​$3 t​ = $ 45. Suppose Joey purchases only​ T-shirts. Given his budget​ constraint, the price of each​ T-shirts is ​___​, and the maximum number of ​T-shirts Joey can purchase is ___.

3,15

Your statistics professor reports that only seven students took the midterm exam. She reports all seven​ scores: 41​, 49​, 41​, 37​, 48​, 43​, and 13. The mean score is

38.86

Graph provided showing the graph increasing from left to right>>> The slope of the line is ____​, which implies a _____ relationship. ​

4, positive

Your statistics professor reports that only seven students took the midterm exam. She reports all seven​ scores: 41​, 49​, 41​, 37​, 48​, 43​, and 13. The median score is

41

uppose your total benefit from eating slices of pizza​ (value in​ dollars) is 12x−x2​, where x is the number of slices of pizza. Part 2 Pizza is sold by the slice and costs ​$2 per​ slice, and so the total cost of pizza is 2x. Part 3 Using optimization in​ levels, what is the optimal amount of pizza for you to​ eat? Part 4 Your net benefit is maximized at __ slices of pizza. ​

5

Suppose your New Year resolution is to get back in shape. How would you evaluate your options and choose an optimal​ one?

Do a​ cost-benefit analysis to compare the alternatives.

Which of the following do you provide as a positive​ question?

How much is the national debt

Which of the following best describes why consumers are price​ takers?

Individual transactions are too small to have much impact on the market price.

The following data gives the respective salaries of the two top​ managers, two middle​ managers, and two​ first-line managers at a particular​ firm: ​$250,000​, ​$230,000​, ​$90,000​, ​$75,000​, ​$55,000​, ​$50,000. Which of the following statements is true in the case of an anecdotal​ argument?

It is appropriate when contradicting a blanket statement. It is appropriate when contradicting a blanket statement.

In which of the following​ examples, will the demand curve shift to the​ right?

Jason's demand for butter increases due to a decrease in the price of bread. This is the correct answer. ​Ron's demand for an inferior good increases due to a decrease in his income.

The following data gives the respective salaries of the two top​ managers, two middle​ managers, and two​ first-line managers at a particular​ firm: $250,000​, ​$230,000​, $90,000​, $75,000​, $55,000​, $50,000. Which of the following can be categorized as an anecdotal​ argument?

John and​ Tina, the brightest students in the​ class, are very poor.​ Therefore, the conclusion is drawn that every bright student is poor. Alfred received a promotion when he became the father of a baby girl. Marshall lost his job when he became the father of a baby boy.​ Therefore, the conclusion is drawn that the gender of a newborn child is related to the​ fathers' job status.

Which of the following is not a characteristic of a​ market?

Markets are physical locations where trading occurs

Suppose you have been hired as a management consultant by a major oil company to help it optimally price gasoline at its service stations. Your client wants to know what will happen to gasoline demand if it increases gasoline prices by one cent higher than its nearest competitors. One of the members of your consulting​ team, Debbie, shares that one time in college she stopped buying gasoline from a service station that was one cent more expensive. Based on this​ story, should you conclude that demand will fall to zero if the client raises gas prices by one​ cent? ___ since this is an ____, which can lead to______ .

No, argument by anecdote, wrong conclusion

Determine whether the following statements better describe optimization using total value or optimization using marginal analysis. John is attempting to decide on a movie.​ (All movies have the same ticket price and play at the same​ time/location.) He determines that the new Batman movie is preferred to the new​ Spider-Man movie and that both the Batman and​ Spider-Man movies are preferred to the new Superman movie.

Optimization using marginal​ analysis, since he is calculating the change in net benefits between alternatives.

Determine whether the following statements better describe optimization using total value or optimization using marginal analysis. Nikki decided to jog 3 miles for exercise by reasoning that a​ 3-mile jog was better than either a​ 2-mile jog or a​ 4-mile jog. Part 5

Optimization using marginal​ analysis, since she is calculating the difference in net benefits between alternatives.

Determine whether the following statements better describe optimization using total value or optimization using marginal analysis. At a yard​ sale, Reagan calculated that she was willing to pay​ $200 for a queen bed that was being sold for​ $100 (generating net benefit of​ $100) and that she was willing to pay​ $220 for a king bed that was being sold for​ $300 (generating net benefit of​ $80).

Optimization using total​ value, since she is comparing the net benefits between alternatives.

What happens to the equilibrium price and quantity demanded after the supply curve of solar energy panels​ shifts?

Price decreases and quantity demanded increases.

Which of the following statements would not be considered a positive​ statement?

Production in the automobile is still low and should be subsidized by the gov

Which of the following examples do you provide as a normative​ question?

Should welfare be repealed

Which of the following is not a possible reason for a change in the demand curve of Zee decorative light​ fixture, from DD to​ DD'?

The change in the rate of sales tax

Your statistics professor reports that only seven students took the midterm exam. She reports all seven​ scores: 41​, 49​, 41​, 37​, 48​, 43​, and 13. Why is the median score higher than the mean score

The mean score is lower because the outlier pulls the mean downward but does not impact the median.

Richa wants to purchase 6 fluorescent light bulbs at a price of​ $30 per bulb. When the price of fluorescent light bulbs rises to​ $36, she purchases 5 bulbs. Which of the following could be the reason for​ Richa's change in the quantity​ purchased?

The opportunity cost of fluorescent light bulbs increases.

Suppose the quantity demanded of gold has gone up in a country and​ therefore, the demand curve shifts rightward. On the other​ hand, due to some restrictions imposed by the government on gold​ imports, the supply curve of gold in that country shifts leftward. In this​ case, which of the following statements always holds​ true?

The price of gold increases.

Which of the following is not one of the five major factors that shifts the demand curve when it​ changes?

The price of the good itself

Suppose you have been hired as a management consultant by a major oil company to help it optimally price gasoline at its service stations. Your client wants to know what will happen to gasoline demand if it increases gasoline prices by one cent higher than its nearest competitors. One of the members of your consulting​ team, Debbie, shares that one time in college she stopped buying gasoline from a service station that was one cent more expensive. Instead of relying on​ Debbie's college story to make a​ conclusion, you decide it is smarter to collect and analyze​_____

a large amount of empirical data

The statement that the U.S. government should increase carbon taxes to​ $10/ton of carbon dioxide to reduce emissions that cause global warming is​ ___________.

a normative​ statement, since it describes what ought to be done and is therefore not possible to confirm with data.

In the given​ graph, the horizontal price line intersects the demand curve at a point labeled with a dot. At this​ intersection, where the quantity demanded of the product is 40​ units, the​ buyers' willingness to pay is equal to the market price of the product. For a quantity below 40 units the​ buyers' willingness to pay is _____ the market​ price, so the buyers would ___ by purchasing more of the product.

above, gain

When making your decision about which activity to​ choose, you should consider the monetary cost _____ the opportunity cost of the activities. The goal is to choose the option that offers the greatest ___ benefit.

as well as, net

Anna Jones estimated the price elasticity of demand for new vehicles to be 0.84. If the price of cars increased by 14​%, one would expect the quantity of new cars demanded to _____ by _____ ​

decrease, 11.76

Suppose you had information on the sales of similar homes just east and just west of the boundary between two school districts. Also suppose schools on one side of the school boundary are better than the schools on the other side in terms of test scores. Part 2 You could estimate the average value that parents place on a​ one-point increase in test scores by​ ___________.

dividing the difference in the prices of similar homes between districts by the difference in test scores between districts.

The following data gives the respective salaries of the two top​ managers, two middle​ managers, and two​ first-line managers at a particular​ firm: ​$250,000​, ​$230,000​, ​$90,000​, ​$75,000​, ​$55,000​, ​$50,000. We can conclude that the mean is _____ the median.​ Thus, the mean salary of all of the managers_____ by the salary of the top managers.

greater than, is impacted

For two goods that are substitutes​, the​ cross-price elasticity of demand will be ____

negative

A demand curve has a ______slope due to the Law of Demand. The Law of Demand is based off of a​ consumer's willingness to pay _____ as marginal units are consumed.

negative, less

Michael has an economics final exam tomorrow morning and he needs to decide how many hours to study. The benefits column shows how many more points he expects to earn because of increased knowledge. The cost column shows how many points he will lose because of careless errors due to lack of sleep.​ (The "marginal" columns show the effect of each additional hour. These numbers are the differences of the​ "total" columns.) Using the marginal benefits and marginal costs​ analysis, if Michael studies for two hours​, the outcome will be ____ because net benefit is _____

non-optimal, net benefit is not maximized

Making a prediction today about the​ world's population in twenty years based on current growth trends is an example of ______ economics. Advising the residents of a town to choose a toll road over a freeway extension due to a limited budget and high trucking usage is an example of ____ economics.

positive, normative

Graph provided showing the graph increasing from left to right>>> The two variables have a _____ relationship because they move ______.

positive, together

When one of the five major factors​ changes, causing an increase in​ demand, the demand curve shifts

rightward

Jonathan works at a convenience store and makes note of changes to sales after the price of liquid soap unexpectedly increases by 15 percent. He notices that the sale of shampoo decreases by 3 percent and the sale of lotion increases by 10 percent. The​ cross-price elasticity of demand between liquid soap and shampoo is -0.2. Based on the​ cross-price elasticity of​ demand, we can infer that liquid soap and lotion are ______

substitutes

The market supply curve is the ____of all the supply curves of potential producers and would be graphed to the ____of the individual curves.

sum, right

Holding all else​ constant, if the number of cell phone manufacturers suddenly decreased due to increased​ regulations, then

supply would shift​ leftwards, equilibrium price would​ increase, and equilibrium quantity would decrease.

All of the following statements about means and medians are​ true, except

the median is more skewed by extreme values.

Consumer surplus is​ __________.

the value or total benefits one receives from a good in excess of the price paid for it.

You say that positive questions ask _______ and normative questions ask ______. Part 2

what is or what will be, what ought to be

For an​ individual, consumer surplus is calculated as the difference between the ____to pay and the price actually paid for a good.

willingness

Suppose one of your friends offered the following​ argument: A rightward shift in demand will cause an increase in price. The increase in price will cause a rightward shift of the supply​ curve, which will lead to an offsetting decrease in price.​ Therefore, it is impossible to tell what effect an increase in demand will have on price. Do you agree with your​ friend?

​No, the increase in price will not cause a shift of the supply curve.


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