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Eco 365 Final Exam With Answers

4209 words - 17 pages



Due Week 5 Day 7

This exam consists of 40 multiple choice questions, each worth 0.25 of a point. Please indicate your answer by entering an "x" into the box next to the correct answer.

Save the file with your answers using the filename "ECO 365 Final - your name" and submit to your individual forum.


Rational decision making means that:


marginal benefits and marginal costs of a decision are always easy to measure



if the marginal benefit of the last unit of an activity exceeds its marginal cost, then more of that activity should be undertaken


one should keep doing an activity until the total benefits are maximized


one should keep doing an activity until the marginal costs are minimized


Which of the following is a macroeconomic concern?


The wage rates of electricians in Kansas City


The effects of agricultural price supports on the income of farmers


How profits are maximized by a firm



The causes of unemployment in the United States


Which of the following is a microeconomic concern?



Whether Microsoft is a monopoly or not


Whether a new governmental policy is inflationary or not


The effect that a new "police action" such as in Afganistan will have on national income


Whether government can implement a policy that will eliminate unemployment


Positive economics:


deals with subjective value judgments about "what ought to be."


will make the economy positively better off


is the exact opposite of negative economics



deals with how the economy does in fact work


The opportunity cost of changing your decision on what to major in college is highest


before you have earned any of the credits needed to obtain the major you initially chose


after you have officially declared a major


after you have earned of the credits to obtain the major you initially chose



after you have completed your major and received your diploma


Which of the following statements correctly distinguishes capitalism from socialism?


In capitalism, "what to produce" is determined by consumer demand; in socialism, by free market forces



In capitalism, "how to produce" is determined by businesspeople's desire to minimize cost and maximize profits; in socialism, it is determined to a much greater degree by government


There is more freedom of enterprise...

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