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Questions and Answers
What is the requirement for the final exam if exams 1-3 are completed?
What is the requirement for the final exam if exams 1-3 are completed?
Which statement best exemplifies the idea of incentives in economics?
Which statement best exemplifies the idea of incentives in economics?
How does the assumption of 'ceteris paribus' assist economists in model building?
How does the assumption of 'ceteris paribus' assist economists in model building?
In the context of economics, what might be a consequence of incentives?
In the context of economics, what might be a consequence of incentives?
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Which of the following is a limitation of using the 'ceteris paribus' assumption?
Which of the following is a limitation of using the 'ceteris paribus' assumption?
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Which statement reflects a combination of incentives and trade-offs?
Which statement reflects a combination of incentives and trade-offs?
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What does the phrase 'optional final exam' imply for students who take all previous exams?
What does the phrase 'optional final exam' imply for students who take all previous exams?
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Which of the following phrases illustrates the idea of 'ceteris paribus'?
Which of the following phrases illustrates the idea of 'ceteris paribus'?
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What is the correct solution for T in the equation $3T + 225 = 6T + 60$?
What is the correct solution for T in the equation $3T + 225 = 6T + 60$?
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What term describes variables not accounted for in a model?
What term describes variables not accounted for in a model?
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What is the opportunity cost of attending the Beyonce concert given you would pay $150 to see Lady Gaga, who costs $85?
What is the opportunity cost of attending the Beyonce concert given you would pay $150 to see Lady Gaga, who costs $85?
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When the price of oranges increases, what happens to the quantity supplied of bottled orange juice?
When the price of oranges increases, what happens to the quantity supplied of bottled orange juice?
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Is the statement 'If peanut butter rises in price, this will decrease the demand for jelly' true or false?
Is the statement 'If peanut butter rises in price, this will decrease the demand for jelly' true or false?
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If the cost of labor for making Nintendo Switch reduces, what will happen to the demand curve for the console?
If the cost of labor for making Nintendo Switch reduces, what will happen to the demand curve for the console?
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What is expected to happen to cereal's equilibrium price and quantity when the price of milk rises and the price of wheat falls?
What is expected to happen to cereal's equilibrium price and quantity when the price of milk rises and the price of wheat falls?
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What happens to demand when the price of a complement rises?
What happens to demand when the price of a complement rises?
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Which type of good is characterized by a negative income elasticity of demand?
Which type of good is characterized by a negative income elasticity of demand?
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During an economic recession, buying used furniture instead of new furniture shows an increase in demand for what type of good?
During an economic recession, buying used furniture instead of new furniture shows an increase in demand for what type of good?
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What is the effect on total revenue if the price elasticity of demand is -1.4 and the price of the product is lowered?
What is the effect on total revenue if the price elasticity of demand is -1.4 and the price of the product is lowered?
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If consumers are unresponsive to changes in price, what is the most accurate statement about their purchasing behavior?
If consumers are unresponsive to changes in price, what is the most accurate statement about their purchasing behavior?
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If the quantity demanded of lawn fertilizer remains unchanged when sandwich prices rise, what is the relationship between these two products?
If the quantity demanded of lawn fertilizer remains unchanged when sandwich prices rise, what is the relationship between these two products?
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How much can a consumer expect to pay for a television set once a $5 excise tax is imposed, assuming standard conditions in a market?
How much can a consumer expect to pay for a television set once a $5 excise tax is imposed, assuming standard conditions in a market?
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Which good is most likely to be considered elastic based on the specificity of its market definition?
Which good is most likely to be considered elastic based on the specificity of its market definition?
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What is the correct calculation of opportunity cost for Rodrigo who spent $30 on streaming and gave up 8 hours of work at $15/hour?
What is the correct calculation of opportunity cost for Rodrigo who spent $30 on streaming and gave up 8 hours of work at $15/hour?
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Which of the following pairs of goods is expected to have a negative cross-price elasticity of demand?
Which of the following pairs of goods is expected to have a negative cross-price elasticity of demand?
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Which statement accurately reflects the concept of scarcity?
Which statement accurately reflects the concept of scarcity?
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What is the income elasticity of demand for ham if Anita's income increases by 60% but her quantity demanded for ham decreases by 15%?
What is the income elasticity of demand for ham if Anita's income increases by 60% but her quantity demanded for ham decreases by 15%?
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If the price of orange juice increases and apple juice is a substitute, what can we expect to happen?
If the price of orange juice increases and apple juice is a substitute, what can we expect to happen?
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How many hours should Julia work given her payment rate and marginal costs?
How many hours should Julia work given her payment rate and marginal costs?
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In a case where the supply of apples is reduced due to a bad harvest, what impact can be expected on the market for orange juice, which is a substitute?
In a case where the supply of apples is reduced due to a bad harvest, what impact can be expected on the market for orange juice, which is a substitute?
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The statement 'It assumes all possible variables have been included in the model.' is referring to which concept?
The statement 'It assumes all possible variables have been included in the model.' is referring to which concept?
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What happens to demand for an inferior good during times of economic hardship?
What happens to demand for an inferior good during times of economic hardship?
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What happens to producer surplus in the market for orange juice when there is a decrease in the supply of apples?
What happens to producer surplus in the market for orange juice when there is a decrease in the supply of apples?
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Which type of goods should the government tax to minimize deadweight loss?
Which type of goods should the government tax to minimize deadweight loss?
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How does a tax on private properties with large natural-grass lawns affect the demand for lawn fertilizer?
How does a tax on private properties with large natural-grass lawns affect the demand for lawn fertilizer?
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What is the total surplus in the market for bananas, given the willingness to pay of Miles and Meghan and the costs for farmers?
What is the total surplus in the market for bananas, given the willingness to pay of Miles and Meghan and the costs for farmers?
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What effect does a decrease in consumer surplus in the market for apple juice have on producer surplus in the market for orange juice?
What effect does a decrease in consumer surplus in the market for apple juice have on producer surplus in the market for orange juice?
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If demand for a product is inelastic, how do consumers typically respond to an increase in price?
If demand for a product is inelastic, how do consumers typically respond to an increase in price?
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In the context of market dynamics, what does the term 'total surplus' refer to?
In the context of market dynamics, what does the term 'total surplus' refer to?
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How does a decrease in the supply of apples impact the consumer surplus for oranges?
How does a decrease in the supply of apples impact the consumer surplus for oranges?
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What happens to the demand for hamburgers when the price of fries increases?
What happens to the demand for hamburgers when the price of fries increases?
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Which statement best describes the effect of a hurricane destroying a banana crop?
Which statement best describes the effect of a hurricane destroying a banana crop?
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If the price elasticity of demand for Dunkin Donuts is -1.5, what does this indicate?
If the price elasticity of demand for Dunkin Donuts is -1.5, what does this indicate?
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What will be the percentage increase in sales at Dunkin Donuts if the price of gasoline decreases by 8%?
What will be the percentage increase in sales at Dunkin Donuts if the price of gasoline decreases by 8%?
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Calculate the price elasticity of demand for flat whites if the price rises from $4 to $8 and quantity demanded drops from 1,000 to 500.
Calculate the price elasticity of demand for flat whites if the price rises from $4 to $8 and quantity demanded drops from 1,000 to 500.
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What characterizes Dirk’s demand for lattes given that he will always spend $10 a week?
What characterizes Dirk’s demand for lattes given that he will always spend $10 a week?
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After consumers are taxed $6, what is the consumer surplus calculated?
After consumers are taxed $6, what is the consumer surplus calculated?
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What is the effect of new technology being developed on the supply curve?
What is the effect of new technology being developed on the supply curve?
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Study Notes
Exam 1 Annotated Answer Key
- Annotated answer key for ECO 304K Exam 1, Version AC
- Provided explanations for most questions to help students understand the answers
- Multiple-choice and short-answer questions included
Multiple-Choice Answers
- List of multiple-choice questions and their corresponding answers (1-17)
- Each question has a letter option (A-D) as the answer
Short Answers
- List of short answer questions and their corresponding answers (33-40)
- Answer options for multiple-choice questions (35)
- Questions about economic concepts: opportunity cost, equilibrium, elasticity, taxes, etc.
- Formulas or equations included in some answers
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Description
This quiz covers essential economics concepts including incentives, ceteris paribus, trade-offs, and opportunity cost. It also addresses the requirements for the final exam based on the completion of earlier exams. Test your understanding of these fundamental principles in economics!
