Economics Quiz Results: John Ray

Exam Results: John Ray

• Quiz Score: 15 out of 40
• Submission Date: September 18, 1:35 PM
• Attempt Duration: Less than 1 minute

Question 1

• Points Awarded: 0/1
• Incorrect Answer: There is no opportunity cost because you own the house
• Correct Answer: The opportunity cost is the rent you could have received from a tenant, had you not lived there. The opportunity cost is the potential income from renting the premises less mortgage payments and other associated costs.

Question 2

• Points Awarded: 0/1
• Incorrect Answer: Principle of opportunity cost, principle of diminishing returns, spillover principle
• Correct Answer: Marginal Principle: This is where the additional benefit of an activity equates with its associated cost.

Question 3

• Points Awarded: 1/1
• Statement: Chris produces 29 units of output per day for $5 each, with total costs of $200, given fixed costs included.
• Marginal Cost (MC) 29th unit: $5
• Marginal Cost (MC) 30th unit: $6
• Marginal Principle Conclusion: Produce 29 units per day.

Question 4

• Points Awarded: 1/1
• Definition: Microeconomics studies the interaction and decisions of individual households, firms, and governments within markets.

Question 5

• Points Awarded: 0/1
• Incorrect Answer: Marginal principle, reality principle
• Correct Answer: Principle of opportunity cost
• Explanation: The production possibility curve's negative slope results from opportunity cost – producing more of one good means sacrificing the opportunity to produce another.

Question 6

• Points Awarded: 0/1
• Incorrect Answer: Society has fixed resource amounts, the curve is negatively sloped
• Correct Answer: Resources are not perfectly adaptable.

Question 7

• Points Awarded: 1/1
• Incorrect Assumption: Any of the factors listed are held constant on a production possibility curve.
• Correct Answer: All of these factors (labor, capital, technology) are fixed on a production possibility curve – they aren't variables.

Question 8

• Points Awarded: 0/1
• Incorrect Answer: Impossible
• Correct Answer: Possible

Question 9

• Points Awarded: 1/1
• Efficient Points: Points along the production possibility curve represent efficient production using available resources fully.

Question 10

• Points Awarded: 1/1
• Attainable and Unachievable Points: Points along the production possibility frontier (PPF) are attainable and efficient, while points outside of it are not. Points within the PPF are attainable but not efficient.

Question 11

• Points Awarded: 0/1
• Incorrect Options: Purchases of gasoline, tolls and parking fees, car insurance.
• Correct Answer: None of the above are implicit costs.

Question 12

• Points Awarded: 0/1
• Incorrect Answer: Included options (No details in the data).

Question 13

• Points Awarded: 1/1
• Diminishing Returns: Diminishing returns occur between the third and fourth worker.

Question 14

• Points Awarded: 0/1
• Incorrect Answer: Period of diminishing returns, period of marginal costs, short run, and period of variable production.
• Correct Answer: Long run

Question 15

• Points Awarded: 0/1
• Incorrect Answer: In short run or either.
• Correct Answer: In the long run.

Question 16

• Points Awarded: 0/1
• Incorrect Answer: Market advantage, absolute advantage, specialization advantage.
• Correct Answer: Comparative advantage.

Question 17

• Points Awarded: 0/1
• Incorrect Answer: Options (No details in the question)
• Correct Answer: Options (No details in the question)

Question 18

• Points Awarded: 1/1
• Market Exchanges: The input/factor market and the output market

Question 19

• Points Awarded: 1/1
• Household Function: Translate payments for inputs into payments for products.

Question 20

• Points Awarded: 0/1
• Incorrect Answer: Options (No details in the question)
• Correct Answer: Translate inputs for production into products supplied.

Question 21

• Points Awarded: 0/1
• Comparative Advantage Determination: Option to calculate requires information on exchange rate.

Question 22

• Points Awarded: 1/1
• Absolute Advantage: Charlie has an absolute advantage only in producing peaches.

Question 23

• Points Awarded: 1/1
• Opportunity Cost Calculation: Charlie's opportunity cost for producing one peach is 1/7 units of cream.

Question 24

• Points Awarded: 1/1
• Opportunity Cost Calculation: Charlie's opportunity cost of producing one unit of cream is 7 peaches.

Question 25

• Points Awarded: 0/1
• Opportunity Cost Calculation: Hamilton's opportunity cost for producing one cream is 2 units of peach.

Question 26

• Points Awarded: 0/1
• Comparative Advantage Determination: Hamilton has neither an absolute nor a comparative advantage in peach production.

Question 27

• Points Awarded: 0/1
• Excess Demand or Supply: Excess demand of 20 sweaters.

Question 28

• Points Awarded: 0/1
• Excess Demand or Supply: Excess supply of 40 sweaters

Question 29

• Points Awarded: 0/1
• Price and Quantity Change Prediction: Excess supply of 40 sweaters.

Question 30

• Points Awarded: 1/1
• Normal Good: Peanuts are a normal good; demand increases with income.

Question 31

• Points Awarded: 0/1
• Equilibrium Price Change Prediction: Equilibrium price of lettuce will rise, and the equilibrium price of spinach will rise.

Question 32

• Points Awarded: 0/1
• Price and Quantity Change Prediction: Equilibrium quantity of corn will fall, and the price will rise.

Question 33

• **Points Awarded:**0/1
• Price and Quantity Change Prediction: Equilibrium quantity of orange juice will fall, and the price will rise.

Question 34

• Points Awarded: 1/1
• Price and Quantity Change Prediction: The quantity of product will fall, and the price will increase.

Review the exam results and performance of John Ray in his recent economics quiz. This quiz covered concepts such as opportunity cost and marginal principles, highlighting areas of misunderstanding and correct responses.