Eco 550 Week 2 Chapter 1 & 2 Quiz 1

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ECO 550 Week 2 Chapter 1 & 2 Quiz 1

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ECO 550 Week 2 Chapter 1 & 2 Quiz 1

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Question 1

1. 1. When multiple facts about a sample set are known, a(n) _____ heuristic makes the choice on the basis of the first category of facts in which the samples differ.
2. 1. Which of the following products can be sold through mass advertising?
3. 1. A model of choice in economics starts by assuming that:
4. 1. _____ is an online venue where businesses and individuals can hedge their uncertainty about whether legislation that affects them will be enacted.
5. 1. _____ have the ability to recognize constraints and may choose to incur the costs of altering them.
6. 1. Assume that a cargo ship carrying the merchandise of a cloth merchant has been wrecked. Such a setback will be accounted as the merchant’s:
7. 1. Publicly available data on production costs and box office revenues reflect that:
8. 1. The different methods by which the sellers inform their potential buyers about the product is called:
9. 1. The math and graphics used in economics help us better understand the logic of:
10. 1. The assumption of rationality in economics implies that:
11. 1. Which of the following is a root cause behind competition inherent in every society?
12. 1. The costs which can be avoided if we alter our decisions or choices are referred to as:
13. 1. When a researcher evaluates the probability of an event by looking at how representative the sample is of the population of interest instead of the entire population, he is using:
14. 1. Utility is a(n) _____ measure of wellbeing of a person.
15. 1. Since people’s incomes are limited and their abilities to borrow differ they face _____ constraints.
16. 2. Which of the following is an example of market governance?
17. 2. The economic value which can be created by a transaction between two people, Ed (seller) and Luis (buyer), is $50 as Ed’s opportunity cost of selling is $135 and Luis’ valuation of the good is $185. If each gains $25 from this transaction, which of the following conclusions can be drawn?
18. 2. In the example of Ireland described in the text, the country’s production set shifted outward over time because:
19. 2. When the slope of a country’s production set declines, it implies:Answer
20. 2. _____ determine the efficient pattern of specialization in production.Answer
21. 2. Megan, an analyst in Ronald’s team called in sick on a day when 4 projects were due for completion. Ronald divided Megan’s work between the remaining six team-members. Which form of governance is being used here?
22. 2. Prices play a smaller role in _____, in contrast to other modes of governance like _____ and _____.
23. 2. If the production of 2,000 cars and 500 tons of corn during a year is economically efficient for a country which produces only these two products, which of the following conclusions can be drawn?
24. 2. If the transaction between you and the seller takes place at a price that equals your valuation of the product, then:
25. 2. The main reason Sears Roebuck became the largest retailer in the United States during the late nineteenth century was that:
26. 2. Trade between two parties is beneficial because:
27. 2. The function of economic institutions is to:
28. 2. Fiona and Alicia divide their time equally between ironing shirts and cooking meals. Fiona can iron 5 shirts and cook 2 meals in an hour. Alicia can iron 6 shirts and cook 1 meal in an hour. If they have to iron 15 shirts and cook 5 meals, who should specialize in which activity?
29. 2. Reducing _____ the benefits available to the buyer and seller and might also enable them to make exchanges that were previously impossible.
30. 2. The shares of the economic value of a particular transaction that accrues to the seller and the buyer depend on:

the buyer’s opportunity cost.

the relative bargaining powers of the two parties.

the cost of production incurred by the seller while producing the good.

the lobbying techniques adopted by the two parties.

Back 2

Question 1

1. 1. When multiple facts about a sample set are known, a(n) _____ heuristic makes the choice on the basis of the first category of facts in which the samples differ.
2. 1. Which of the following products can be sold through mass advertising?
3. 1. A model of choice in economics starts by assuming that:
4. 1. _____ is an online venue where businesses and individuals can hedge their uncertainty about whether legislation that affects them will be enacted.
5. 1. _____ have the ability to recognize constraints and may choose to incur the costs of altering them.
6. 1. Assume that a cargo ship carrying the merchandise of a cloth merchant has been wrecked. Such a setback will be accounted as the merchant’s:
7. 1. Publicly available data on production costs and box office revenues reflect that:
8. 1. The different methods by which the sellers inform their potential buyers about the product is called:
9. 1. The math and graphics used in economics help us better understand the logic of:
10. 1. The assumption of rationality in economics implies that:
11. 1. Which of the following is a root cause behind competition inherent in every society?
12. 1. The costs which can be avoided if we alter our decisions or choices are referred to as:
13. 1. When a researcher evaluates the probability of an event by looking at how representative the sample is of the population of interest instead of the entire population, he is using:
14. 1. Utility is a(n) _____ measure of wellbeing of a person.
15. 1. Since people’s incomes are limited and their abilities to borrow differ they face _____ constraints.
16. 2. Which of the following is an example of market governance?
17. 2. The economic value which can be created by a transaction between two people, Ed (seller) and Luis (buyer), is $50 as Ed’s opportunity cost of selling is $135 and Luis’ valuation of the good is $185. If each gains $25 from this transaction, which of the following conclusions can be drawn?
18. 2. In the example of Ireland described in the text, the country’s production set shifted outward over time because:
19. 2. When the slope of a country’s production set declines, it implies:Answer
20. 2. _____ determine the efficient pattern of specialization in production.Answer
21. 2. Megan, an analyst in Ronald’s team called in sick on a day when 4 projects were due for completion. Ronald divided Megan’s work between the remaining six team-members. Which form of governance is being used here?
22. 2. Prices play a smaller role in _____, in contrast to other modes of governance like _____ and _____.
23. 2. If the production of 2,000 cars and 500 tons of corn during a year is economically efficient for a country which produces only these two products, which of the following conclusions can be drawn?
24. 2. If the transaction between you and the seller takes place at a price that equals your valuation of the product, then:
25. 2. The main reason Sears Roebuck became the largest retailer in the United States during the late nineteenth century was that:
26. 2. Trade between two parties is beneficial because:
27. 2. The function of economic institutions is to:
28. 2. Fiona and Alicia divide their time equally between ironing shirts and cooking meals. Fiona can iron 5 shirts and cook 2 meals in an hour. Alicia can iron 6 shirts and cook 1 meal in an hour. If they have to iron 15 shirts and cook 5 meals, who should specialize in which activity?
29. 2. Reducing _____ the benefits available to the buyer and seller and might also enable them to make exchanges that were previously impossible.
30. 2. The shares of the economic value of a particular transaction that accrues to the seller and the buyer depend on:

the buyer’s opportunity cost.

the relative bargaining powers of the two parties.

the cost of production incurred by the seller while producing the good.

the lobbying techniques adopted by the two parties.

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ECO 550 Week 2 Chapter 1 & 2 Quiz 1

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ECO 550 Week 2 Chapter 1 & 2 Quiz 1

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