Question 1

The following table provides the costs (Cost A and Cost B)and the benenfits associated with each unit of activity
-The additional benefit of consuming two rather than just one unit of activity is
A) $50.
B) $100.
C) $110
D) $150.
E) $180

Accepted Answer

The answer of The following table provides the costs (Cost...

Question 2

The following table provides the costs (Cost A and Cost B)and the benenfits associated with each unit of activity
-Consider the Benefit column.As additional units of the activity are undertaken,which of the following statements is the most appropriate?
A) The benefit is rising by increasing marginal amounts.
B) The benefit is rising by decreasing marginal amounts.
C) The benefit is rising by constant marginal amounts.
D) The benefit is changing erratically with no obvious pattern.
E) The benefit is falling by constant marginal amounts.

Accepted Answer

The benefit is rising by decreasing marginal amounts, as each additional unit of activity results in a smaller increase in benefit compared to the previous unit.

Question 3

Sharon,a marketing major,has her first economics test and her first finance test to take tomorrow and she has four hours tonight to allocate to studying the two subjects.The data below show her scores on the two tests based on the time spent studying.(Hint: Studying economics for 0 hours means studying finance for 4 hours. )
 
-Spending 3 hours on economics and 1 hour on finance would be __________ because __________.
A) the best use of resources;the economics score is higher.
B) not the best use of resources;the improvement in economics is 3 points but the decline in finances is 7 points
C) the best use of resources;the finance score is still passing.
D) not the best use of resources;the economics score exceeds the finance score.
E) the best use of resources;she really understands economics.

Accepted Answer

Spending more time on economics results in a smaller gain compared to the larger loss in finance, making it inefficient.

Question 4

Sharon,a marketing major,has her first economics test and her first finance test to take tomorrow and she has four hours tonight to allocate to studying the two subjects.The data below show her scores on the two tests based on the time spent studying.(Hint: Studying economics for 0 hours means studying finance for 4 hours. )
 
-The benefit of spending an extra hour studying economics is
A) the resulting test score.
B) the resulting increase in the test score.
C) the resulting test score divided by hours spent studying.
D) increasing.
E) constant.

Accepted Answer

According to the table, increasing the time spent studying economics by one hour leads to an increase of 7 points in the economics test score. Therefore, the benefit of spending an extra hour studying economics is the resulting increase in the test score. As for finance, the benefit of spending an extra hour studying is not provided in the given data.

Question 5

-The average benefit (average donation)with 4 employees is
A) $13,222.
B) $15,000.
C) $16,748.
D) $18,883.
E) $19,915.

Accepted Answer

The answer of 
-The average benefit (average donation)with 4 employees...

Question 6

The following table provides the costs (Cost A and Cost B)and the benenfits associated with each unit of activity
 
-If the activity in question is yearly fishing trips,which of the following is an appropriate example of Cost B?
A) Money spent on a new,durable summer hat.
B) The annual parking fee at the fishing port.
C) Money spent on repairing the fishing boat.
D) Money spent on worms and tackle.
E) An annual fishing licencE.

Accepted Answer

The answer of The following table provides the costs (Cost...

Question 7

The following table provides the costs (Cost A and Cost B)and the benenfits associated with each unit of activity
-From the second unit of activity,the marginal benefit exceeds the marginal cost by
A) $10.
B) $20.
C) $40.
D) $50.
E) $150.

Accepted Answer

We can see from the table that the marginal benefit exceeds the marginal cost by $40 from the second unit of activity onwards. Therefore, it would be best to choose any unit of activity beyond the first one, as the marginal benefit exceeds the marginal cost by a significant amount. Choosing the first unit would result in a lower overall benefit-cost ratio.

Question 8

The following table provides the costs (Cost A and Cost B)and the benenfits associated with each unit of activity
 
-If the activity in question is yearly fishing trips,which of the following is the most appropriate example of Cost A?
A) A new,durable sun hat and a new fishing rod.
B) Worms and tackle for fishing.
C) Food and drinks during trips.
D) Cold beer and bottled water bought during trips.
E) Expenses on boat launching and marine gasolinE.

Accepted Answer

A new, durable sun hat and a new fishing rod are both durable goods that will last for multiple fishing trips, making them a Cost A expense.

Question 9

The following table provides the costs (Cost A and Cost B)and the benenfits associated with each unit of activity
-The average benefit of 5 units of activity is
A) $41.
B) $50.
C) $60.
D) $75.
E) $100.

Accepted Answer

The average benefit of 5 units of activity is $41. This is calculated by dividing the total benefit of $205 by the number of units of activity, which is 5.

Question 10

Sharon,a marketing major,has her first economics test and her first finance test to take tomorrow and she has four hours tonight to allocate to studying the two subjects.The data below show her scores on the two tests based on the time spent studying.(Hint: Studying economics for 0 hours means studying finance for 4 hours. )
 
-The cost of spending an extra hour studying economics is
A) falling.
B) the resulting test score in finance.
C) constant.
D) the resulting decrease in the finance test score.
E) missing an hour's worth of TV.

Accepted Answer

The answer of Sharon,a marketing major,has her first economics test...

Question 11

-Total donations raised by three employees are
A) $43,899.
B) $45,000.
C) $48,911.
D) $51,963.
E) $57,721.

Accepted Answer

The answer of 
-Total donations raised by three employees are
A)...

Question 12

The following table provides the costs (Cost A and Cost B)and the benenfits associated with each unit of activity
-The additional cost of consuming three rather than two units of activity is
A) $10.
B) $20.
C) $30.
D) $40.
E) $50.

Accepted Answer

The additional cost of consuming three units instead of two is the difference between the cost at three units and the cost at two units. If Cost A and Cost B are provided for each unit, you need to calculate the total cost for two units and for three units, then find the difference. Based on the options, the difference is $20.

Question 13

Sharon,a marketing major,has her first economics test and her first finance test to take tomorrow and she has four hours tonight to allocate to studying the two subjects.The data below show her scores on the two tests based on the time spent studying.(Hint: Studying economics for 0 hours means studying finance for 4 hours. ) -The sequence of marginal costs from the 1^st to the 4^th hour of economics studying is A) 30,29,27,20. B) 79,77,70,50. C) 1,2,7,20. D) -1,-2,-7,-20. E) 1,3,10,30.

Accepted Answer

Marginal cost typically increases as more hours are spent studying, reflecting increasing opportunity costs or diminishing returns.

Question 14

Sharon,a marketing major,has her first economics test and her first finance test to take tomorrow and she has four hours tonight to allocate to studying the two subjects.The data below show her scores on the two tests based on the time spent studying.(Hint: Studying economics for 0 hours means studying finance for 4 hours. )
 
-To efficiently allocate her 4 hours of study time,Sharon should seek to maximize the
A) economics test score.
B) difference in the two test scores.
C) finance test score.
D) combined test scores.
E) economics test score first and then the finance test scorE.

Accepted Answer

To maximize her overall performance on both tests, Sharon should aim to maximize her combined test scores. This means she should allocate her study time in a way that maximizes her scores on both tests, rather than focusing on just one subject or trying to maximize the difference between her two scores.

Question 15

Sharon,a marketing major,has her first economics test and her first finance test to take tomorrow and she has four hours tonight to allocate to studying the two subjects.The data below show her scores on the two tests based on the time spent studying.(Hint: Studying economics for 0 hours means studying finance for 4 hours. )
 
-To maximize her combined test scores,Sharon should study economics for __________ hours and finance for __________ hours.
A) 2;2
B) 1;3
C) 3;1
D) 0;4
E) 4;0

Accepted Answer

The answer of Sharon,a marketing major,has her first economics test...

Question 16

The following table provides the costs (Cost A and Cost B)and the benenfits associated with each unit of activity
 
-If the activity in question is annual skiing trips for an expert skier,which of the following is the most appropriate example for Cost B?
A) Ski-lift tickets at different resorts.
B) Money spent on a new ski outfit.
C) A new ski hat.
D) Wages that the ski resort spent on ski-lift operators.
E) Expenses on a winter tune up for the skier's car.

Accepted Answer

Ski-lift tickets are a recurring cost directly associated with the skiing activity, making them an appropriate example of Cost B for annual skiing trips.

Question 17

Sharon,a marketing major,has her first economics test and her first finance test to take tomorrow and she has four hours tonight to allocate to studying the two subjects.The data below show her scores on the two tests based on the time spent studying.(Hint: Studying economics for 0 hours means studying finance for 4 hours. ) -The sequence of marginal benefits from the 1^st to the 4^th hour of economics studying is A) 12,4.5,1,-5. B) 77,86,89,91. C) 26,14,5,2. D) 12,21,24,26. E) 12,9,3,2.

Accepted Answer

The answer of Sharon,a marketing major,has her first economics test...

Question 18

The following table provides the costs (Cost A and Cost B)and the benenfits associated with each unit of activity
-Which of the following statements is correct?
A) The total benefit exceeds the total cost for all units of activity.
B) Each of the five units of activity yields the same total benefit.
C) Each of the five units of activity yields the same average benefit.
D) Each additional unit of activity yields the same marginal benefit.
E) Each additional unit of activity yields more and more additional benefit.

Accepted Answer

The total benefit exceeds the total cost for all units of activity.

Question 19

The following table provides the costs (Cost A and Cost B)and the benenfits associated with each unit of activity
 
-If the activity in question is ski trips for a novice skier,which of the following is the most appropriate example of Cost A?
A) Ski rental each trip.
B) Purchase of second-hand skis.
C) Ski lift tickets.
D) Food and drinks bought at the ski resort.
E) Wages for the ski-lift operator.

Accepted Answer

The answer of The following table provides the costs (Cost...

Question 20

The following table provides the costs (Cost A and Cost B)and the benenfits associated with each unit of activity
-The average benefit of 3 units of activity is
A) $41.
B) $50.
C) $60.
D) $75.
E) $100.

Accepted Answer

To find the average benefit of 3 units of activity, sum the benefits of the 3 units and divide by 3. If the total benefit for 3 units is $180, then the average benefit is $180/3 = $60.

Quiz 1: Measuring Macroeconomic Performance: Output and Prices

The following table provides the costs (Cost A and Cost B) and the benenfits associated with each unit of activity -The additional benefit of consuming two rather than just one unit of activity is

The following table provides the costs (Cost A and Cost B) and the benenfits associated with each unit of activity -Consider the Benefit column.As additional units of the activity are undertaken,which of the following statements is the most appropriate?

-The average benefit (average donation) with 4 employees is

The following table provides the costs (Cost A and Cost B) and the benenfits associated with each unit of activity -If the activity in question is yearly fishing trips,which of the following is an appropriate example of Cost B?

The following table provides the costs (Cost A and Cost B) and the benenfits associated with each unit of activity -From the second unit of activity,the marginal benefit exceeds the marginal cost by

The following table provides the costs (Cost A and Cost B) and the benenfits associated with each unit of activity -If the activity in question is yearly fishing trips,which of the following is the most appropriate example of Cost A?

The following table provides the costs (Cost A and Cost B) and the benenfits associated with each unit of activity -The average benefit of 5 units of activity is

-Total donations raised by three employees are

The following table provides the costs (Cost A and Cost B) and the benenfits associated with each unit of activity -The additional cost of consuming three rather than two units of activity is

The following table provides the costs (Cost A and Cost B) and the benenfits associated with each unit of activity -If the activity in question is annual skiing trips for an expert skier,which of the following is the most appropriate example for Cost B?

The following table provides the costs (Cost A and Cost B) and the benenfits associated with each unit of activity -Which of the following statements is correct?

The following table provides the costs (Cost A and Cost B) and the benenfits associated with each unit of activity -If the activity in question is ski trips for a novice skier,which of the following is the most appropriate example of Cost A?

The following table provides the costs (Cost A and Cost B) and the benenfits associated with each unit of activity -The average benefit of 3 units of activity is