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ECON 200 UOFA Exam 1 Newest 2025 Complete 150 Questions And Correct Answers (Verified Answers) |Already Graded A+||Brand New!!
Looking to invest in his first pair of leather dress shoes, Sean is deciding between some Alden slip-ons and some Allen Edmonds wingtips. The Aldens are more expensive. What is included in the opportunity cost of buying the Aldens?
- the savings that would come from buying the wingtips
- the classic, snazzy look that comes with wearing wingtips
- the money that would be spent to buy the wingtips
- the pride that comes with wearing a pair of Alden shoes
- the no-lace convenience of slip-ons - ANSWER-correct:
- the savings that would come from buying the wingtips
- the classic, snazzy look that comes with wearing wingtips
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incorrect:
- the money that would be spent to buy the wingtips
- the pride that comes with wearing a pair of Alden shoes
- the no-lace convenience of slip-o
True or False: A commodity that buyers and sellers both have
will increase the efficiency of the market. - ANSWER-False
(Money is a commodity that buyers and sellers both want.)
A football game between the Thunder and the Sharks is in its closing minutes, with the Thunder ahead by 20 points. The Thunder's coach considers sending in the second-string quarterback. This would reduce the risk of the star quarterback getting injured, but the second-string quarterback is not very good. Complete the passage describing the coach's decision in economic terms.
The coach is weighing a slightly_____ risk of losing against a slightly decreased risk of injury to the star quarterback. This weighing of _____ is an example of _____ because the star quarterback was in for most of the game, and the coach's 2 / 4
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decision concerns_____ shifts in probabilities with the game nearly over.
marginal thinking large decreased incentives small trade-offs increased - ANSWER-The coach is weighing a slightly INCREASED risk of losing against a slightly decreased risk of injury to the star quarterback. This weighing of TRADE-OFFS is an example of MARGINAL THINKING because the star quarterback was in for most of the game, and the coach's decision concerns SMALL shifts in probabilities with the game nearly over.
In a _____ economy, transactions require that each party have something the other desires. _____ increases market _____ by serving as a common commodity everyone wants. Now a transaction requires only that the _____ have something the _____ desires and that the buyer have enough money to pay the seller's asking price. 3 / 4
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buyer money competitiveness efficiency barter seller - ANSWER-In a BARTER economy, transactions require that each party have something the other desires. MONEY increases market EFFICIENCY by serving as a common commodity everyone wants. Now a transaction requires only that the SELLER have something the BUYER desires and the buyer have enough money to pay the seller's asking price.
Eleanor works at a department store and is paid by the hour.When not at work, she likes to spend time reading at home.During the holiday season, Eleanor can work as many hours as she wants due to the increased customer traffic. The store recently increased her hourly wage. Complete the passage describing Eleanor's situation.
The increased hourly wage acts as _____ to work _____ hours.The wage increase causes the opportunity cost of reading at home to _____.
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