= ID I igastalexiewusg'edu (I o 'm ET] Module 2 - Thinking Like an Economist (Practice) x Est. Length: 1:00:00 Time Taken:0:03:29 Anna Gong: Attempt 2 Page 1: Preview Page Next Page Page 2 of 2 1 I I main questions Page 2. Question 2 {1 point) 2 3 4 I '3 Listen Dr : : : Choose the one that best complete the following sentence. Economic Disincentives _ 5 6 7 __ '/ __ : T I O guarantees your behavior _ _ _ 0 have nothing to do with economics 11 12 13 \" \" " O encourage behavior 14 15 16 0 discourage behavior 17 __ Question 3 {1 point) I '3 Listen D Which of the following statements is correct? a. Consumers rent more Jet Skis from a vendor that rents jet skis at a lower price ^ gastate.view.usg.edu Mi Inbox (1,538... Student Das. C Chegg Search WP Calendar B Week 1 - Ou.. B Quizzes - P. *Course Hero G Choose the. Start Page Module 2 - Thinking Like an Economist (Practice) X Est. Length: 1:00:00 Time Taken:0:03:34 Anna Gong: Attempt 2 Page 1: O discourage behavior Question 3 (1 point) Page 2: () Listen 2 3 4 Which of the following statements is correct? 5 6 7 a. Consumers rent more Jet Skis from a vendor that rents jet skis at a lower price than other jet ski vendors along Tybee beach. V b. Farmers produce more cotton when its selling price falls. c. Stores do not take steps to increase security even though they believe it is more 9 10 costly to allow thefts than to install security monitoring equipment. -- 13 Oa and b. 12 Ob only. 14 15 16 -- O a only. 17 O conly. Question 4 (1 point) ) ListenD i gastalexiewusg'edu 6 Module 2 - Thinking Like an Economist (Practice) Est. Length: 1:00:00 Time Taken:0:03:42 Anna Gong: Attempt 2 \\J 7 7 V 7' ' V Page 1: T O c only. v Page 2: Question 4 {1 point) 7 T T .dwmn > g g g That which we forgo, or give up, when we make a choice or decision is called _. 5 6 7 - \\/ -- O Marginal cost a 9 10 O Sunk cost 11 12 13 O Out-of-pocket cost _ _ _ O Opportunity cost 14 15 16 _ Question 5 {1 point) 17 I '3 Listen b Which of the following is NOT an opportunity cost of your decision to attend college? 0 The sleep you could have had if you did not go to class. ^ gastate.view.usg.edu Mi Inbox (1,538... Student Das. C Chegg Search WP Calendar B Week 1 - Ou. B Quizzes - P. *Course Hero G Choose the. Start Page Module 2 - Thinking Like an Economist (Practice) X Est. Length: 1:00:00 Time Taken:0:04:00 Anna Gong: Attempt 2 Page 1: .) At least $YU,UUU. $45,000. Page 2: Question 7 (1 point) 2 3 4 Listen If someone can produce a good at a lower opportunity cost, she _ _ in producing 5 6 7 that good. V -- Experiences no marginal costs 9 10 Has an absolute advantage 12 13 Has a comparative advantage 14 15 16 None of the options. -- 17 Question 8 (1 point) () Listen Using all their resources, Allison can produce 1000 boats while Shawn can produce 800 boats. Therefore, Allison ^ gastate.view.usg.edu Mi Inbox (1,538... Student Das. C Chegg Search WP Calendar B Week 1 - Ou. B Quizzes - P. *Course Hero G Choose the. Start Page Module 2 - Thinking Like an Economist (Practice) X Est. Length: 1:00:00 Time Taken:0:04:40 Anna Gong: Attempt 2 Page 1: O $40 Page 2: Question 12 (1 point) 2 3 4 () Listen You have decided that you want to attend a costume party as your favorite Marvel 5 6 7 character. You estimate that it will cost $50 to assemble your costume. After V -- spending $50 on the costume, you realize that the additional pieces you need will cost you $15 more. The marginal cost of completing the costume is 9 10 O $50 12 13 O $65 O $15 14 15 16 -- $35 17 Question 13 (1 point) )Listen Tyga has been eating ice cream all day for that cost $7 per scoop. Now, he wants another scoop of mint chip ice cream and he is willing to pay $10 for it. What is the(I )I = I D H igastalexiewmsg'edu (3] o I m I IIIJ Module 2 - Thinking Like an Economist (Practice) x Est. Length: 1:00:00 Time Taken:0:04:47 Anna Gong: Attempt 2 v 1"- Page 1: T 0 $35 v \"39 2: Question 13 (1 point) 2 3 4 I 13 Listen I g g g Tyga has been eating ice cream all day for that cost $7 per scoop. Now, he wants 5 6 7 another scoop of mint chip ice cream and he is willing to pay $10 for it. What is the __ __ marginal benet of this additional scoop of ice cream to Tyga? a 9 10 0 $10 O$3 11 12 13 __ __ __ 0 $7 14 15 16 __ __ __ 0 $17 17 __ Question 14 (1 point) I '3 Listen I Kavita is a painter and it costs her $800 to make a painting. She sold her first painting today for $900. Later in the day, she sold her second painting for $4,000. What is Kavita's total revenue for the day? ^ gastate.view.usg.edu Mi Inbox (1,538... Student Das. C Chegg Search WP Calendar B Week 1 - Ou. B Quizzes - P. *Course Hero G Choose the. Start Page Module 2 - Thinking Like an Economist (Practice) X Est. Length: 1:00:00 Time Taken:0:05:02 Anna Gong: Attempt 2 Page 1: $4,000 Question 15 (1 point) Page 2: () Listen 2 3 4 Gabriella is a sculpter and it costs her $400 to make a sculpture. She sold her first sculpture today for $3,000. Later in the day, she sold her second sculpture for 5 6 7 $7,000. What is Gabriella's marginal revenue from selling the second sculpture? V -- $7,000 9 10 $10,000 12 13 $3,000 14 15 16 O $400 -- 17 Question 16 (1 point) ) Listen involves undertaking an activity until its marginal benefits equal marginal costs. O Marginal analysis
