MyLab and Mastering x 5 Confirmation | Pearson MyLab x _Course Home x Dynamic Study Modules - Lear X Physical Capital Definition x CourseObjectivesWeek1& Lectu x + C ( kf1.amplifire.com/amp/#s/learn-app/hf/assignment/FK6RMKPRU P Pearson return Edward Do Learning: Ch 1: Economics Foundations and Models LEARN QUESTION REVIEWING 3 OF 3 ANSWER CORRECT YOU WERE UNSURE AND CORRECT One of the first steps in deciding whether to complete your education is to: evaluate the marginal cost and marginal benefit of that decision. evaluate the total amount of your investment up to this point. ooo e consider only the easiest options at a given point in time. DON'T KNOW YET WHAT YOU NEED TO KNOW One of the first steps in deciding whether to complete your education is to evaluate the marginal cost and marginal benefit of that decision. Economists think on the margin. In other words, evaluate the cost of completing your degree from this point forward. Compare that cost to the benefits you will receive if you complete your degree such as the increase in lifetime earnings for college graduates. If the marginal cost is less than the marginal benefits, then you should complete the degree. Additional Learning 8 previous keep going5 Confirmation | Pearson MyLab x Course Home X PracticeQuiz 1ECON1: Sp23 EC( x Physical Capital Definition x CourseObjectivesWeek1&Lectu x + deanza.instructure.com/courses/29543/quizzes/210868 Submitted Apr 20 at 3:18am Spring 2023 This attempt took 11 minutes. Account Home Question 1 Dashboard Announcements Zoom The central idea in Economics is that of Courses Syllabus Modules Calendar MyLab and You Answered Eh Mastering Resources are scarce and wants are limited. Inbox Grades The study of government fiscal and monetary policy. Discussions History Resources are scarce and wants are unlimited. Smarthinking O a. Inflation, Unemployment and Growth Studio (?) Help Question 2 John is interested in pursuing higher studies to improve his chances of getting employment. John is currently unemployed and his time value is assigned a value of $1000 per year. His friend Jenny is working in the industry and earning about $30k per year. She wishes to change her career. They both wish to study in the college where tuition fees are $6000 per year. Given this information, which of the statements is true? The Opportunity cost for both the prospective students is the same. You Answered Jenny's opportunity cost of attending the University is more than that of John John's Opportunity cost is more than that of Jenny K5 Confirmation | Pearson MyLab x _Course Home X PracticeQuiz 1ECON1: Sp23 EC( X Physical Capital Definition x CourseObjectivesWeek1&Lectu x + ( deanza.instructure.com/courses/29543/quizzes/210868 Spring 2023 Question 5 Account Home Dashboard Announcements Consider two individuals, Bob and Jane, who produce carrots and bananas. The Zoom following table shows how much of each good Bob and Jane can produce in one hour. Jane's opportunity cost of one carrot is: Courses Syllabus Modules Calendar MyLab and Carrots/hour Bananas/hour Eh Mastering Bob 6 Inbox Grades Discussions Jane/3 History Smarthinking 6 bananas Studio (?) You Answered 1/3 bananas Help 3/2 bananas 4 bananas Question 6 Answer the next question using the following schedule comparing output per worker for coconuts and fish in the Isle of Blue. Bushels of Coconuts Number of Fish Crusoe 10 K What is Crusoe's opportunity cost of producing one coconut? What is Crusoe's opportunity cost of producing one fish?5 Confirmation | Pearson MyLab x Course Home X PracticeQuiz 1ECON1: Sp23 EC( X Physical Capital Definition x CourseObjectivesWeek1&Lectu x + ( deanza.instructure.com/courses/29543/quizzes/210868 Question 6 Spring 2023 Account Home Answer the next question using the following schedule comparing output per worker Dashboard Announcements for coconuts and fish in the Isle of Blue Zoom Bushels of Coconuts Number of Fish Courses Syllabus Modules Crusoe 10 Calendar MyLab and Eh Mastering Inbox What is Crusoe's opportunity cost of producing one coconut? What is Crusoe's Grades opportunity cost of producing one fish? Discussions History Smarthinking Studio You Answered O The opportunity cost of one coconut is 1/10 fish. The opportunity cost of one fish is 10 (?) coconuts Help O The opportunity cost of one coconut is 10 fish. The opportunity cost of one fish is 1/10 coconut O The opportunity cost of one coconut is 10 fish. The opportunity cost of one fish is one coconut O The opportunity cost of one coconut is 10 fish. The opportunity cost of one fish is one coconut. - Question 7 K5 Confirmation | Pearson MyLab x Course Home X PracticeQuiz 1ECON1: Sp23 EC( X Physical Capital Definition x CourseObjectivesWeek1&Lectu x + ( deanza.instructure.com/courses/29543/quizzes/210868 Spring 2023 Question 7 Account Home Dashboard Announcements "Intermediate goods and services are Zoom Courses Syllabus Modules Counted in Gross Domestic Product (GDP) Calendar MyLab and Eh Mastering O Counted in National Income but not in GDP Inbox Grades 1 You Answered Not Counted in GDP to avoid double counting Discussions History Not counted because they have no value to consumers Smarthinking Studio (?) Help Question 8 Suppose there is some unemployment in the economy and society decides that it wants more of one good. Which of the following statements is true? It is not possible to achieve this unless technology advances. It can increase output without giving up another good by employing more resources O It will have to experience economic growth. You Answered It will have to give up production and consumption of some other good. Question 9 K5 Confirmation | Pearson MyLab x Course Home X PracticeQuiz 1ECON1: Sp23 EC x Physical Capital Definition x CourseObjectivesWeek1&Lectu x + ( deanza.instructure.com/courses/29543/quizzes/210868 Question 9 Spring 2023 Account Home Economics is an empirical science, which means that economists Dashboard Announcements Zoom Courses Syllabus must use laboratory experiments to test their theories Modules Calendar MyLab and evaluate a model or theory by whether its assumptions are valid or not. Eh Mastering Inbox try to prove their models are true by referring to logic Grades Discussions You Answered look for evidence in the real world to determine whether the model is useful or not History Smarthinking Studio (?) Question 10 Help 8 8 8 Tons of manufactured products per year 300 On the production possibilities In Tons of Agricultural products per year the curve in Figure 2.1 the opportunity costs of increasing agricultural production from 200 tons to 400 tons is E .- 600 tons of manufacturing products You Answered 500 tons of manufacturing products K 200 tons of manufacturing products.5 Confirmation | Pearson MyLab x _Course Home X PracticeQuiz1ECON1: Sp23 EC( x Physical Capital Definition x CourseObjectivesWeek1&Lectu x + ( deanza.instructure.com/courses/29543/quizzes/210868 Spring 2023 Account Home Announcements Question 10 Dashboard Zoom Courses Syllabus Modules Calendar MyLab and Eh Mastering Tons of manufactured products per year 300 On the production possibilities In Inbox Grades Discussions History Tons of Agricultural products per year Smarthinking the curve in Figure 2.1 the opportunity costs of increasing agricultural production from 200 tons to 400 tons is Studio (?) Help 600 tons of manufacturing products You Answered 500 tons of manufacturing products 200 tons of manufacturing products. 100 tons of manufacturing products Question 11 Investment, as defined by economists, would not include which of the following? Ford K buys a new robotic machine (from a plant in Ohio) to assemble cars.5 Confirmation | Pearson MyLab x _Course Home X PracticeQuiz 1ECON1: Sp23 EC x Physical Capital Definition x | CourseObjectivesWeek1& Lectu x + ( deanza.instructure.com/courses/29543/quizzes/210868 Spring 2023 Account Question 11 Home Dashboard Announcements Zoom Investment, as defined by economists, would not include which of the following? Ford Courses Syllabus Modules Calendar MyLab and O buys a new robotic machine (from a plant in Ohio) to assemble cars. Eh Mastering Inbox O adds 1,000 new cars to inventories. Grades Discussions builds another assembly plant in the United States History Smarthinking You Answered O buys U.S. government bonds Studio (?) Help Question 12 Which of the following transactions would be included in the official calculation of GDP A student buys a used textbook at the bookstore. You Answered Firestone sells $2 million worth of tires to General Motors O You wash and wax your father's car as a favor to him O You buy a new iPod K Question 135 Confirmation | Pearson MyLab x _Course Home X PracticeQuiz1ECON1: Sp23 EC( x Physical Capital Definition x |CourseObjectivesWeek1&Lectu x + ( deanza.instructure.com/courses/29543/quizzes/210868 Spring 2023 Account Home Dashboard Announcements Question 13 Zoom Courses Syllabus Which of the following is a transfer payment and is not counted as part of Modules government purchases? Calendar MyLab and Eh Mastering Inbox Grades 1 You Answered government welfare payments Discussions History defense spending Smarthinking government worker salaries Studio (?) government spending on federal prisons Help Question 14 Which of the following is not an example of a final good or service? You Answered coffee beans Starbucks purchases to make coffee the gasoline you bought at the pump the economics class that you are taking to complete your degree the popcorn you bought before watching the new Harry Potter movie K5 Confirmation | Pearson MyLab x _Course Home X PracticeQuiz 1ECON1: Sp23 EC x Physical Capital Definition x CourseObjectivesWeek1&Lectu x + deanza.instructure.com/courses/29543/quizzes/210868 Question 15 Spring 2023 Account Home The profit from IBM's production in Italy is included in the U.S. ----and in the Italian--- Dashboard Announcements Zoom Courses Syllabus Modules O GDP; GDP Calendar MyLab and GNP; GNP Eh Mastering Inbox Grades You Answered O GNP; GDP Discussions History O GDP; GNP Smarthinking Studio (?) Question 16 Help The production possibilities frontier is O upward sloping and reflects unlimited choices. O upward sloping and reflects tradeoffs in choices. downward sloping and reflects unlimited choices. You Answered downward sloping and reflects tradeoffs in choices. Question 17 K5 Confirmation | Pearson MyLab x _Course Home X PracticeQuiz1ECON1: Sp23 EC x Physical Capital Definition x CourseObjectivesWeek1&Lectu x + ( deanza.instructure.com/courses/29543/quizzes/210868 Question 17 Spring 2023 Account Home From 8 to 11 p.m., Sam can either attend a basketball game, a hockey match or the Dashboard Announcements symphony. Suppose that Sam decides to attend the hockey match and thinks to Zoom herself that if she did not go to the match she would go to the symphony. Then the Courses opportunity cost of attending the hockey match is Syllabus Modules Calendar MyLab and Eh Mastering going to the symphony and the basketball game. Inbox Grades You Answered going to the symphony. Discussions History going to the basketball game. Smarthinking Studio three hours of time. (?) Help Question 18 Which of the following is NOT a normative statement? You Answered People buy more of a good or service when its price falls. O The distribution of income is fair. The government ought to provide health care to everyone O Corporations should be more socially responsible. K Question 195 Confirmation | Pearson MyLab x Course Home X PracticeQuiz 1ECON1: Sp23 EC x Physical Capital Definition x | CourseObjectivesWeek1&Lectu x + ( deanza.instructure.com/courses/29543/quizzes/210868 Spring 2023 Question 19 Account Home Dashboard Announcements A president of the United States promises to produce more defense goods without Zoom any decreases in the production of other goods. This promise can be valid Courses Syllabus Modules Calendar MyLab and You Answered if the United States is producing at a point on its production possibilities frontier. Eh Mastering Inbox Grades O if the United States is producing at a point inside its production possibilities frontier. Discussions O History if the United States is producing at a point beyond its production possibilities frontier. Smarthinking Studio O only if the production possibilities frontier shifts rightward. (?) Help Question 20 Suppose Joe can prepare 20 sandwiches or 10 pizzas in an hour and Beth can produce 36 sandwiches or 27 pizzas. The concept of comparative advantage concludes that O Beth should produce both goods because she can produce more of both goods in an hour than can Joe. You Answered - Beth should produce sandwiches and Joe should produce pizza. Beth should produce pizza and Joe should produce sandwiches Beth should produce both goods and Joe should produce sandwiches. K5 Confirmation | Pearson MyLab x Course Home X PracticeQuiz 1ECON1: Sp23 EC( x Physical Capital Definition * CourseObjectivesWeek1&Lectu x + deanza.instructure.com/courses/29543/quizzes/210868 Beth should produ Spring 2023 Account Home Dashboard Announcements Question 21 Zoom Courses Syllabus You decide to take a vacation and the trip costs you $2,000. While you are on vacation, you do not go to work where you could have earned $750. In terms of dollars, the opportunity Modules cost of the vacation is Calendar MyLab and Eh Mastering $2,000. Inbox Grades O $750. Discussions History Smarthinking You Answered O $2,750. Studio O $1,250 (?) Help Question 22 Which of the following would NOT be counted in 2013's GDP? O the value of a 2008 boat you purchase from a boat dealer in 2013 the 2013 salary of a used motorcycle salesperson O the commissions earned by a real estate agent in selling condominiums built prior to 2013 You Answered the value of a refrigerator manufactured in 2013 but not sold in 2013 K5 Confirmation | Pearson MyLab x _Course Home X PracticeQuiz 1ECON1: Sp23 EC x Physical Capital Definition x CourseObjectivesWeek1&Lectu x + ( deanza.instructure.com/courses/29543/quizzes/210868 Spring 2023 Account Home Question 23 Dashboard Announcements Zoom Which of the following is a transfer payment and is not counted as part of government Courses Syllabus purchases? Modules Calendar You Answered MyLab and government welfare payments. Eh Mastering Inbox defense spending. Grades Discussions government worker salaries History Smarthinking government spending on federal prisons Studio (?) Help Question 24 Consumption expenditures do not include household purchases of medical care. new houses. education You Answered durable goods Survey Score: 3 out of 3 Previous Next K