04 Jun uestion 1. The costs of the use of a resource for the production of one good
Question
1. The costs of the use of a resource for the production of one good
rather than another are
Economic costs
Fixed costs
Opportunity costs
None of the above
2. Marginal
utility
Decreases when consumption expands
Increases when consumption expands
Indicates that a high consumption quantity is
preferred to a low consumption quantity
I Indicates that consumption decreases over time
3. The Ace Company has 200 sales people. You have obtained the following information about the
companys sales personnel. Hint: Review chat session 1 slides and conditional probability
If you choose one sales person at random what is the probability that he/she is over 40 and has a masters
degree?
This is a bonus question worth 4 points.
Your answer must be given as a decimal.
Age
Under 30
30 yrs to 40 yrs
Over 40 yrs
Totals
Undergrad degree only
90
20
40
150
Masters degree
10
30
10
50
Totals
100
50
50
200
4. The most effective fiscal policy program to help reduce demand-pull inflation would be to
Decrease the rate of growth of the money supply.
Increase both taxes and government spending.
Decrease taxes and increase government
spending.
Increase taxes and decrease government
spending.
5. Which of the following examples illustrates the principle of
diminishing returns?
Bill’s Mowing takes 30 minutes to mow and trim a 5,000
square foot lawn and 45 minutes to mow and
trim a 10,000 square foot lawn.
In the Maher Inn’s kitchen, three cooks can prepare 150
meals in one evening; four cooks can prepare
180 meals
A single copy of a 5,000-copy printing of a 120-page paperback
and a single copy of a 10-copy printing a 30-page presentation
have the same unit cost.
A small furnace is less efficient than a large one.
QUESTION 6
What factor would tend to cause a nation’s currency to
appreciate in a foreign
exchange market with freely fluctuating exchange rates?
1.
Relatively high domestic real interest rates
Relatively high domestic inflation
Increased environmental protection measures resulting
in higher prices on goods for export
Increased demand for imports
QUESTION 7
1.
What is the federal budget deficit?
The excess of imports over exports in one year
The excess of federal government spending over
revenues in one year
The excess of the federal government’s liabilities over
assets on its balance sheet
The cumulative excess of federal government spending
over revenues
QUESTION 8
The Ace Company has 200 sales people. You have obtained the following information about the
companys sales personnel. (Hint: Review chat session 1 slides and conditional probability)
If you choose one sales person at random what is the probability that he/she has only an undergraduate
degree? Give your answer as only a decimal. Answer should be carried out to two decimal places, ie.
.xx
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