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ECO 212 Final Exam A
1)Economics does not study correct or incorrect behaviors, but rather it assumes that economic agents make the best decisions given their knowledge of the costs and benefits. What term best describes this behavior?
2) By definition, what is economics the study of?
3) What is the term in economics by which a group of buyers and sellers of a product come together to trade?
4) Which of the following statements describes the actions of producers in the circular flow model?
5) If a commercial dairy farm wants to raise funds to purchase feeding troughs, in which market does it do so?
6) Which of the following is not a critical function of the government in facilitating the operation of a market economy?
7) If demand is inelastic, the absolute value of the price elasticity of demand is
8) Economists in general
9) A demand curve which is ________ represents perfectly inelastic demand, and a demand curve which is ________ represents inelastic demand.
10) A decrease in the price of GPS systems will result in
11) At a product’s equilibrium price
12) If, for a product, the quantity supplied exceeds the quantity demanded, the market price will fall until
13) Marginal revenue product of labor for a competitive seller is
14) Let MP = marginal product, P = output price, and W = wage, then the equation that represents the condition where a competitive firm would hire another worker is
15) Marginal revenue product for a perfectly competitive seller is equal to
16) An individual’s labor supply curve shows
17) A firm’s demand for labor curve is also called its
18) A decrease in the wage rate causes
19) Which of the following displays these two characteristics: nonrivalry and nonexcludability in consumption?