Check with your instructor to see if Connect is used in your course. Program Details. Limits, Alternatives, and Choices 2. Elasticity of Demand and Supply 5. Businesses and Their Costs 7. Pure Competition 8. Pure Monopoly 9. GDP and Economic Growth Business Cycles, Unemployment, and Inflation Aggregate Demand and Aggregate Supply Money, Banking, and Financial Institutions Wage Determination Income Inequality and Poverty.
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Select your desired title and create a course. Note — you do not have to create assignments, just a course instance Then go to your Connect course homepage. When we are forced to make choices, we are facing the concept of: A human capital.
B inflation. C scarcity. D market failure. We are forced to make choices because of: A exploitation. B efficiency. D the margin.
Scarcity exists when: A making choices among two or more alternatives is not necessary. B individuals can have more of any good without giving up anything. C individuals can have more of one good but only by giving up something else. D economists are clearly not doing their job. Although freshwater is very abundant in most places, it is scarce because: A it has no alternative uses.
B there is not enough of it to meet all needs. C it is a free good. D scarce goods in general are not all that costly. Freshwater is considered a scarce good because: A not enough of it is available for all needs. B it does not have any uses. C scarce goods are not expensive. D not enough of it is available for all needs and because it is not expensive.
The problem of determining what goods and services society should produce: A exists because we can produce more than we need or want. B exists because there are not enough resources to provide all of the goods and services that people want.
C would not exist if all goods and services were scarce. D would not exist if government owned all of the resources.
Which of the following is NOT a resource in the production of rice? A fertile land B labor C capital equipment D money A resource is anything that: A can be used in production.
B you pay for. C is in scarce supply. D can be consumed. We have to make choices because: A we have unlimited income. B resources are scarce. C resources are infinite. D with good planning, trade-offs can be avoided. When a chef prepares a dinner for a customer, which of the following is physical capital? Manny is attending college and majoring in economics. By doing so, Manny is improving his: A land.
B labor. C capital. D human capital. Which is NOT an example of a resource? A land B labor C capital D production Which of the following can best be considered to be a resource used in the production of computers?
A money from investors B wages of computer engineers C computer engineers D taxes on the profits from the sale of the computers Opportunity cost is: A about half of the monetary cost of a product. B the dollar payment for a product. C the benefit derived from a product. D the value of the best alternative forgone in making any choice. The opportunity cost of something is: A greater during periods of rising prices.
B equal to the money cost. C less during periods of falling prices. D what is given up to acquire it. Whenever a choice is made: A the cost of that choice is opportunity cost. B the cost is easy to measure in dollar terms. C efficiency is improved. D scarcity is not the problem. B your enjoyment of the new CD player.
D impossible to determine. C whatever she would have earned had she not been in college. If the state government allocates additional spending on education, the opportunity cost is: A zero. B the dollar amount of the additional spending.
C considered only if taxes have to be raised to fund the spending. D measured in terms of the best alternative uses for that money. Khalil is offered a free ticket to the opera. His opportunity cost of going to the opera is: A zero—the tickets were free. B the price listed on the ticket. C whatever Khalil would have done had he not gone to the opera. D the price listed on the ticket and whatever Khalil would have done had he not gone to the opera.
Ramona camped out for 48 hours before the opening to be one of the first customers. The cost of the free meal a week for a year for Ramona was: A zero. C whatever else she would have done with the 48 hours. D The cost is impossible to determine. You buy the taco and think that if you had not purchased the taco, you would have purchased the burrito. B your enjoyment of the burrito. For an economist, the cost of something is: A the amount of money you paid for it.
B what you gave up to get it. C always equal to its market value. D the quantity of resources used to produce it. The best measure of the opportunity cost of any choice is: A the monetary cost of that choice. B whatever you have given up to make that choice, even if no monetary costs are involved. C the cost associated with not taking full advantage of the opportunity offered by that choice.
D your hourly wage. You buy the six-pack of Bavarian Beer, although you wonder if maybe two six-packs of Americana Beer would have been a better choice. B a six-pack of Americana Beer. C two six-packs of Americana Beer.
See, there is always a cost to doing something. But if you don't do anything, then there is no cost. C opportunity cost. D marginal analysis. A the opportunity cost of not seeing the winning goal with two minutes to go; zero—the ticket to the match is already paid so there is no cost B the opportunity cost of not seeing the winning goal with two minutes to go; the opportunity cost of whatever else you could have done during that time C zero—you don't have to pay to leave; zero—the ticket to the match is already paid, so there is no cost D the cost of the ticket; the cost of the ticket B opportunity cost: by living in the house, they are giving up the opportunity to sell the house, buy a smaller one, and pocket the difference.
C efficiency: If their cost of housing is now zero, they should let Zoe move in without charging her any rent. Zoe is better off, and her grandparents aren't hurt. D equity: it is unfair that some people are still paying off their mortgage. The university recently inherited a large mansion from a wealthy alumnus.
The university plans to use the mansion for faculty parties and to house distinguished guests. The opportunity cost of the mansion to the university is: A zero, because it was a gift. B the original cost of building the mansion. C the amount the university would receive if it sold the mansion.
D the cost of catering the parties at the mansion. A new startup airline is offering free round-trip tickets to anywhere to the first people who enter the office on the airline's first day of business. You arrive 24 hours before it is scheduled to open to be sure to get the free tickets, and you buy food from vendors while waiting in line. The cost of the tickets to you is: A zero.
B the cost of food while you wait in line. C the cost of food while you wait in line and the opportunity cost of your time spent in line. D the actual value of the ticket. A friend comes up to you and offers you a free ticket to a professional baseball game that night. You decide to attend the game.
What is the cost to you of attending the game? A The cost is zero—the ticket is free. For a student who owns his or her own home and doesn't plan to live in the dorm, the cost of going to college is: A tuition and the cost of housing. B tuition, the cost of housing, and the cost of books. C tuition, the cost of books, and forgone income. D forgone income only. D the enjoyment you would have received from the candy bar. A college student is faced with a difficult decision of how to spend one hour tonight.
This statement best represents this economic concept: A The real cost of something is what you must give up to get it. C People usually exploit opportunities to make themselves better off.
D There are gains from trade. You decide to join the economics club, but this means you can't join the accounting club because it meets at the same time. The student center on campus has burritos, bagels, or burgers for lunch, and they all cost the same. You decide to have a burger today, but if they were out of burgers, you would have bought a bagel.
Your opportunity cost of buying a burger is your enjoyment of the: A burger. B bagel. C burrito. D bagel and the burrito. The economic way of thinking entails: A the analysis of benefits but not costs. B the analysis of costs but not benefits. C making choices at the margin. D making the distinction between microeconomics and macroeconomics. A at the front end B in the beginning C at the margin D ceteris paribus Which of the following is the BEST example of making a choice at the margin?
A buying a new car B quitting your job C drinking another cup of coffee D attending college You decide whether to eat one more slice of pizza based on how hungry you feel. This statement best represents this economic concept: A Resources are scarce. B The real cost of something is what you must give up to get it. The concept of the margin deals with: A making incremental choices. B all or none of something.
C engaging in unethical activities. D making difficult choices. A at the fringe B in the beginning C at the margin D after the fact B quit your job. C eat another slice of pizza. D attend college. Marla decides to study rather than tutor. C does not understand that there is no benefit from studying. D doesn't need the money. Thinking in economic terms, when Mary Sweet-Tooth is deciding whether to eat another brownie, she: A considers only the price of the brownie.
B considers only how much additional exercise she will need to do to work off the calories associated with eating another brownie.
C compares the additional benefits with the additional costs of eating another brownie. D considers whether she can do so without anyone else noticing. For which of the following decisions would marginal analysis be most relevant? A Should I go to college or work after graduating from high school?
B Should I eat another doughnut? D Should I get married? For which of the following decisions would marginal analysis be MOST relevant?
B Should Mary go to graduate school after graduating from college? D Should Hong work an additional hour or take a short nap? Marginal analysis: A refers to decisions about whether to do a bit more or a bit less of an activity. C involves trade-offs. Marginal analysis: A refers to decisions about whether or not to engage in a particular activity. B is primarily used when making an either-or choice. C is used primarily when deciding how much of an activity should be done.
Your neighbor is mowing her yard one afternoon when she stops to have some lemonade. She drinks one glass and is considering having a second glass. This is an example of: A marginal analysis. B benefit analysis. C cost analysis. D equilibrium analysis. After eating three slices of pizza, you decide to eat one more piece. Your decision is an example of the economic principle called: A opportunity-cost decision. B people responding to incentives. C equity decision. D marginal decision making.
You are planning to study eight hours this week for your economics final and are considering studying a ninth hour. You should: A compare the benefits of one more hour of study with the cost of one less hour of sleep.
B compare the benefits of one more hour of study with the cost of one less hour of studying calculus. C compare the benefits of one more hour of study with the cost of one less hour of work at your part-time job. D make your decision based on the cost of the next best alternative use of your time compared to the benefit of one more hour of study.
Marginal analysis studies how individuals decide whether to: A live on the margin of society. B do a bit more of an activity versus a bit less of it. C go to college. D buy stocks or bonds. A direct costs; opportunity costs B marginal benefits; total benefits C costs; benefits D marginal costs; total costs A Should I invest all of my savings in real estate or should I keep it all in a savings account? B After I graduate from college, should I go to graduate school or should I get a job?
C After meeting my basic needs, how should I allocate the remainder of my monthly budget? D Should I keep a pet? Some baseball fans leave the game in the seventh or eighth inning to avoid the postgame traffic.
The fans are: A not considering that they have already paid for their tickets. B making a marginal decision by comparing the cost of leaving early to the benefit of leaving early.
C thinking only about the benefits of avoiding traffic. D underestimating the value of staying for the rest of the game. Which of the following is a question of marginal analysis? A What additional output does a family business produce when it hires one more worker? B How do tax cuts change the growth rate of median income? C When a large corporation lays off workers, how do profits change if sales remain constant?
D Should a commuter take the bus to work rather than driving. Which of the following is an example of marginal analysis? Which of the following demonstrates how people respond to incentives to make themselves better off? A More students major in economics when they hear that salaries for economists are rising.
B Students are assigned dorm rooms through a lottery system. C Students are encouraged to donate blood because it is the right thing to do. D Students and faculty are encouraged to wear college apparel to support the college athletic teams. Which of the following policies is MOST likely to reduce traffic congestion in a large metropolitan area because people usually exploit opportunities to make themselves better off? A a limited number of free early-bird parking passes given only to those who arrive prior to 6 A.
B a toll road that requires each car to pay a fee to enter the city center C an increase in the price of subway and bus fare to and from the city D asking citizens to carpool Which of the following methods of encouraging recycling is likely to be MOST effective because people usually exploit opportunities to make themselves better off?
A appealing to consumers to be a good citizen B publicizing the advantages of recycling C imposing a tax per unit of garbage generated D All three methods are equally effective. Which of the following methods of discouraging speeding is likely to be MOST effective because people usually exploit opportunities to make themselves better off? A increasing the number of signs stating the speed limit B increasing the fine associated with speeding tickets C public service announcements reminding drivers of the dangers of speeding D All three methods are equally effective.
In an attempt to reduce shooting deaths, some cities have offered money to people who turn in illegal guns. A incentives B law C marginal analysis D the gains from trade Because people usually exploit opportunities to make themselves better off, if the price of gasoline rises and stays high for an extended period, we expect people to: A increase the number of miles they drive. B buy larger and less fuel-efficient cars.
C use more public transportation. D ride their bicycles less. Because people usually exploit opportunities to make themselves better off, if the price of gasoline falls and stays low for an extended period, we expect people to: A reduce their reliance on gasoline-powered cars. D ride their bicycles more often. To encourage people to retire later, because people usually exploit opportunities to make themselves better off, the government could: A reduce Social Security benefits for people who retire early.
B raise the tax rate on older individuals. C engage in a public service campaign explaining the value of these employees to the economy. D increase Social Security benefits for people who retire early. Because people usually exploit opportunities to make themselves better off, to encourage young people to go to college in their home state, state universities can: A charge higher tuition to in-state students.
B award special scholarships to out-of-state students. C offer high-interest loans to in-state students. D offer lower tuition to in-state students. Because people usually exploit opportunities to make themselves better off, which of the following methods of reducing pollution is likely to be most effective? A appealing to the polluter to be a good citizen B publicizing the harmful effects of pollution C imposing a tax per unit of pollution generated D All three methods are equally effective.
Economists tend to believe that to change people's behavior you must: A appeal to their concern for society. B change their incentives. C legislate the change. D appeal to their religious values. Which of the following is NOT true? A Resources are scarce when they can satisfy everyone's wants. B The real cost of a choice is what you must give up to enjoy that choice.
C People typically make choices that will make them better off. Corner offices in high-rise office buildings usually cost more to rent than other offices. This best illustrates the economic principle of: A marginal analysis. B scarce resources. C resources being used as efficiently as possible to achieve society's goals. D opportunity costs. In Ventura County, California, strawberry production is limited by the number of acres available for agriculture production. C There are gains from trade.
D Resources should be used as efficiently as possible to achieve society's goals. You like to read Vogue and Sports Illustrated. Intel finds it difficult to hire enough skilled computer engineers. B People usually exploit opportunities to make themselves better off.
D One person's spending is another person's income. In Colorado, there has been a drought, and rural communities are fighting with urban areas over water. B Resources should be used as efficiently as possible to achieve society's goals. C When markets don't achieve efficiency, government intervention can improve society's welfare. D Government policies can change spending. Which of the following is NOT one of the four principles for understanding individual choice?
A Resources are scarce. B Overall spending sometimes gets out of line with the economy's productive capacity. D People usually take advantage of opportunities to make themselves better off. D When markets don't achieve efficiency, government intervention can improve society's welfare. You love burgers and bagels, but you decide to have a burger today. If they were out of burgers, you would have bought a bagel.
C Resources are used to produce something else. After swimming laps at the pool, Erik decides to swim 10 more before lifting weights. Nara has gone to three movies this week. She has some extra money, so she decides to go to another. A busy professor can't decide whether to stay in his office to grade papers for another hour or to go home and go to bed.
This is an example of: A equity versus efficiency. B how one person's spending is another person's income. C economic incentives.
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Essentials of Econometrics book. Read 7 reviews from the world's largest community for readers. The primary aim of the fourth model of Essentials of Econometrics is to supply a user-nice introduction to econometric idea and strategies.
This textual content material provides a straightforward and straightforward introduction to econometrics for the beginner. Buy a cheap copy of Essentials of Econometrics book by Damodar N. Essentials of Applied Econometrics prepares students for a world in which more data surround us every day and in which econometric tools are put to diverse n for students in economics and for professionals interested in continuing an education in econometrics, this succinct text not only teaches best practices and state-of-the-art.
Essentials of Econometrics. Damodar N. From inside the book. What people are saying - Write a review. We haven't found any reviews in the usual places. How is Chegg Study better than a printed Essentials Of Econometrics 4th Edition student solution manual from the bookstore. Our interactive player makes it easy to find solutions to Essentials Of Econometrics 4th Edition problems you're working on - just go to the chapter for your book. As in the previous editions, the primary objective of the fourth edition of Essentials of Econometrics is to provide a user-friendly introduction to econometric theory and techniques.
The intended audience is undergraduate economics majors, undergraduate business administration majors, MBA students, and others in social and.
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