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Eco550 Midterm Part 1 Essay

1024 words - 5 pages

Economic profit is defined as the difference between revenue and ____.
Answer
Selected Answer: total economic cost
Correct Answer: total economic cost

. Question 2 .4 out of 4 points

Correct The form of economics most relevant to managerial decision-making within the firm is:
Answer
Selected Answer: microeconomics
Correct Answer: microeconomics

. Question 3 .4 out of 4 points

Correct The moral hazard in team production arises from
Answer
Selected Answer: a conflict between tactically best interest and one’s duty
Correct Answer: a conflict between tactically best interest and one’s duty

. Question 4 .4 out of 4 points

Correct ...view middle of the document...

Question 9 .4 out of 4 points

Correct The level of an economic activity should be increased to the point where the ____ is zero.
Answer
Selected Answer: net marginal benefit
Correct Answer: net marginal benefit

. Question 10 .4 out of 4 points

Correct The standard deviation is appropriate to compare the risk between two investments only if
Answer
Selected Answer: the expected returns from the investments are approximately equal
Correct Answer: the expected returns from the investments are approximately equal

. Question 11 .4 out of 4 points

Correct The approximate probability of a value occurring that is greater than one standard deviation from the mean is approximately (assuming a normal distribution)
Answer
Selected Answer: 15.87%
Correct Answer: 15.87%

. Question 12 .4 out of 4 points

Correct Generally, investors expect that projects with high expected net present values also will be projects with
Answer
Selected Answer: high risk
Correct Answer: high risk

. Question 13 .4 out of 4 points

Correct Marginal revenue (MR) is ____ when total revenue is maximized.
Answer
Selected Answer: equal to zero
Correct Answer: equal to zero

. Question 14 .4 out of 4 points

Correct Songwriters and composers press music companies to lower the price for music downloads because
Answer
Selected Answer: songwriter royalties are a percentage of sales revenue
Correct Answer: songwriter royalties are a percentage of sales revenue

. Question 15 .4 out of 4 points

Correct Those goods having a calculated income elasticity that is negative are called:
Answer
Selected Answer: inferior goods
Correct Answer: inferior goods

. Question 16 .4 out of 4 points

Correct Auto dealers slash prices at the end of the model year in response to deficient demand/excess inventory but restaurants facing the same problem slash production because
Answer
Selected Answer: price elasticity of supply in autos is smaller than the absolute value of price elasticity of demand but the reverse is true for restaurants
Correct Answer: price elasticity of supply in autos is smaller than the absolute value of price elasticity of demand but the reverse is true for restaurants

. Question 17 .4 out of 4 points

Correct When demand is ____ a percentage change in ____ is exactly offset by the same percentage change in ____ demanded, the net result being a...

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