ECO 365 Week 5 Final Examination (2017) | eBooks | Education

ECO 365 Week 5 Final Examination (2017)

ECO 365 Week 5 Final Examination (2017) PLDZ-6097
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ECO 365 Week 5 Final Examination

Click the link to the Final Examination available from the end of Week 4 through the end of Week 5.

Complete the Final Examination. You are allowed one attempt to complete the examination, which is timed and must be completed in 3 hours. Results are automatically graded and sent to your instructor.

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?Penelope has recently started a printing business in Duluth. She had to pay a fee to obtain a trade license from the Minnesota government and took a loan from the local bank to purchase inkjet printers, laser printers, and screen printers. She employs 20 workers who are paid a wage of $30 per hour. She is also a trained ballet dancer who used to earn an average of $50,000 a year. Penelope’s implicit cost of running the business is:

?$72,000 per annum.

?the amount she used to earn as a ballet dancer.

?the interest she has to pay on the loan.

?the fee paid to the government.




Suppose Timothy consumes two goods, soda and chips. The slope of his indifference curve for these two goods reflects:?

?the rate at which he is willing to substitute one good for the other.

?the total utility he gets from the consumption of the two goods.

?the relative price of soda.

?the relative price of chips.




?Which of the following is an example of a negative externality?

?Christina accepting a payment in cash rather than in check for her laundry services

?Smith reducing the consumption of imported wine following an increase in the price of imported wine

?Tom playing music loudly in his room, disturbing his roommate who has an exam the next day

?Phoebe refusing to contribute to the building of a children’s park in her neighborhood




The exhibit given below shows the demand curve for and the supply curve of laptops, D and S1. The government decides to impose a price ceiling on the price of laptops. At the same time, the price of inverter boards that provide power to backlight lamps inside laptop screens increases. Identify the correct statement.


?At a price ceiling of P1, the quantity demand and supplied in the market will be Q2.

?A price ceiling above P3 will eliminate shortage in the market.

?The government should set the price ceiling at P1 to eliminate shortage.

?A price of P2 will be binding in this market.




Which of the following reflects the law of demand??

?John purchasing a bigger apartment after an increase in his salary

?Jimmy’s demand for donuts decreasing from 4 per week to 2 per week after its price decreased from $1 to $0.5 per donut

?Jacques purchasing 4 bottles of lemonade instead of 3 when its price decreased from $12 to $10 per bottle

?Jonathan, a coffee drinker, switching to green tea after a fall in the price of green tea ECO 365 Week 5 Final Examination Click the link to the Final Examination available from the end of Week 4 through the end of Week 5. Complete the Final Examination. You are all
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