Microeconomics > QUESTIONS & ANSWERS > Sophia Unit 1 Challenge 1 Microeconomics Questions and Answers Rated A (All)

Sophia Unit 1 Challenge 1 Microeconomics Questions and Answers Rated A

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Which of the following statements describes macroeconomics? c.) It looks at the overall ups and downs of the economy. Macroeconomics studies the behavior of __________. c.) an economy in its enti... rety Microeconomics focuses mainly on the study of decisions made by __________. a.) individuals and firms Which of the following best describes a rational consumer? a.) Wants to make choices that maximize utility Ben was offered a full-time position working on his uncle's construction crew and would be paid $20 per hour. Instead, Ben chose to take classes at the local college so he could finish his degree. In economic terms, this loss of potential income is known as a(n) __________. a.) opportunity cost Which of the following is a characteristic of a rational consumer? c.) Rational consumers analyze costs and benefits when making decisions. Which of the following statements is true as it relates to labor/leisure trade-off? c.) It is the comparison of time spent working to time spent participating in non-work activities. This study source was downloaded by 100000831988016 from CourseHero.com on 06-22-2022 15:39:10 GMT -05:00 https://www.coursehero.com/file/66219949/Unit-1-Challange-1-Microdocx/ Terry currently works a part-time evening job on campus. With this job, he has free time on the weekends to hang out with his friends and catch up on school work. However, a nearby shoe store, Speedy Feet, is hiring for $10/hour. He would be able to earn a higher income and a significant discount on running gear that he would be buying anyway. Terry has to take into consideration which of the following economic principles when deciding whether to forego his current job at the university in favor of a job at the shoe store? d.) Labor/leisure trade-off Economists assume that all rational consumers will allocate their resources in order to __________. b.) maximize their utility Paul is deciding between two different types of winter jackets: The Classic, which costs $120, and the Extreme, which is priced at $195. Although both would meet his needs, Paul knows that he would get more wear out of the higher-priced jacket because it includes an extra layer and a hood. If Paul waits and purchases the more expensive jacket, it will provide more warmth and he will get more wear out of it, which is also known as a __________. c.) marginal benefit Sarah is deciding between two different pairs of running shoes: The Minimalist 7, which cost $99, and the Sprint XT, which are priced at $155. Although both would meet her needs, Sarah knew that she would get more wear and more support out of the higher-priced Sprint XT shoe. If she wanted to buy the shoes today, Sarah had the ability to pay $99 for the Minimalist 7s. However, if she wanted to buy the Sprint XTs, she would need to pick up another shift at her job to earn the extra money. Which of the following statements describes the marginal cost? a.) Sarah must work another night. This study source was downloaded by 100000831988016 from CourseHero.com on 06-22-2022 15:39:10 GMT -05:00 https://www.coursehero.com/file/66219949/Unit-1-Challange-1-Microdocx/ While helping Kyle choose new shoes, the running store owner, Juan, learned that Kyle runs primarily in the evenings and is allergic to formaldehyde, a chemical found in most wool. He also learned that Kyle does not like energy drinks, as they upset his stomach. Juan recommended that Kyle should buy new shoes every six months, otherwise the tread can wear down quickly and start to cause injuries. Juan suggested that, for only $5, Kyle should join the store running club, where he can receive members-only coupons and a choice of four benefit options. Determine which of the following options would provide any benefit to Kyle. c.) A frequent buyers' store discount card A firm decides to produce 100,000 baseballs. Which of the following would be its opportunity cost? b.) The 50,000 footballs the firm could have produced otherwise Firms want to adopt an output strategy that allows them to __________. c.) maximize their profits Julie uses social media sites and word-of-mouth [Show More]

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