Please answer the following questions

Economists typically assume human wants and needs limitless. Do you think this assumption is realistic? 

A) Yes

B) No

C) Not sure 

 

Think about the last good you purchased that cost more than $500 (eg, bike, car, laptop, phone). Now recall how much you paid for it and call that amount $X. Would you have still purchased that particular good if that its price had been 

A) $X +$10? B) $X +$25? C) $X +$50? D) $X +$100? E) $X +$200? 

Pick the highest answer that applies. 

Clicker Question 1â3 

The City of Vancouver is considering a project that would change traffic flows in some parts of the city. The project would REDUCE your round-trip commute time to UBC by an average of 30 minutes per day. What is the LARGEST annual payment you would be willing to make to ensure the project is implemented? 

A) $0

B) more than $0 but less than $40

C) more than $40 but less than $100 D) more than $100 but less than $200 E) more than $200 

 

Russell spends an hour studying instead of playing tennis. What is the opportunity cost to him of studying? 

. A) the improvement in his grades from studying for the hour

 

. B) the difference between the improvement in his grades from

studying minus the enjoyment of playing tennis

 

. C) the enjoyment and exercise he would have received had he played tennis

 

. D) zero, since Russell chose to study rather than to play tennis, the value of studying must have been greater than the value of playing tennis

 

You are walking down a path which splits into three: a red path, a blue path, and a green path. At the end of the red path is $100 cash, at the end of the blue path is $60 cash, and at the end of the green path is $20. You are free to take the cash at the end of whatever path you choose. If you canât go down more than one path, what is the opportunity cost of choosing the BLUE path? 

A) $100 B) $60 C) $40 D) $20 E) $0 

 

You are walking down a path which splits into three: a red path, a blue path, and a green path. At the end of the red path is $100 cash, at the end of the blue path is $60 cash, and at the end of the green path is $20. You are free to take the cash at the end of whatever path you choose. If you canât go down more than one path, what is the opportunity cost of choosing the GREEN path? 

A) $100 B) $60 C) $40 D) $20 E) $0 

 

You are walking down a path which splits into three: a red path, a blue path, and a green path. At the end of the red path is $100 cash, at the end of the blue path is $60 cash, and at the end of the green path is $20. You are free to take the cash at the end of whatever path you choose. If you canât go down more than one path, what is the opportunity cost of choosing the RED path? 

A) $100 B) $60 C) $40 D) $20 E) $0 

 

Ford Motor Inc. has an inventory of sheet steel that it purchased 6 months ago for $1 million. It is planning to use the sheet steel to manufacture cars. As an alternative, Ford could resell the steel to other firms. The price of sheet steel has risen over the last 6 months, so Ford could resell the steel for $1.2 million. The opportunity cost of using the steel to manufacture cars is 

A) $0

B) $200,000 C) $1,000,000 D) $1,200,000 

 

Imagine you win a free ticket to see an Adele concert. You are the only person that can use the ticket, so it has no resale value. You would be willing to pay as much as $200 to see Adele. Hedley is performing on the same night. Seeing Hedley is your next best alternative to seeing Adele. Tickets to see Hedley cost $80. On any given day, you would be willing to pay as much as $150 to see Hedley. Assume there are no other costs of seeing either performer. Based on this information, what is your opportunity cost of seeing Adele? 

A) $0 B) $70 C) $80 D) $150 E) $200 

 

Imagine you win a free ticket to see an Adele concert, which you could sell for $150. You would be willing to pay as much as $200 to see Adele. Hedley is performing on the same night. Seeing Hedley is your next best alternative to seeing Adele. Tickets to see Hedley cost $80. On any given day, you would be willing to pay as much as $150 to see Hedley. Assume there are no other costs of seeing either performer. Based on this information, should you see Adele or Hedley? 

A) You should see Adele 

B) You should see Hedley 

C) You should be indifferent between see Adele and seeing Hedley 

 

 

 

 

You grow tomatoes and sell them

at the local farmersâ market for

$1.20 per kg. By adding compost

to your garden, you can increase

your yield of tomatoes as shown in 2 29.0 the table. If compost costs 3 31.0 

$0.80 per kg, how many kgs of compost should you add? 

A) 1 kg of compost B) 2 kg of compost C) 3 kg of compost D) 4 kg of compost E) 5 kg of compost 

. 4 32.0

 

. 5 32.5

 

Compost Tomatoes (kg) (kg) 

. 0 20.0

 

. 1 25.0

 

 

President Obama recently introduced regulations requiring auto-makers to double the average fuel efficiency of the cars and trucks they produce by 2025. If the total number of cars and trucks remains constant, these regulations 

. A) will reduce the total amount of fuel used by cars and trucks

 

. B) will increase the total amount of fuel used by cars and

trucks

 

. C) may increase or decrease the total amount of fuel used by cars and trucks 

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Status NEW Posted 03 May 2017 08:05 AM My Price 10.00

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