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Economics and Production Possibilities Curve

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Principles of Miroeconomics - Final Exam
Instructions
Please put your name and the course information on the scantron (ECON 2302 Professor J. Bikis)
Please put your DBU ID number on the scantron in the area market "ID NUMBER"
Please write your webadvisonr id on the back of the scantron in the area marked "WEBADVISOR ID". (This ID is the same ID that you use to get into your DBU email or into BlackBoard)

Please select the best answer for each question given and fill in the respective answer option on the scantron for questions 1-40. Good luck!
1. Which of the following is not a positive economics statement? a. Prices of essential goods and services should be set by the government. b. Interest rates …show more content…

What quantity of output will the company produce in order to maximize profit? a. 2 units b. 3 units c. 4 units d. 5 units

11. Take a look at the exhibit above. At what price will firm sell its ' output to maximize profit? a. $2 b. $4 c. $8 d. Any price

12. Take a look at the exhibit above. If the firm maximizes profit, what will be the firm 's total profit? a. $24 b. $12 c. $8 d. $4

13. The process of negotiation between union and management to arrive at a labor contract is called a. arbitration b. mediation c. reconciliation d. collective bargaining e. impasse

14. You are stranded on an island and can either catch four fish in one hour or pick eight bananas in one hour. From this information, the opportunity cost of one fish is: a. 2 bananas. b. 1/2 bananas. c. 5 bananas. d. 2 1/2 bananas. e. zero, since you can 't compare bananas and fish.

15. Whatever else you learned about profit-maximization, you should have learned this: Maximum profit is obtained at the production level where a. P = AC b. TR = TC c. MR =

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