Assignment Unit01 - University of fan/fcs3450/Assignments/Assignment Unit01...  Assignment Unit01

  • View
    222

  • Download
    0

Embed Size (px)

Text of Assignment Unit01 - University of fan/fcs3450/Assignments/Assignment Unit01...  Assignment...

  • QuizType

    Points

    AssignmentGroup

    ShuffleAnswers

    TimeLimit

    MultipleAttempts

    ScoretoKeep

    Attempts

    ViewResponses

    ShowCorrectAnswers

    OneQuestionataTime

    AssignmentUnit01

    Thisisapreviewofthedraftversionofthequiz

    GradedQuiz

    30

    Assignments

    No

    NoTimeLimit

    Yes

    Highest

    Unlimited

    Always

    Immediately

    No

    Due For Availablefrom Until

    Jan24 Everyone Jan25at11:59pm

    Scoreforthisattempt:0outof30SubmittedFeb23at5:03pmThisattempttooklessthan1minute.

    Published Preview Edit

    TaketheQuizAgain

    0/1ptsQuestion1Unanswered

    Thepriceofporkis$2.00perpound,thepriceofchickenis$2.20perpound,andthepriceofbeefis$2.50perpound.Convertthesenominalpricestorelativepricesusingporkasthebase.Therelativepriceofchickenis__________.

    lessthan1.00

    between1.00and1.20CorrectAnswer

    between1.21and1.40

    morethan1.40

    RelativePriceofchicken=2.20/2.00=1.1

    0/1ptsQuestion2Unanswered

    Thepriceofporkis$2.00perpound,thepriceofchickenis$2.20perpound,andthepriceofbeefis$2.50perpound.Convertthesenominalpricestorelativepricesusingporkasthebase.Therelativepriceofbeefis_________.

    lessthan0.95

    Yousubmittedthisquizlate,andyouranswersmaynothavebeenrecorded.

    https://utah.instructure.com/courses/312026/quizzes/548305/edithttps://utah.instructure.com/courses/312026/quizzes/548305/take?preview=1https://utah.instructure.com/courses/312026/quizzes/548305/take?user_id=49458

  • between0.95and1.15

    between1.16and1.35CorrectAnswer

    morethan1.35

    RelativePriceofbeef=2.50/2.00=1.25

    0/1ptsQuestion3Unanswered

    Thepriceofporkis$2.00perpound,thepriceofchickenis$2.20perpound,andthepriceofbeefis$2.50perpound.Convertthesenominalpricestorelativepricesusingporkasthebase.Therelativepriceofporkis?

    lessthan1.10CorrectAnswer

    between1.10and1.30

    between1.31and1.50

    morethan1.50

    RelativePriceofpork=2.50/2.50=1

    0/1ptsQuestion4Unanswered

    Thereare7questionsinthisgroup.Forconveniencetheinformationisrepeatedforeachquestion.In1989,thepriceofeggswas$0.89/dozen,theconsumerPriceIndex(CPI)was124.0,andaveragehourlywageinmanufacturingwas$10.00In1999,thepriceofeggswas$1.72perdozen,theCPIwas166.6,andaveragehourlywageinmanufacturingwas$13.91.UsingCPIasthebase,whatwastherelativepriceofeggsin1989?

    lessthan0.0055

    between0.0055and0.0065

    between0.0066and0.0075CorrectAnswer

    morethan0.0075

    In1989:RelativePriceofeggs(usingCPIasbase)=0.89/124.0=0.007

    0/1ptsQuestion5Unanswered

    In1989,thepriceofeggswas$0.89/dozen,theconsumerPriceIndex(CPI)was124.0,andaveragehourlywageinmanufacturingwas$10.00In1999,thepriceofeggswas$1.72perdozen,theCPIwas166.6,andaveragehourlywageinmanufacturingwas$13.91.Usingwagerateasthebase,whatwastherelativepriceofeggsin1989?

    lessthan0.075

    between0.075and0.085

  • between0.086and0.095CorrectAnswer

    morethan0.095

    In1989:RelativePriceofeggs(usingwageratebase)=0.89/10=0.089

    0/1ptsQuestion6Unanswered

    In1989,thepriceofeggsis$0.89/dozen,theconsumerPriceIndex(CPI)numberis124.0,andaveragehourlywageinmanufacturingis$10.00In1999,thepriceofeggsis$1.72perdozen,theCPInumberis166.6,andaveragehourlywageinmanufacturingis$13.91.In1989,howmanyminutesofworkisnecessarytopurchaseofeggs?

    lessthan6.00CorrectAnswer

    between6.00and7.00

    between7.01and8.00

    morethan8.00

    In1989:Timenecessarytopurchaseeggs=60*0.89/10=5

    0/1ptsQuestion7Unanswered

    In1989,thepriceofeggsis$0.89/dozen,theconsumerPriceIndex(CPI)numberis124.0,andaveragehourlywageinmanufacturingis$10.00In1999,thepriceofeggsis$1.72perdozen,theCPInumberis166.6,andaveragehourlywageinmanufacturingis$13.91.In1999,therelativepriceofeggsis(usingCPIasbase)?

    lessthan0.0085

    between0.0085and0.0095

    between0.0096and0.0105CorrectAnswer

    morethan0.0105

    In1999:RelativePriceofeggs(usingCPIratebase)=1.72/166.6=0.01

    0/1ptsQuestion8Unanswered

    In1989,thepriceofeggsis$0.89/dozen,theconsumerPriceIndex(CPI)numberis124.0,andaveragehourlywageinmanufacturingis$10.00In1999,thepriceofeggsis$1.72perdozen,theCPInumberis166.6,andaveragehourlywageinmanufacturingis$13.91.In1999,therelativepriceofeggsis(usingwagerateasbase)?

    lessthan0.105

    between0.105and0.115

    between0.116and0.125CorrectAnswer

  • morethan0.125

    In1999:RelativePriceofeggs(usingwageratebase)=1.72/13.91=0.12

    0/1ptsQuestion9Unanswered

    In1989,thepriceofeggsis$0.89/dozen,theconsumerPriceIndex(CPI)numberis124.0,andaveragehourlywageinmanufacturingis$10.00In1999,thepriceofeggsis$1.72perdozen,theCPInumberis166.6,andaveragehourlywageinmanufacturingis$13.91.In1999,howmanyminutesofworkisnecessarytopurchaseofeggs?

    lessthan5.50

    between5.50minutesand6.50

    between6.51and7.50CorrectAnswer

    morethan7.50

    In1999:Timenecessarytopurchaseeggs=60*1.72/13.91=7.42

    0/1ptsQuestion10Unanswered

    In1989,thepriceofeggsis$0.89/dozen,theconsumerPriceIndex(CPI)numberwas124.0,andaveragehourlywageinmanufacturingwas$10.00In1999,thepriceofeggswas$1.72perdozen,theCPIwas166.6,andaveragehourlywageinmanufacturingwas$13.91.Whichyearwastherelativepriceofeggsmoreexpensive?

    1989

    1999CorrectAnswer

    Thesame

    0/1ptsQuestion11Unanswered

    Thereare3questionsinthisgroup.Forconveniencetheinformationisrepeatedforeachquestion.ThefigurebelowshowsanexampleofdecliningmarginalvaluegeneratedfromeachadditionalhamburgerforJohn.Supposethepriceofahamburgeris$7.50,howmanyhamburgersdoesJohnwanttobuy?

  • onlyoneCorrectAnswer

    two

    three

    morethanthree

    JohnwantstobuyonlyonebecausethemarginalvalueofthefirsthamburgertoJohnis$8,morethanthepriceof$7.50.However,themarginalvalueofthesecondhamburgerisonly$5,lessthanthepriceof$7.50soitisnotworthittoJohntobuythesecondone.

    0/1ptsQuestion12Unanswered

    ThefigurebelowshowsanexampleofdecliningmarginalvaluegeneratedfromeachadditionalhamburgerforJohn.Supposethepriceofahamburgeris$2.50,howmanyhamburgersdoesJohnwanttobuy?

    onlyone

    two

    threeCorrectAnswer

    morethanthree

    Johnwillbuythree.That'sbecausethemarginalvalueofthefirstthreehamburgersareallgreaterthanthepriceof$2.50apiece,whilethemarginalvalueofthefourthoneisonly$1lessthanthepriceof$2.50.

    0/1ptsQuestion13Unanswered

    ThefigurebelowshowsanexampleofdecliningmarginalvaluegeneratedfromeachadditionalhamburgerforJohn.Supposethesellerssellfourhamburgersinapackage,whatisthehighestpriceJohniswillingtopayforthispackage?

  • $16

    $17CorrectAnswer

    $18

    $20

    ThehighestpriceofthepackageJohniswillingtopayforis:8+5+3+1=17

    0/1ptsQuestion14Unanswered

    Thereare6questionsinthisgroup.Forconveniencetheinformationisrepeatedforeachquestion.Thefigurebelowshowsthedemandandsupplyofnewcameras.Whichoneofthesetwocurvesislikelythedemandcurve?

    C1CorrectAnswer

    C2

    Neither

    Demandcurve:C1(Demandincreasesasrelativepricefallsanddemanddecreasesasrelativepricerises).

    0/1ptsQuestion15Unanswered

    Thefigurebelowshowsthedemandandsupplyofnewcameras.Whichoneofthesetwocurvesislikelythesupplycurve?

  • C1

    C2CorrectAnswer

    Neither

    Supplycurve:C2(producersmanufacturemoreofaproductwhenit'srelativepricerises.)

    0/1ptsQuestion16Unanswered

    Thefigurebelowshowsthedemandandsupplyofnewcameras.Whichpointinthegraphdepictsmarketequilibriumprice?

    P1

    P2CorrectAnswer

    P3

    Marketequilibriumprice:P2.AtP2,thequantityoftheproductthatconsumerswanttobuyequalsthequantityoftheproductthatproducerswanttomanufactureandsell.

    0/1ptsQuestion17Unanswered

    Thefigurebelowshowsthedemandandsupplyofnewcameras.Whichofthefollowingpriceshowsasituationwherethequantitytheproducerswanttoproduceismorethanthequantityconsumerswanttobuy?

  • P1CorrectAnswer

    P2

    P3

    AtP1,producersarewillingtoproduceQ4,whereasconsumersarewillingtobuyQ2.Q4ampgtQ2.

    0/1ptsQuestion18Unanswered

    Thefigurebelowshowsthedemandandsupplyofnewcameras.AtpriceP3,whatisthequantityproducerswanttoproduce?

    Q1CorrectAnswer

    Q2

    Q3

    Q4

    Q5

    C2isthesupplycurve.Assuch,whenthepriceisP3,thecorrespondingquantityonC2isQ1,meaningthatwhenthepriceisP3,thequantityproducerswillproduceisQ1.

    0/1ptsQuestion19Unanswered

    Thefigurebelowshowsthedemandandsupplyofnewcameras.AtpriceP3,whatisthequantitydemandfromconsumers?

  • Q1

    Q2

    Q3

    Q4

    Q5CorrectAnswer

    C1isthedemandcurve.Assuch,whenpriceisP3,thecorrespondingdemandonC1isQ5.

    0/1ptsQuestion20Unanswered

    Jimgetspaid$20/dayforhiswork.Hespendstwodaystravelingwithhisfriendsinsteadofworking.Whatisthetotalopportunitycostoftravelingwithhisfriendsfortwodays?

    lessthan$20

    $20

    $40CorrectAnswer

    Thereisnoopportunitycost

    Opportunitycost:20*2=40

    0/1ptsQuestion21Unanswered

    Thereare6questionsinthisgroup.Forconveniencetheinformationisrepeatedforeachquestion.Betty'svalueoftimeis$90/hour,andJane'svalueoftimeis$20/hour.Spending30minutesbuyingabirthdaygiftforafriendcosts$50.Spending2hoursmakingabirthdaygiftcosts$10.Calculatewhichischeaper,tobuyoneortomakeonebyherself,forBettyandforJane.Firstly,forBetty,whatisthetotalcost,includingbothtimeandgiftcost,ofbuyingthegift?

    lessthan$90.00

    between$90.00and$100.00CorrectAnswer

    between$100.01and$110.00

  • morethan$110.00

    ForBetty:Buying:90*1/2+50=95

    0/1ptsQuestion22Unanswered

    Betty'svalueoftimeis$90/hour,andJane'svalueoftimeis$20/hour.Spending30minutesbuyingabirthdaygiftforafriendcosts$50.Spending2hoursmakingabirthdaygiftcosts$10.ForBetty,whatisthetotalcost,includingbothtimeandgiftcost,ofmakingthegiftherself?

    lessthan$160.00

    between$160.00and$170.00

    between$