anione has 2002 ECON 1101 quiz questions? (2 Viewers)

[Newbie]

whos ricenoodle?
who is everyone ?!?!?!!?

 

[truly-in-bliss]

Originally posted by Newbie
i got 70%!

those questions are harder than the exercise questions in our book...

when is ur quiz newbie?

 

[Newbie]

friday fortunately

 

[Eeko]

question:

will the quiz be vastly different from the MC questions on the net?

or would they most jus be reworded and based on the same stuff

 

[Eeko]

The more elastic demand is the ______ the burden of the tax borne by ______.
A) smaller; consumer and producers
B) larger; consumers
C) larger; producers
D) smaller; producers
E) larger; consumers and producers


The more inelastic is supply the ______ is the burden of tax borne by ______.
A) larger; producers and consumers
B) smaller; consumers and producers
C) smaller; producers
D) smaller; consumers
E) None of the above.

Sonya is employed at a stock brokerage firm where she earns $25 per hour. The office she works at is located downtown. To get to work each day, she must either ride a series of buses that takes one-and-a-half hours at a cost of $2, or take a cab that takes 30 minutes and costs $20. Assuming she goes to work, the opportunity cost
A) of riding the bus is $2, and taking the cab is $20.
B) of riding the bus is $37.50, and taking the cab is $12.50.
C) of riding the bus is $35.50, and taking the cab is -$5.
D) of riding the bus is $39.50, and taking the cab is $32.50.
E) of riding the bus is $27, and taking the cab is $20.

The first 2 have inconsistent answers and last one i jus dun get

 

[Frigid]

1) C) The more elastic demand is the larger the burden of tax is borne by producers.

2) E) None of the above. I think the statement is true when "...larger...producers".

3) Opportunity (or Economic) cost is the sum of the explicit (or accounting) costs (the cost of the trip) + the implicit costs (which are the "monetary income a firm [or in this case, sonya] sacrifices when... it [produces] a product rather than... [supplies it], eg. forgone wages [of $25/h]" Bajada C., 2004).
So, let us suppose sonya takes the bus trip. the opportunity cost of her trip is: $2 + $25 x 1.5 = $2 + $37.5 = $39.5
If she takes the taxi, the opportunity cost of her trip is: $20 + $25 x 0.5 = $20 + $12.5 = $32.5

So the answer is D.

 

[Eeko]

WELL APPARENTLY

U'RE WRONG!!!

 

[Frigid]

bahahahaha

oh well, we're all fallible.

so what's the right answer?

 

[Eeko]

c b e

 

[truly-in-bliss]

there was a question like that in today's quiz..

 

[Eeko]

elaborate elaborate

 

[truly-in-bliss]

Originally posted by Eeko
The more elastic demand is the ______ the burden of the tax borne by ______.
A) smaller; consumer and producers
B) larger; consumers
C) larger; producers
D) smaller; producers
E) larger; consumers and producers


The more inelastic is supply the ______ is the burden of tax borne by ______.
A) larger; producers and consumers
B) smaller; consumers and producers
C) smaller; producers
D) smaller; consumers
E) None of the above.

there was a quest very similar to those two quesitons...... like same topic.. same style.. though i think the wording is differnet but tis pretty much the same..

 

[Eeko]

The more inelastic is supply the ______ is the burden of tax borne by ______.
A) larger; producers and consumers
B) smaller; consumers and producers
C) smaller; producers
D) smaller; consumers
E) None of the above.

can anybody explain y the answer is B?

 

[truly-in-bliss]

its in chap 7

 

[Newbie]

how did you go tib>?

 

[truly-in-bliss]

i did okay.. prob get 8 or 9....

it wasnt dead easi.. and it wasnt hard... it did require a bit of thinking..but nothing relali difficult.... i finished it in lyk 6 minutes (10 questions and 15 minz) ..and went over it twice... and by the time i finsihed checking it... half of the class had also finished checking it..



and btw hey ricenoodles! nice meeting you.

 

[Newbie]

easier than the online questions?

 

[truly-in-bliss]

yeah i say so..... though its a diff kind of approach....

some of the online questions are realli specific.. whereas the quiz is more braod and general based......no nit picking or detailed questions..

 

[Newbie]

cool cool

oh i just read frigid's post
roflmayonaiseS~~@!@$@#$
he sux

 

[truly-in-bliss]

u guys are smart... should get at elast 8 without studying....