ECO 365 FINAL EXAM 2017 (PERFECT ANSWER)$ 30.00

1. During the winter break, Sam decides to go for a skiing vacation in Aspen instead of taking piano lessons. The opportunity cost of the skiing vacation is the:

cost of accommodation and food in Aspen.

value of piano lessons.

cost of buying a piano.

amount paid to the skiing instructor.

 2. Which of the following is an example of a negative externality?

Smith reducing the consumption of imported wine following an increase in the price of imported wine

Phoebe refusing to contribute to the building of a children’s park in her neighborhood

Christina accepting a payment in cash rather than in check for her laundry services

Tom playing music loudly in his room, disturbing his roommate who has an exam the next day

3. A perfectly competitive firm sells 10 units of Good X at a price of $2 per unit. It incurs a fixed cost of $5 and a variable cost of $40 to produce the good. Which of the following is true?

The firm should operate in the short run but shut down in the long run.

The marginal cost of the good is $4.

The average revenue of the firm is $20.

The firm should shut down.

4. Squeeze Inc. sells orange juice in a market where there are a large number of consumers and sellers. New firms can enter the market easily and also exit whenever they want to. It sells 40 bottles in a month at a price of $4 per bottle and incurs a cost of $5 per bottle. The average revenue of the firm:

will be less than the marginal revenue.

is $2, which is less than the market price.

will be greater than the marginal revenue.

is $4, which is equal to the marginal revenue.

 5. Which of the following is a difference between liberalism and libertarianism?

Libertarians believe that equality of opportunities is more important than the equality of incomes, while liberals believe in policies that equalize the distribution of income.

Libertarians argue that the government should maximize total utility, while liberals argue that the average utility of members of society should be maximized.

Libertarians believe that the government should redistribute income from the rich to the poor, while the liberals believe that the government should not redistribute income.

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency