Pennsylvania State University>ECON 102 Exam 1| Comprehensive for Grade A+

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Which of the following best describes sunk costs? A) Only recurring fixed costs B) Costs associated with hiring labor each year C) Previous costs that once made are non-recoverable D) Only... costs in the future Table for Individual Question Feedback Points Scored: 2.0/2.0 Correct Answer(s): C 2. Which of the following shows the fallacy of composition? A) Barbara likes chocolate, so all women must like chocolate B) Big Mining Company believes all of its costs are sunk costs C) Carol only buys cheese when it’s on sale at a discount price D) The sun rose after the rooster crowed, so the rooster crowing must have caused the sunrise Table for Individual Question Feedback Points Scored: 2.0/2.0 Correct Answer(s): A 3. Consider the equation Y = 14 – 2X. With Y on the vertical axis and X on the horizontal axis, the horizontal intercept of this line is A) 14 B) – 2 C) 7 D) – (1/7) E) – (1/2) Table for Individual Question Feedback [Show More]

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