Exam (elaborations)

ECON 101 STUDY EXAM REVIEWS WITH CORRECT ANSWERS

0 purchase

Course
ECON

Institution
ECON

[Show more]

Preview 4 out of 68 pages

View example

Uploaded on August 10, 2024
Number of pages 68
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

an incentive
scarcity exists because
econ 101 study exam reviews with correct answers
the production possibilities frontier is the bound

Institution ECON
Course ECON

$12.49

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

ECON 101 STUDY EXAM REVIEWS
WITH CORRECT ANSWERS

an incentive - CORRECT ANSWER-could be either a reward or
a penalty

scarcity exists because - CORRECT ANSWER-our wants
exceed the resources available to satisfy them

Economics is best defined as the study of how people,
businesses, governments, and societies - CORRECT
ANSWER-make choices to cope with scarcity

Micro economics is the study of - CORRECT ANSWER-the
choices that individuals and businesses make

People must make choices because - CORRECT ANSWER-of
scarcity

which of the following is NOT a factor of production? -
CORRECT ANSWER-the wages paid to workers

,Joy is training to become a chef. The skills she is obtaining
from her training and education will increase Joy's - CORRECT
ANSWER-human capital

Which of the following is NOT a factor of production? -
CORRECT ANSWER-175 shares of Microsoft stock

When an economy produces more houses and fewer
typewriters, its answering the _____ part of one of the two big
economic questions - CORRECT ANSWER-"what"

Factors of production include - CORRECT ANSWER-land,
labor, capital and entrepreneurship

Scarcity requires that people must - CORRECT ANSWER-
make choices

Studying the determination of prices in individual markets is
primarily a concern of - CORRECT ANSWER-microeconomics

In broad terms the difference between microeconomics and
macroeconomics is that - CORRECT ANSWER-
microeconomics studies decisions of individual people and
firms and macroeconomics studies the entire national economy

People must make choices because - CORRECT ANSWER-of
scarcity

In every economic system, choices must be made because
resources are _____ and our wants are _____ - CORRECT
ANSWER-limited; unlimited

When an economist talks of scarcity, the economist is referring
to the - CORRECT ANSWER-inability of society to satisfy all
human wants because of limited resources

,Fundamental economic problems basically arise from -
CORRECT ANSWER-our wants exceeding or scarce resources

All economic questions arise because we - CORRECT
ANSWER-want more than we can get

All economic questions are about - CORRECT ANSWER-how
to cope with scarcity

Scarcity exists because - CORRECT ANSWER-our wants to
exceed the resources available to satisfy them

Macroeconomics is concerned with - CORRECT ANSWER-
economy-wide variables

Which of the following is a macroeconomic issue? - CORRECT
ANSWER-the effect of increasing the money supply on inflation

Which of the following is a microeconomic topic? - CORRECT
ANSWER-the reasons why Kathy buys less orange juice

Studying the effects choices have on the individual markets
within the economy is part of - CORRECT ANSWER-
microeconomics

When firms in an economy start producing more computers and
fewer televisions, they are answering the _____ part of one of
the two big economic questions. - CORRECT ANSWER-"what"

Which factor of production earns profit? - CORRECT
ANSWER-entrepreneurship

In the U.S. economy, which of the following statements is true?
- CORRECT ANSWER-more services are produced than goods

The term human capital refers to - CORRECT ANSWER-
people's knowledge and skill

, Suppose Company A's profits increase by $10 million and
nobody is made worse off. The CEO of Company A keeps all
$10 million for herself. This situation - CORRECT ANSWER-is
definitely efficient

If Taco Bell decided to produce more tacos and fewer burritos,
Taco Bell is answering the _____ part of one of the two big
economic questions. - CORRECT ANSWER-"what"

An art museum decides to offer tours by having visitors listen to
cassette tapes rather than have tour guides. The museum is
answering the _____ part of one of the two big economic
questions. - CORRECT ANSWER-"how"

Human capital is - CORRECT ANSWER-the skill and
knowledge of workers

Human resources that perform the functions of organizing,
managing, and assembling the other resources is called -
CORRECT ANSWER-entrepreneurship

The fact that people with higher incomes get to consume more
goods and services addresses the _____ part of one of the two
big economic questions - CORRECT ANSWER-"for whom"

The "gifts of nature" are included as part of which factor of
production? - CORRECT ANSWER-land

When a firm decides to produce more electric cars and
conventional gas powered car, it is more directly answering the
_____ part of one of the two big economic questions. -
CORRECT ANSWER-"what"

Which of the following best defines capital as a factor of
production? - CORRECT ANSWER-instruments, machines,
and buildings used in production

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller supergrades1. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

68175 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling