Exam (elaborations)
ECO 201 Past Exam Detailed Questions And Expert Answers
- Course
- ECO 201
- Institution
- Southern New Hampshire University
ECO 201 Past Exam Detailed Questions And Expert Answers
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ECO 201 Past Exam Detailed Questions And ExpertAnswers
T/F
The three economic questions of allocation that and kind me must answer it
involves what to produce how to produce in whom to produce for - ANS T
T/F
Stopping remote economic and fission C and markets that are expecting a shortage
is by bringing the actual ticket selling price closer to the true market equilibrium
price - ANS T
T/F
The law of supply states that an increase in the price of a product will lead to a
decrease in the quantity of a product supplied, ceteris paribus - ANS F
T/F
A tariff impose on an imported product will reduce the price of the imported
product in the country that impose the Tariff - ANS F
All the following are considered barriers to international trade also called trade
restrictions except...
Quota
,product standards
embargoes
outsourcing
subsidies to domestic producers - ANS Outsourcing
Suppose that Michael notices that minivans are typically filled with large families
with more than two children he concludes... Driving a minivan causes families to
become larger which of the following is true in regard to pitfall in economic
thinking Michael's conclusion is likely fly due to
The reverse causality problem
The omitted variable problem
The violation of the ceteris paribus condition
The violation of the law to comparative advantage - ANS The reverse causality
problem
Which of the following is false regarding a command based economy
Decision markers face soft budget constraints
Good are distributed according to each person's need by the central planner
The Economy produces what people are willing and able to buy
Some resources are privately owned but most are communal property - ANS The
Economy produces what people are willing and able to buy
, From 8 to 11 on Sundays Julio can sleep in volunteer at the Lexington Humane
Society or clean his apartment suppose that Julio decides to volunteer at the
Lexington Humane Society but thinks that if he hadn't he would otherwise have
slept in for Julio the opportunity cost of volunteering at the Humane Society is
cleaning his apartment
sleeping in
three hours of time
cleaning his apartment and sleeping in - ANS Sleeping in
An economy's production of 2 goods is efficient if
All members of society consuming equal portions of the goods
The goods are produced using only some of societies available resources
It is impossible to produce more of one good without producing less of another
Opportunity cost of producing more than one good is zero - ANS It is impossible to
produce more of one good without producing less of another
The invisible hand coordinates economic activity through
Random lotteries
central planners
prices
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