ECON 100 Exam Practice Questions and Answers | 100% Pass
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Course
Econ 100
Institution
Econ 100
ECON 100 Exam Practice Questions and
Answers | 100% Pass
What is economics? - Answer️️ -A study of how people make choices to achieve goals
with resource constraints.
What is meant by "the invisible hand?" - Answer️️ -The "invisible hand" means that the
division of labor and exchange o...
Why do we tend to see specialization and trade develop at the same time? -
Answer✔️✔️-Specialization increases productivity, so trade must increase because no
one remains self-sufficient.
In a free market, competition involves: - Answer✔️✔️-Buyer competing against buyer,
and seller competing against seller.
Automobile sales have plummeted during the recession. This suggests that consumer
demand for automobiles tends to be: - Answer✔️✔️-Income Elastic
Why are states rushing to increase cigarette taxes? - Answer✔️✔️-Because cigarettes
have a demand which is price inelastic, resulting in big increases in state revenue.
In the German Beer Market, What Effect Do Wine Sales Have on Beer Demand? -
Answer✔️✔️--Wine and Beer Go Together (Complements) So More Wine Causes an
Increase in Demand for Beer.
-Wine and Beer are Substitutes So More Wine Causes a Decrease in Demand for Beer.
-Wine and Beer have no Effect on One Another, So the Demand for Beer is Unaffected
by the Consumption of Wine.
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