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Econ 201 Practice Exam Questions and 100% Sure Answers
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JACKLINEEcon 201 Practice Exam Questions and 100% Sure Answers
Terms in this set (27)
David ricardo is credited with the coining the False
term "invisible Hand" while Adam smith gave us
the law of Comparative advantage
when average income levels fall in lexington, the True
demand for little caesar's pizza increased. this
implies that Little Ceaser's pizza is an Inferior
good
in a market economy there is no role for False
government
the Equation P=10-4Q, could feasibly represent a False
supply curve consistent with the law of supply
James is a farmer who raises chickens (C) and True
pigs (P). His PPF is represented by the equation
C=100-10P. this implies that the oppertunity cost
of raising one pig isEcon 201
10 chickens Practice Exam Questions and Answers
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, when the price of wheat rises the supply of True
barley decreases this implies that the wheat and
barley are substitutes in production
A tax on gasoline encourages people to drive D
smaller, more fuel efficient cars. which principle
of economics does this illustrate?
A. the cost of something is what you give up to
get it
B. rational people think at the margin
C. people fact trade offs
D. People respond to incentives.
scarcity occurs when? B
A. the prices of good are set too low.
B. the desire for goods and services exceed our
ability to produce them with the limited
resources available.
C. consumers are too poor to afford the good
and services available
D. some people own too many resources.
which of the following is an opportunity cost of B
attending college?
A. the cost of your apartment?
B. the income you could have earned if you
didnt attend college?
C. the cost of the food that you consume while
you are attending college.
D. the education you gain form attending
college Econ 201 Practice Exam Questions and Answers
2/11
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