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ECO 201 PAST EXAM QUESTIONS AND ANSWERS 100% PASS

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ECO 201 PAST EXAM QUESTIONS AND ANSWERS 100% PASS 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 - T T/F Stopping remote economic and fission C and markets that are expecting a shortage is by bring...

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  • January 10, 2025
  • 23
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ECON 201
  • ECON 201
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EmilyCharlene
ECO 201 PAST EXAM QUESTIONS AND
ANSWERS 100% PASS


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 - ✔✔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 - ✔✔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 - ✔✔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 - ✔✔F


All the following are considered barriers to international trade also called trade

restrictions except...




EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 1

,Quota


product standards


embargoes


outsourcing


subsidies to domestic producers - ✔✔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 - ✔✔The reverse causality problem


Which of the following is false regarding a command based economy




Decision markers face soft budget constraints




EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 2

, 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 - ✔✔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 - ✔✔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




EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 3

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