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ECO 201 Past Exam 60 Questions with Verified Answers,100% CORRECT

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ECO 201 Past Exam 60 Questions with Verified Answers 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 - CORRECT ANSWER T T/F Stopping remote economic and fission C and markets that are expecting a s...

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  • January 14, 2025
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ECO 201
  • ECO 201
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paulhans
ECO 201 Past Exam 60 Questions with Verified Answers
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 - CORRECT
ANSWER 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 - CORRECT ANSWER 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 - CORRECT
ANSWER 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 - CORRECT ANSWER F

All the following are considered barriers to international trade also called trade
restrictions except...

Quota
product standards
embargoes
outsourcing
subsidies to domestic producers - CORRECT ANSWER 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 - CORRECT ANSWER 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 - CORRECT
ANSWER 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 - CORRECT ANSWER 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 - CORRECT ANSWER 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
government regulations - CORRECT ANSWER Prices

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