Econ 202 Exam Questions with Complete Correct Answers

Scarcity Ans: More wants than there are resources to fulfill them Macroeconomics Ans: Study of the aggregate effects on the national economy and the global economy of the choices that individuals, businesses, and governments make Opportunity Cost Ans: The bet thing that you must give up to ge...

Elasticity Ans: A measure of how much one economic variable responds to changes in another economic variable. Price elasticity of demand Ans: The responsiveness of the quantity demanded to a change in price, measured by dividing the percentage change in the quantity demanded of a product by t...

A normal good is a good for which Ans: demand increases when income increases. Which of the following is NOT one of the factors that influences the supply of a product? Ans: income Which of the following is a microeconomic topic? Ans: the reasons why Kathy buys less orange juice When supply de...

scarcity Ans: a situation in which unlimited wants exceeds the limited resources available economics Ans: the study of the choices people make to attain their goals, given their scarce resources economic model Ans: a simplified version of reality used to analyze real-world economic situations ...

Because people's wants are unlimited but resources are scarce, Ans: choices must be made In economics, capital is define as Ans: the natural, unskilled abilities of people The labor market is an example of a Ans: resource market In macroeconomics, we analyze Ans: the overall performance of t...