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Saylor Academy ECON101: Direct Credit Questions and Answers
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Saylor Academy ECON101: Direct Credit Questions and Answers What does the term "capital" refer to in economics? The equipment, and buildings used by firms According to the production possibility frontier below, the economy of this country can produce 50 boats and 25 cars (point Z). For strat...

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  • October 13, 2024
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Saylor Academy ECON101: Direct Credit
Questions and Answers

What does the term "capital" refer to in economics? The equipment, and buildings used by

firms




According to the production possibility frontier below, the economy of this country can produce

50 boats and 25 cars (point Z). For strategic reasons the government would like to produce 45

boats and 35 cars (point Y). What advice would you give to the government of this country?




IMAGE It is an impossible goal because there are too few resources.




Equality and efficiency are both terms used to judge economic outcomes. Although they share

similarities in meaning, they are different in which of the following ways? Equality refers

to a uniform distribution of economic benefits, while efficiency refers to a maximization of

economic benefits.




A firm has the lowest opportunity cost to produce a product when it: gives up the least to

make the product.

, Saylor Academy ECON101: Direct Credit
Questions and Answers
In the circular flow model, what are the two main groups of actors in the economy? What are the

two markets that make up the economy? The main groups of actors are households and

firms, and the two markets are the goods/services market and the market for the factors of

production.




Suppose that baristas at a coffee shop currently earn the legal minimum wage. What is likely to

happen if the minimum wage increases to $15 an hour? The supply of coffee will shift to

the left.




Hops is an input in the production of beer. The demand for beer is declining. How will this affect

hops? The demand for hops will decrease.




The supply of a good is determined by: sellers of the good present in the market




Some of the determinants of demand are: price, price of compliments and

tastes/preferences.

, Saylor Academy ECON101: Direct Credit
Questions and Answers
If producers of a certain product are pessimistic or uncertain about the future business climate,

how will the supply of the product behave? -TRY This expectation will affect future

supply but not today's supply

-NOT This expectation will cause movement along the supply curve.




The price for a good decreases in price from $2.50 per unit to $1.50 per unit. As a result, the

amount purchased increases from 300 units per day to 500 units per day. What is the price

elasticity of demand for this good? -TRY 1.0




The Smith family's income increases by 25%. What impact will this have on their spending

habits? There will be a shift in demand for all goods, and the Smiths will consume more

compared to before the increase in income.




Effective price control will result in either shortage or surplus. What additional actions are

needed to counter these unwanted effects? Production quotas and rationing must be

imposed.




The following table presents the supply and demand schedules for volleyballs. There are protests,

and volleyball supporters march on Washington to demand that volleyballs be made more

affordable. A concerned President approaches Congress, and Congress repeals its policy of a

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