Econ201 - Study guides, Class notes & Summaries
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ECON201 NVCC Test 1 | 100% Correct Answers | Verified | Latest 2024 Version
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ECON201 NVCC Test 1 | 100% Correct 
Answers | Verified | Latest 2024 Version 
Economics may best be defined as: - Social science concerned with how individuals, institutions, and 
society make optimal choices under conditions of scarcity 
 
The economizing problem is one of deciding how to make best use of: - Limited resources to satisfy 
virtually unlimited wants. 
 
The main function of an entrepreneur is to: - Innovate 
 
Macroeconomics approaches the study of economics from the viewpoint of:...
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American Military University ECON 201 ECON201 WEEK 5 Quiz
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American Military University ECON 201 ECON201 WEEK 5 Quiz
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American Military University ECON 201 ECON201 WEEK 5 Quiz
- Exam (elaborations) • 15 pages • 2023
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American Military University ECON 201 ECON201 WEEK 5 Quiz
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American Military University ECON 201 ECON201 FINAL EXAM
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American Military University ECON 201 ECON201 FINAL EXAM
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American Military University ECON 201 ECON201 FINAL EXAM
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American Military University ECON 201 ECON201 FINAL 
EXAM 
Question 1 of 29 
One defining characteristic of pure monopoly is that: 
• 
A. The monopolist is a price taker 
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B. The monopolist uses advertising 
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C. The monopolist produces a product with no close substitutes 
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D. There is relatively easy entry into the industry, but exit is difficult 
Question 2 of 29 
Which is a barrier to entry? 
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A. Close substitutes 
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B. Diseconomies of scale 
• 
C. Government licensing ...
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American Military University ECON 201 ECON201 WEEK 5 Quiz
- Exam (elaborations) • 15 pages • 2023
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American Military University ECON 201 ECON201 WEEK 5 Quiz
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American Military University ECON 201 ECON201 FINAL EXAM
- Exam (elaborations) • 16 pages • 2023
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American Military University ECON 201 ECON201 FINAL EXAM
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American Military University - ECON 201 / ECON201 Final Exam
- Exam (elaborations) • 16 pages • 2022
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Question 1 of 29 
One defining characteristic of pure monopoly is that: 
 
 
• 
 
A.	The monopolist is a price taker 
 
• 
 
B.	The monopolist uses advertising 
 
 
•	 
 
C.	The monopolist produces a product with no close substitutes 
 
• 
 
D.	There is relatively easy entry into the industry, but exit is difficult 
 
 
 
Question 2 of 29 
Which is a barrier to entry? 
 
 
• 
 
A.	Close substitutes 
 
• 
 
B.	Diseconomies of scale 
 
 
•	 
 
 
C.	Government licensing 
 
• 
 
D.	...
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ECON201 NVCC Test 1 | 100% Correct Answers | Verified | Latest 2024 Version
- Exam (elaborations) • 5 pages • 2024
-
- CA$11.10
- + learn more
Economics may best be defined as: - Social science concerned with how individuals, institutions, and 
society make optimal choices under conditions of scarcity 
The economizing problem is one of deciding how to make best use of: - Limited resources to satisfy 
virtually unlimited wants. 
The main function of an entrepreneur is to: - Innovate 
Macroeconomics approaches the study of economics from the viewpoint of: - The entire economy 
According to economists, economic self interest: - is a reali...
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