ECON 100 Exam Practice Questions and Answers | 100% Pass
3 views 0 purchase
Module
Econ 100
Institution
Econ 100
ECON 100 Exam Practice Questions and
Answers | 100% Pass
What is economics? - Answer️️ -A study of how people make choices to achieve goals
with resource constraints.
What is meant by "the invisible hand?" - Answer️️ -The "invisible hand" means that the
division of labor and exchange o...
Why do we tend to see specialization and trade develop at the same time? -
Answer✔️✔️-Specialization increases productivity, so trade must increase because no
one remains self-sufficient.
In a free market, competition involves: - Answer✔️✔️-Buyer competing against buyer,
and seller competing against seller.
Automobile sales have plummeted during the recession. This suggests that consumer
demand for automobiles tends to be: - Answer✔️✔️-Income Elastic
Why are states rushing to increase cigarette taxes? - Answer✔️✔️-Because cigarettes
have a demand which is price inelastic, resulting in big increases in state revenue.
In the German Beer Market, What Effect Do Wine Sales Have on Beer Demand? -
Answer✔️✔️--Wine and Beer Go Together (Complements) So More Wine Causes an
Increase in Demand for Beer.
-Wine and Beer are Substitutes So More Wine Causes a Decrease in Demand for Beer.
-Wine and Beer have no Effect on One Another, So the Demand for Beer is Unaffected
by the Consumption of Wine.
3/28
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EmillyCharlotte. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £9.38. You're not tied to anything after your purchase.
