1 Exam (elaborations) Economics 101 Study Guide Exam And All Actual Answers. 2 Exam (elaborations) Economics 101 Exam 1 Practice Test Questions And All Answers. 3 Exam (elaborations) Econ 101 Midterm Exam 1 Questions And All Correct Answers. 4 Exam (elaborations) ECON 101 Fundamentals of Microec...
[Show more]
1. Jacquelyn is a student at a major state university. Which of the following is NOT an explicit cost of her attending college? A) tuition B) textbooks C) the salary that she could have earned working full-time D) computer lab fees - Answer C) the salary that she could have earned working full...
Preview 3 out of 28 pages
Add to cart1. Jacquelyn is a student at a major state university. Which of the following is NOT an explicit cost of her attending college? A) tuition B) textbooks C) the salary that she could have earned working full-time D) computer lab fees - Answer C) the salary that she could have earned working full...
The basic concern for microeconomics is: (a) to prove that capitalism is better than socialism (b) to use unlimited resources to produce goods and services to satisfy limited wants (c) to keep business firms from losing money. (d) to study the choices people make. - Answer D A new ...
Preview 2 out of 13 pages
Add to cartThe basic concern for microeconomics is: (a) to prove that capitalism is better than socialism (b) to use unlimited resources to produce goods and services to satisfy limited wants (c) to keep business firms from losing money. (d) to study the choices people make. - Answer D A new ...
scarcity - Answer A situation in which unlimited wants exceed the limited resources available to fulfill those wants opportunity cost - Answer what you had to give up to make that choice or obtain that item marginal analysis - Answer the study of the costs and benefits of doing a little bit mo...
Preview 2 out of 7 pages
Add to cartscarcity - Answer A situation in which unlimited wants exceed the limited resources available to fulfill those wants opportunity cost - Answer what you had to give up to make that choice or obtain that item marginal analysis - Answer the study of the costs and benefits of doing a little bit mo...
2. Suppose you are forced to take a pay cut of 5% when the economy is experiencing overall deflation of 5%. If in response to your pay cut you also reduce your consumption by 5%, then economists would say: A) the quantity theory of money held. B) you are exhibiting money illusion. C) you made a ...
Preview 2 out of 15 pages
Add to cart2. Suppose you are forced to take a pay cut of 5% when the economy is experiencing overall deflation of 5%. If in response to your pay cut you also reduce your consumption by 5%, then economists would say: A) the quantity theory of money held. B) you are exhibiting money illusion. C) you made a ...
In a competitive market, excess demand for a good exists whenever...? a. resources are scarce b. the current price is below the equilibrium price c. the current price is above the equilibrium price d. sellers are subject to the constraints imposed by input prices and technology e. the quantity s...
Preview 3 out of 29 pages
Add to cartIn a competitive market, excess demand for a good exists whenever...? a. resources are scarce b. the current price is below the equilibrium price c. the current price is above the equilibrium price d. sellers are subject to the constraints imposed by input prices and technology e. the quantity s...
Economics - Answer The study of scarcity and choice. Individual Choice - Answer Decisions by individuals about what to do, which necessarily involve decisions about what not to do. Economy - Answer A system for coordinating a society's productive and consumptive activities. Resourc...
Preview 4 out of 35 pages
Add to cartEconomics - Answer The study of scarcity and choice. Individual Choice - Answer Decisions by individuals about what to do, which necessarily involve decisions about what not to do. Economy - Answer A system for coordinating a society's productive and consumptive activities. Resourc...
what is economics? - Answer study of how a society manages its scarce resources resources - Answer input, factors of production economy's resources - Answer 1. labor 2. capital 3. natural resources 4. entrepreneurial ability labor - Answer physical capital (machines, buildings...
Preview 2 out of 5 pages
Add to cartwhat is economics? - Answer study of how a society manages its scarce resources resources - Answer input, factors of production economy's resources - Answer 1. labor 2. capital 3. natural resources 4. entrepreneurial ability labor - Answer physical capital (machines, buildings...
Microeconomics - Answer the study of the economy at the small-scale level, examining individuals and specifics markets -deals with individual households and markets (gasoline market) -how market prices are determined and how they will adjust to a variety of different events (weather and governme...
Preview 2 out of 11 pages
Add to cartMicroeconomics - Answer the study of the economy at the small-scale level, examining individuals and specifics markets -deals with individual households and markets (gasoline market) -how market prices are determined and how they will adjust to a variety of different events (weather and governme...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
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.
Stuvia is a marketplace, so you are not buying this document from us, but from seller TestSolver9. Stuvia facilitates payment to the seller.
No, you only buy these notes for $37.77. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
78834 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now