Econ 100 Final Review Questions and Answers | 100% Pass
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Course
Econ 100
Institution
Econ 100
Econ 100 Final Review Questions and
Answers | 100% Pass
What is economics?
A. A study of how businesses and individuals make the most money.
B. A study of how people make choices to achieve goals with resource constraints.
C. A study of the institutional mechanisms of commerce, like trade and ...
Answer✔️✔️-the quantity consumed will decline as consumers respond to higher prices
Why would producers offer more of a product as price rises?
A. Because some inefficient, high-cost producers can enter the market at high prices.
B. Because producers can justify using more expensive inputs when product prices are
high.
C. Because producers are willing to work overtime when prices are good.
D. Any and all of the above. - Answer✔️✔️-all of the above
What is the principal communication device between producers and consumers in a free
market?
A. The telephone.
B. Price.
C. Brokers.
D. Politics. - Answer✔️✔️-price
from an economic perspective, a choice is:
A. A decision that can be made because we have resources.
B. A decision no one wants to make because they do not have enough resources.
C. A decision that must be made because resources are scarce.
D. A decision which most people can avoid making. - Answer✔️✔️-a decision that must
be made because resources are scarce
You know you have incurred a cost when:
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