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ECO 213 Midterm Study Guide Questions And Answers Latest Updated
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ECO 213 Midterm Study Guide Questions And Answers Latest Updated
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ECO 213 Midterm Study Guide QuestionsAnd Answers Latest Updated
Scarcity means we are unable to have as much as we would like to have.
a. True
b. False ANS✔✔ False
When making a rational decision which requires the consideration of costs and benefits involved, the
opportunity cost of a decision is often not taken into consideration when indeed it should be.
a. True
b. False ANS✔✔ True
If X and Y are substitutes, the demand curve for X will shift to the right when the price of Y decreases.
a. True
b. False ANS✔✔ False
Using supply and demand analysis, customers will stand in line for gasoline when a price ceiling is in
force, even if the price ceiling is at a level higher than the equilibrium price.
a. True
b. False ANS✔✔ False
Macroeconomics is the branch of economics that studies economic aggregates for the economy as a
whole.
a. True
b. False ANS✔✔ True
2024
, When making a rational decision which requires the consideration of costs and benefits involved, the
opportunity cost of a decision is often not taken into consideration when indeed it should be.
a. True
b. False ANS✔✔ True
Suppose A and B are complementary goods. Other things being equal, the demand curve for A will shift
to the right when the price of B goes up.
a. True
b. False ANS✔✔ False
Assume a price floor is set above the equilibrium price. The result is a surplus.
a. True
b. False ANS✔✔ True
A good economic model should capture as many details about real-world behavior as possible.
a. True
b. False ANS✔✔ False
If some resources went to waste rather to use in production, the economy would operate outside its
production possibility curve.
a. True
b. False ANS✔✔ False
Equilibrium in a market exists when there is neither a surplus nor a shortage of the item.
a. True
b. False ANS✔✔ True
2024
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