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ECN ECONOMICS EXAM 100 COMPLETE QUESTIONS WITH 100% COMPLETE ANSWERS/ESTUDY LATEST,ALL ANSWERED
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ECN ECONOMICS EXAM 100 COMPLETE QUESTIONS WITH 100% COMPLETE ANSWERS/ESTUDY LATEST,ALL ANSWERED
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ECN ECONOMICS EXAM 100 COMPLETE QUESTIONS WITH 100% COMPLETE ANSWERS/ESTUDYLATEST,ALL ANSWERED
1. What is economics?
A) The study of how to eliminate scarcity
B) The study of how society manages its scarce resources
C) The analysis of market power
D) The examination of government policies
CORRECT ANSWER:
B) The study of how society manages its scarce resources
2. What is an incentive?
A) A market intervention
B) Something that induces a person to act
C) A type of market failure
D) A measure of productivity
CORRECT ANSWER:
B) Something that induces a person to act
3. What is productivity?
A) The amount of goods produced in a year
B) The quantity of goods and services produced from each unit of labor input
C) A measure of economic equality
D) The level of market competition
CORRECT ANSWER:
B) The quantity of goods and services produced from each unit of labor input
4. What is opportunity cost?
A) The cost of resources used in production
B) Whatever must be given up to obtain some item
C) The cost associated with market power
D) The cost of government intervention
CORRECT ANSWER:
B) Whatever must be given up to obtain some item
5. What is an externality?
A) A type of market regulation
B) The impact of one person's actions on the well-being of a bystander
C) A form of economic equality
D) The effect of government policies
CORRECT ANSWER:
B) The impact of one person's actions on the well-being of a bystander
6. Who are considered rational people?
A) Those who act impulsively
B) Those who systematically and purposefully do the best they can to achieve their
objectives
C) People who follow market trends
D) Individuals who ignore opportunity costs
CORRECT ANSWER:
B) Those who systematically and purposefully do the best they can to achieve their
objectives
, ECN ECONOMICS EXAM 100 COMPLETE QUESTIONS WITH 100% COMPLETE ANSWERS/ESTUDY
LATEST,ALL ANSWERED
7. What is scarcity?
A) The availability of resources
B) The limited nature of society's resources
C) The efficiency of market systems
D) A type of economic growth
CORRECT ANSWER:
B) The limited nature of society's resources
8. What is a market economy?
A) An economy regulated by the government
B) An economy that allocates resources through the decentralized decisions of many
firms and households as they interact in markets for goods and services
C) An economy based on barter
D) An economy with a single monopolistic provider
CORRECT ANSWER:
B) An economy that allocates resources through the decentralized decisions of many
firms and households as they interact in markets for goods and services
9. What is the business cycle?
A) The study of consumer behavior
B) Fluctuations in economic activity, such as employment and production
C) The rise of new industries
D) The effect of globalization
CORRECT ANSWER:
B) Fluctuations in economic activity, such as employment and production
10. What is a marginal change?
A) A complete overhaul of a plan
B) A small incremental adjustment to a plan of action
C) A significant policy shift
D) A change in market power
CORRECT ANSWER:
B) A small incremental adjustment to a plan of action
11. What is efficiency?
A) The distribution of wealth
B) The property of society getting the most it can from its scarce resources
C) The level of competition in markets
D) The stability of the economy
CORRECT ANSWER:
B) The property of society getting the most it can from its scarce resources
12. What is market power?
A) The ability to influence market prices
B) The ability of a single economic actor (or small group of actors) to have a substantial
influence on market prices
C) The regulation of industries
D) The competition among firms
CORRECT ANSWER:
B) The ability of a single economic actor (or small group of actors) to have a substantial
influence on market prices
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