PEREGRINE EXAM: ECONOMICS REVIEW QUESTIONS WITH GUARANTEED ACCURATE ANSWERS
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Course
PEREGRINE ECONOMICS
Institution
PEREGRINE ECONOMICS
No choice is free because __________?
Options:
- Resources are unlimited
- Resources vary by economy
- Resources are limited
- Resources are constant over time - ACCURATE ANSWERS - Resources are limited
Choose the economic concept that best fits the question or statement: I've already don...
PEREGRINE EXAM: ECONOMICS
REVIEW QUESTIONS
PEREGRINE EXAM: ECONOMICS REVIEW QUESTIONS WITH GUARANTEED
ACCURATE ANSWERS
No choice is free because __________?
Options:
- Resources are unlimited
- Resources vary by economy
- Resources are limited
- Resources are constant over time - ACCURATE ANSWERS✔✔ -
Resources are limited
, Choose the economic concept that best fits the question or statement:
I've already done 45 minutes of exercises; how many more calories will
I get rid of if I exercise for another 10 minutes?
Options:
- Average Production (or Productivity)
- Marginal Thinking
- Opportunity Cost - ACCURATE ANSWERS✔✔ - Marginal Thinking
The Law of Demand can be explained as __________.
Options:
- A lot of people wanting the same thing
- The higher the price, the smaller the quantity demanded, ceteris paribus
- People are willing to make limited sacrifices to acquire products
- Legal reasons people make purchases in the marketplace -
ACCURATE ANSWERS✔✔ - The higher the price, the smaller the
quantity demanded, ceteris paribus
The law of supply states that __________.
Options:
- Producers should produce what they can sell, but only sometimes
- Producers should only sell goods when the price is low
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