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Econ 200 Exam 1 Questions With Proper Answers
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Econ 200 Exam 1 Questions With Proper Answers
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Econ 200 Exam 1 Questions With ProperAnswers
Economics CORRECT ANSWERS The study of how people, institutions, and society
make economic choices under conditions of scarcity.
Economic Perspective CORRECT ANSWERS A viewpoint that envisions individuals
and institutions making rational decisions by comparing the marginal benefits and
marginal costs of their actions
Opportunity Cost CORRECT ANSWERS The value of the good, service, or time
forgone to obtain something else
Utility CORRECT ANSWERS The satisfactions obtained from consuming a good or
service.
Marginal Analysis CORRECT ANSWERS The comparison of marginal ("Extra") benefits
and marginal cost, usually for decision making.
Scientific Method CORRECT ANSWERS The systematic pursuit of knowledge by
observing facts and formulating and testing hypotheses to obtain theories, principles,
and laws
Principles CORRECT ANSWERS Statements about economic behavior that enable
predictions of probable effects of certain actions
Other-Things-Equal Assumption CORRECT ANSWERS The assumption that factors
other than those being considered do not change.
Microeconomics CORRECT ANSWERS The part of economics concerned with
individual decision-making units, such as a consumer, a worker, or a business firm.
Macroeconomics CORRECT ANSWERS The part of economics concerned with the
economy as a whole or major components of the economy.
Aggregate CORRECT ANSWERS A collection of specific economic units treated as if
they were one unit.
Economic Problem CORRECT ANSWERS The need for individuals and society to
make choices because wants exceed means.
Budget Line CORRECT ANSWERS A line that shows various combinations of two
products a consumer can purchase with a specific money income, given the product's
prices.
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