Con101 - Study guides, Class notes & Summaries

Saylor Academy ECON101: Direct Credit Exam Questions and Answers Q: Why does scarcity exist? - answerResources are limited. Which of the following is the most fundamental concept in economics? - answerScarcity The Greek word for "economy" is oikonomos, which literally means a person who: - answermanages a household. What does the term "capital" refer to in economics? - answerThe equipment, and buildings used by firms According to the production possibility frontier below, the economy...

what is the definition of economics?a social science that studies how people, firms, and society make optimal choices under conditions of scarcity normative statementsclaims that attempt to prescribe how the world should be positive statementsclaims that attempt to describe the world as it is (facts) opportunity coststhe cost of giving up one opportunity to take another explicit costsinput costs that require an outlay of money (price of coffee) implicit costsIndirect, non-purchased, foreg...

Econ101 Chapter 15 Exam Questions With Accurate Answers. Compared to a monopolistic competitor, a monopolist faces A. a demand curve that has a price elasticity coefficient of zero. B. a more inelastic demand curve C. a more elastic demand curve. D. a more elastic demand curve at higher prices and a more inelastic demand curve at lower prices. - answerB. A more inelastic demand curve Which of following is the best example of a monopoly if we use a broader definition of monopoly? A....

Saylor Academy ECON101 Direct Credit Exam Questions and Answers

Saylor Academy ECON101 Direct Credit Exam Questions and Answers

Econ101 Exam #3 Questions With Accurate Answers. International trade arises from... - answercomparative advantage The fundamental force that drives international trade is... - answercomparative advantage With international trade, a country will export tires. Prior to international trade, the quantity of tires produced in the country _______ the quantity of tires consumed in the country... - answermust equal Prior to international trade, the price of good X is lower in country A than in co...

Saylor Academy ECON101: Direct Credit Exam Questions and Answers Q: Why does scarcity exist? - answerResources are limited. Which of the following is the most fundamental concept in economics? - answerScarcity The Greek word for "economy" is oikonomos, which literally means a person who: - answermanages a household. What does the term "capital" refer to in economics? - answerThe equipment, and buildings used by firms According to the production possibility frontier below, the economy...

Economics - Microeconomics (ECON101)|ECON101 Week 1 Quiz Microeconomics AMU