Econ 100 Final Review || ANSWERS RATED 100% CORRECT!!
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Econ 100
What is economics?
A. A study of how businesses and individuals make the most money.
B. A study of how people make choices to achieve goals with resource constraints.
C. A study of the institutional mechanisms of commerce, like trade and the stock market.
D. A study of comprehensive, internatio...
Econ 100 Final Review || ANSWERS RATED 100%
CORRECT!!
What is economics?
A. A study of how businesses and individuals make the most money.
B. A study of how people make choices to achieve goals with resource constraints.
C. A study of the institutional mechanisms of commerce, like trade and the stock market.
D. A study of comprehensive, international economic development. correct answers A study
of how people make choices to achieve goals with resource constraints
What is meant by "the invisible hand?"
A. The "invisible hand" of government is essential for economic planning.
B. The "invisible hand" is the force of corruption which limits economic development.
C. The "invisible hand" means that the division of labor and exchange are directed by an
unseen authority which keeps everything well organized.
D. The "invisible hand" means that the division of labor and exchange occur naturally among
people without being directed by anyone. correct answers The "invisible hand" means that the
division of labor and exchange occur naturally among people without being directed by
anyone
What is the root of exchange behavior?
A. Human natural tendency toward self-sufficiency.
B. Human natural tendency toward equivalent talents and skills.
C. Human natural tendency toward division of labor to gain efficiency.
D. Human natural tendency toward desiring international experiences. correct answers human
natural tendency toward division of labor to gain efficiency
Division of labor and exchange are human tendencies to enhance ones self-interest. Can
contributing to charities to assure everyone in one's community has access to food, housing
and health care be consistent with the principles of self-interest?
A. yes
B. no correct answers yes
What is scientific about Social Science?
A. Human beings are animals, so the science of human decisions is part of biology.
B. Social scientists have professional journals.
C. Adam Smith was a physicist.
D. Social scientists use the scientific method to test hypotheses about human behavior.
correct answers Social scientists use the scientific method to test hypotheses about human
behavior
What is the contribution of The Wealth of Nations published by Adam Smith in 1776?
A. Adam Smith described how people made production and consumption decisions in the
18th Century.
B. Adam Smith created capitalism.
C. Adam Smith was an English warrior who led the English people to freedom from a king.
D. Adam Smith was a landowner and trade protectionist who drafted the "corn laws." correct
answers Adam Smith described how people made production and consumption decisions in
the 18th Century
,What is a market as discussed in an economics class?
A. A grocery store.
B. The stock market.
C. The coming together of suppliers and demanders of goods and services.
D. A place where exchange occurs. correct answers the coming together of suppliers and
demanders of goods and services
What do consumers want to achieve?
A. Maximize personal satisfaction.
B.Take care of their children and families.
C. Assure that poor people are fed, housed, and clothed.
D. All of the above correct answers all of the above
As the price of gasoline continues to rise,
A. The quantity consumed will not change because everyone must travel.
B. The quantity consumed will decline as consumers respond to higher prices.
C. The quantity consumed will rise because consumers will need more gasoline for their
bigger cars.
D. The quantity consumed will rise because producers will produce more gasoline. correct
answers the quantity consumed will decline as consumers respond to higher prices
Why would producers offer more of a product as price rises?
A. Because some inefficient, high-cost producers can enter the market at high prices.
B. Because producers can justify using more expensive inputs when product prices are high.
C. Because producers are willing to work overtime when prices are good.
D. Any and all of the above. correct answers all of the above
What is the principal communication device between producers and consumers in a free
market?
A. The telephone.
B. Price.
C. Brokers.
D. Politics. correct answers price
from an economic perspective, a choice is:
A. A decision that can be made because we have resources.
B. A decision no one wants to make because they do not have enough resources.
C. A decision that must be made because resources are scarce.
D. A decision which most people can avoid making. correct answers a decision that must be
made because resources are scarce
You know you have incurred a cost when:
A. You use money in a transaction.
B. You must give up something you wanted when making a choice.
C. You receive something you wanted.
D. You sell something someone else wanted correct answers you must give up something you
wanted when making a choice
Why do we tend to see specialization and trade develop at the same time?
, A. Trade increases productivity, so specialization must increase for trade to occur.
B. Specialization increases productivity, so trade must decrease to use all that is produced to
avoid surplus.
C. Specialization increases productivity, so trade must increase because no one remains self-
sufficient.
D. Trade broadens markets to absorb the surplus. correct answers specialization increases
productivity, so trade must increase because no one remains self-sufficient
How does a "black market" get established?
A. When producers are willing to offer, and consumers are willing to buy a product or service
which is banned by a governmental authority.
B. When producers are willing to offer, and consumers are willing to buy morally
questionable products.
C. When producers and consumers come together on big sale days, like "black Fridays"
D. When the stock market crashes quickly it is called a "black market." correct answers when
producers are willing to offer, and consumers are willing to buy product or service which is
banned by a governmental authority
Which of the following products is likely to have the lowest income elasticity of demand?
A. Vacation trips to Las Vegas.
B. Milk.
C. Diamond rings.
D. Refrigerators. correct answers milk
Automobile sales have plummeted during the recession. This suggests that consumer demand
for automobiles tends to be:
A. Price inelastic.
B. Income inelastic.
C. Price elastic.
D. Income elastic. correct answers income elastic
How would you characterize the price elasticity of demand for college education?
A. Price inelastic because if one wants education, they get it at almost any price as an
investment in their future income.
B. Price elastic because it is so expensive.
C. Price inelastic because it consumes a large part of disposable income.
D. Price elastic because it is a luxury item. correct answers price inelastic because if one
wants education, they get it at almost any price as an investment in their future income
Why are prices at a fruit and vegetable farmers' market volatile within the same day?
A. It costs more to bring produce to the market early in the morning than in the afternoon.
B. Prices are not volatile within a single day because the cost of production is the same for all
units of the product.
C. Producers (sellers) adjust price during the day to get customers to buyout exactly the
supply they brought with them to the market.
D. Buyers compete with one another through bidding for a short supply of product. correct
answers producers (sellers) adjust price during the day to get customers to buyout exactly the
supply they brought with them to the market
What happens between buyers and sellers when there is a surplus of product on the market?
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