Econ 203 quiz 1 - Study guides, Class notes & Summaries

Econ 203 Quiz 1 Detailed Questions And Expert Answers 2024

The Overriding reason as to why households and societies face many decisions is that A. Resources are scarce B. Goods and services are not scarce C. Incomes fluctuate with business cycles D. People, by nature, tend to disagree correct answers A. Resources are scarce Economics is the study of A. how society manages its scarce resources B. the governments role in society C. how a market system functions D. how to increase production correct answers A. how society manages is scarce...

Question 1 1 / 1 point In countries like _____________ the command economy predominates. a)  Germany and France b)  China and Vietnam c)  Cuba and North Korea d)  South Africa and Kenya Chapter 1_market-oriented economy Question 2 0 / 1 point Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization? a)  economi...

Quiz Submissions - Quiz #2 ~ ECON 203   Chapter 8 Question 1 1 / 1 point If a firm's revenues do not cover its average variable costs, then that firm has reached its _________________ . a)  price taking point b)  shutdown point c)  opportunity margin d)  marginal point Chapter 8 perfectly competitive market, Question 2 1 / 1 point If a perfectly competitive firm is a price taker, then a)  pressure from competing firms will force acceptance of the preva...