Econ 101 Study guides, Class notes & Summaries
Looking for the best study guides, study notes and summaries about Econ 101? On this page you'll find 360 study documents about Econ 101.
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American Military University ECON 101: ECON 101 Tests 1-3.
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American Military University ECON 101: ECON 101 Tests 1-3. 
 
Question 1	10 / 10 points 
The branch of economics that examines the impact of choices on aggregates in the economy is: 
Question options: positive economics. normative economics. 
 
 
 
 
 
Question 2 
 
 
microeconomics. 
 
 
 
10 / 10 
points 
 
When we are forced to make choices we are facing the concept of: Question options: 
ceteris paribus. free goods. 
 
 
 
 
Question 3 
 
the margin. 
 
 
10 / 10 
points 
 
An econo...
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Final Exam Econ 101 2023
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Final Exam Econ 101 2023
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Econ 101 Final Exam | latest full testbank with complete solution
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Econ 101 Final Exam | latest full testbank with complete solution 
 
In a competitive market, excess demand for a good exists whenever....? 
a. resources are scarce 
b. the current price is below the equilibrium price 
c. the current price is above the equilibrium price 
d. sellers are subject to the constraints imposed by input prices and technology e. the quantity supplied at the current price exceeds the quantity demanded - b. the current price is below the equilibrium price 
Which of the fo...
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Econ 101 - Final Exam 2023 GRADED A LATEST VERSION 2OO QUESTIONS AND ANSWERS
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Econ 101 - Final Exam 2023 GRADED A 
LATEST VERSION 2OO QUESTIONS 
AND ANSWERS 
Which of the following statements correctly identifies a reason why low inflation can 
have a positive benefit to the economy? 
A) 
Inflation increases consumer demand which is necessary for combating 
slowdowns. 
B) Inflation increases consumer confidence, which is an absolute necessity to 
counteract business cycles. 
C)Inflation reduces money costs and hence stimulates an economy during slowdowns. 
D) Infla...
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Econ 101 post midterm exam 2024 with verified solutions
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Suppose that the demand for candy is less elastic than the supply of candy. If a tax is imposed on sellers of candy, which of the following is true? 
 
A. Sellers will bear all of the tax burden. 
B. Sellers will bear a larger share of the tax burden since the tax is imposed on them. 
C. Sellers will bear a smaller share of the tax burden because supply is more elastic than demand. 
D. Sellers will bear none of the tax burden. correct answersC 
 
Which of the following is a government subsidy? 
...
And that's how you make extra money
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Econ 101 csulb midterm questions well answered 2024/2024
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Econ 101 csulb midtermA good - correct answer anything that gives a person utility or satisfaction 
either tangible or intangible 
 
A bad - correct answer gives person disutility or dissatisfaction 
 
4 Resources - correct answer 1. Land 
2. Labor 
3. Capital 
4. Entrepreneurship 
 
land - correct answer all natural resources used to produce goods and services 
 
Labor - correct answer consists of the physical and mental talents that people contribute to the production process 
 
Capital - corr...
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Econ 101 csulb midterm Question and answers 100% correct 2024
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Econ 101 csulb midterm Question and answers 100% correct 2024 Econ 101 csulb midterm 
 
A good - correct answer anything that gives a person utility or satisfaction 
either tangible or intangible 
 
A bad - correct answer gives person disutility or dissatisfaction 
 
4 Resources - correct answer 1. Land 
2. Labor 
3. Capital 
4. Entrepreneurship 
 
land - correct answer all natural resources used to produce goods and services 
 
Labor - correct answer consists of the physical and mental talent...
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ECON 101: Chapter 14 QUESTION AND CORRECT ANSWER 2023//2024
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ECON 101: Chapter 14 
QUESTION AND 
CORRECT ANSWER 
2023//2024 
A 
1) Which of the following is NOT a characteristic of the market structure for monopolistic 
competition? 
A) Firms are price takers. 
B) There are a large number of firms. 
C) Firms are free to enter and exit. 
D) Firms compete on product quality, price, and marketing. 
C 
2) Brand names are an example of 
A) economies of scale. 
B) illegal barriers to entry. 
C) product differentiation. 
D) oligopoly. 
C 
3) Monopolistic comp...
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Final Exam Econ 101 2023 What behavior does the phenomenon known as comparative advantage encourage
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Final Exam Econ 101 2023 
What behavior does the phenomenon known as comparative advantage encourage? 
specialization in production 
The government has been trying to encourage the use of fuel-efficient cars. One way it does this is by 
allowing fuel-efficient cars to use a separate highway lane. This separate lane encourages people to use 
fuel-efficient cars because 
those who place a high value on their scarce time may be encouraged to buy a fuel-efficient car to take 
advantage of the sep...
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ECON 101 FINAL EXAM PRACTICE QUESTIONS | latest 2023/24
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ECON 101 FINAL EXAM PRACTICE QUESTIONS | latest 2023/24 
 
2. Suppose you are forced to take a pay cut of 5% when the economy is experiencing overall deflation of 
5%. If in response to your pay cut you also reduce your consumption by 5%, then economists would say: 
A) the quantity theory of money held. 
B) you are exhibiting money illusion. 
C) you made a rational decision. 
D) your real wage decreased by 5%. - B 
3. Continued long-run economic growth requires that economies: 
A) continue to i...
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