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ECON 103 Exam 1 Questions and Answers 100% accurate

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What are the four assumptions of microeconomics? - ANSWER-1. Scarcity 2. Only individuals choose 3. Rational Choice 4. Unlimited wants Is labor a source of value? - ANSWER-No What is the phenomenon of the subjective mind? - ANSWER-Value is in the mind of the valuer Scarcity imposes a margin (T/F) - ANSWER-True What are Mengers requirements to be considered a good? - ANSWER-1. Must be a human need 2. Properties that allow the object to satisfy a need 3. Knowledge of a connection between one and two 4. Accessibility What is derived demand? - ANSWER-Price/value goes up, not down on the structure what is ceteris paribus? - ANSWER-other things equal What is the logic of infinite regress of value? - ANSWER-price is another word for cost in a different time period What is transitivity - ANSWER-logical order How is the principle of elasticity established? - ANSWER-through the magnitude of intensity between given values

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