Saylor Academy ECON101: Direct Credit (
NEWEST 2025/2026) VERIFIED AND REVEIWED
QUESTIONS BY EXPERTS WITH VERIFIED
ANSWERS | GRADED A | BRAND NEW!!!
Terms in this set (80)
Q: Why does scarcity Resources are limited.
exist?
Which of the following is Scarcity
the most fundamental
concept in economics?
The Greek word for manages a household.
"economy" is oikonomos,
which literally means a
person who:
What does the term The equipment, and buildings used by firms
"capital" refer to in
economics?
,According to the It is an impossible goal because there are too few
production possibility resources.
frontier below, the
economy of this country
can produce 50 boats and
25 cars (point Z). For
strategic reasons the
government would like to
produce 45 boats and 35
cars (point Y). What advice
would you give to the
government of this
country?
IMAGE
Equality and efficiency are Equality refers to a uniform distribution of economic
both terms used to judge benefits, while efficiency refers to a maximization of
economic outcomes. economic benefits.
Although they share
similarities in meaning,
they are different in which
of the following ways?
A firm has the lowest gives up the least to make the product.
opportunity cost to
produce a product when
it:
In the circular flow model, The main groups of actors are households and firms,
what are the two main and the two markets are the goods/services market
groups of actors in the and the market for the factors of production.
economy? What are the
two markets that make up
the economy?
, Suppose that baristas at a The supply of coffee will shift to the left.
coffee shop currently earn
the legal minimum wage.
What is likely to happen if
the minimum wage
increases to $15 an hour?
Hops is an input in the The demand for hops will decrease.
production of beer. The
demand for beer is
declining. How will this
affect hops?
The supply of a good is sellers of the good present in the market
determined by:
Some of the determinants price, price of compliments and tastes/preferences.
of demand are:
If producers of a certain -TRY This expectation will affect future supply but not
product are pessimistic or today's supply
uncertain about the future -NOT This expectation will cause movement along the
business climate, how will supply curve.
the supply of the product
behave?
The price for a good -TRY 1.0
decreases in price from
$2.50 per unit to $1.50 per
unit. As a result, the
amount purchased
increases from 300 units
per day to 500 units per
day. What is the price
elasticity of demand for
this good?
NEWEST 2025/2026) VERIFIED AND REVEIWED
QUESTIONS BY EXPERTS WITH VERIFIED
ANSWERS | GRADED A | BRAND NEW!!!
Terms in this set (80)
Q: Why does scarcity Resources are limited.
exist?
Which of the following is Scarcity
the most fundamental
concept in economics?
The Greek word for manages a household.
"economy" is oikonomos,
which literally means a
person who:
What does the term The equipment, and buildings used by firms
"capital" refer to in
economics?
,According to the It is an impossible goal because there are too few
production possibility resources.
frontier below, the
economy of this country
can produce 50 boats and
25 cars (point Z). For
strategic reasons the
government would like to
produce 45 boats and 35
cars (point Y). What advice
would you give to the
government of this
country?
IMAGE
Equality and efficiency are Equality refers to a uniform distribution of economic
both terms used to judge benefits, while efficiency refers to a maximization of
economic outcomes. economic benefits.
Although they share
similarities in meaning,
they are different in which
of the following ways?
A firm has the lowest gives up the least to make the product.
opportunity cost to
produce a product when
it:
In the circular flow model, The main groups of actors are households and firms,
what are the two main and the two markets are the goods/services market
groups of actors in the and the market for the factors of production.
economy? What are the
two markets that make up
the economy?
, Suppose that baristas at a The supply of coffee will shift to the left.
coffee shop currently earn
the legal minimum wage.
What is likely to happen if
the minimum wage
increases to $15 an hour?
Hops is an input in the The demand for hops will decrease.
production of beer. The
demand for beer is
declining. How will this
affect hops?
The supply of a good is sellers of the good present in the market
determined by:
Some of the determinants price, price of compliments and tastes/preferences.
of demand are:
If producers of a certain -TRY This expectation will affect future supply but not
product are pessimistic or today's supply
uncertain about the future -NOT This expectation will cause movement along the
business climate, how will supply curve.
the supply of the product
behave?
The price for a good -TRY 1.0
decreases in price from
$2.50 per unit to $1.50 per
unit. As a result, the
amount purchased
increases from 300 units
per day to 500 units per
day. What is the price
elasticity of demand for
this good?
