ECO 336 EXAM 1 - PART 1 2025 QUESTIONS AND ANSWERS

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ECO 336 EXAM 1 - PART 1 2025 QUESTIONS AND ANSWERS

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Course ECO 336

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ECO 336 EXAM 1 - PART 1 2025 QUESTIONS AND ANSWERS

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ECO 336 EXAM 1 - PART 1 2025
QUESTIONS AND ANSWERS

economics? - ....ANSWER ...-study of how society manages scarce

resources

scarcity? - ....ANSWER ...-limited nature of society resources (labor)

opportunity cost? - ....ANSWER ...-cost of having more of 1 good is

foregoing the opportunity of having more of another

What is the opportunity cost of going to college? - ....ANSWER ...-tuition

and making more money

utility? - ....ANSWER ...-total satisfaction received from consuming a good

or service

rationality? - ....ANSWER ...-the decision-making process that is based on

making choices that result in the optimal level of benefit, or utility, for an

individual

....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1

, One of the most fundamental assumptions in economics is... -

....ANSWER ...-people behave rationally

economic models? - ....ANSWER ...-frameworks that explain human

behavior

theories? - ....ANSWER ...-explanations for why an event might have

occurred.

Ceteris Paribus? - ....ANSWER ...-with other conditions remaining the same

Economists exam the effects of change in a _____________, while assuming that

______________________________. - ....ANSWER ...-Single variable of

interest; all else remains the same

Data difficulties (2)? - ....ANSWER ...-1. Slow to gather/Can be expensive

2. Collecting and compiling can take time

When data is available, evidence for theories can be obtained with... -

....ANSWER ...-average & cross tabulations and regressions

market? - ....ANSWER ...-where the goods and services are sold

government? - ....ANSWER ...-major buyer and seller of goods and services,

also regulates & otherwise influences economy

....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2

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Uploaded on: July 10, 2025
Number of pages: 13
Written in: 2024/2025
Type: Exam (elaborations)
Contains: Questions & answers

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ECO 336 EXAM 1 - PART 1 2025 QUESTIONS AND ANSWERS

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