ECON 2102 - Exam 1 (UNCC Economics 2102
Microeconomics) Questions With Complete Solutions
businesses Correct Answers maximize profits by selling goods
that satsfy while keeping costs low
capital Correct Answers goods produced for use in further
production
ceteris paribus Correct Answers the assumption of nothing
else changing
change in quantity demanded Correct Answers movement
along the demand curve
change in quantity supplies Correct Answers a movement
along the supply curve
complementary goods Correct Answers goods that are
consumed in combination with another good
ex. PB & jelly
consumers Correct Answers maximize the utility they can get
from available amounts
demand Correct Answers the ability and willingness to buy
specific quantities of a good at alternative prices in a given time
period, ceteris paribus
, demand shift Correct Answers caused by a change in
determinants of demand
taste, income, prices of other goods, expectations, number of
buyers
increase = rightward shift
decrease = leftward shift
E < 1 Correct Answers completely inelastic
E = 1 Correct Answers unitary elastic
E > 1 Correct Answers completely elastic
economic growth Correct Answers increase in output,
expansion of production possibilities
caused by increasing the available resources or by technology
advancing
roses our standard of living, satisfies more wants and needs,
creates jobs
Economics Correct Answers The study of how choices are
made based on scarcity.
entrepreneurship Correct Answers assembling of resources to
produce new or improved products and technologies
Microeconomics) Questions With Complete Solutions
businesses Correct Answers maximize profits by selling goods
that satsfy while keeping costs low
capital Correct Answers goods produced for use in further
production
ceteris paribus Correct Answers the assumption of nothing
else changing
change in quantity demanded Correct Answers movement
along the demand curve
change in quantity supplies Correct Answers a movement
along the supply curve
complementary goods Correct Answers goods that are
consumed in combination with another good
ex. PB & jelly
consumers Correct Answers maximize the utility they can get
from available amounts
demand Correct Answers the ability and willingness to buy
specific quantities of a good at alternative prices in a given time
period, ceteris paribus
, demand shift Correct Answers caused by a change in
determinants of demand
taste, income, prices of other goods, expectations, number of
buyers
increase = rightward shift
decrease = leftward shift
E < 1 Correct Answers completely inelastic
E = 1 Correct Answers unitary elastic
E > 1 Correct Answers completely elastic
economic growth Correct Answers increase in output,
expansion of production possibilities
caused by increasing the available resources or by technology
advancing
roses our standard of living, satisfies more wants and needs,
creates jobs
Economics Correct Answers The study of how choices are
made based on scarcity.
entrepreneurship Correct Answers assembling of resources to
produce new or improved products and technologies
