ECON 201 - ./ ./
Final Exam (JMU) Questions With Correct Answers.
./ ./ ./ ./ ./ ./ ./
economics./-./correct./answer./✔✔the./study./of./how./society./allocates./its./scarce./resources
absolute./advantage./-./correct./answer./✔✔
the./ability./to./produce./a./good./using./fewer./inputs./than./another./producer
opportunity./cost./-./correct./answer./✔✔whatever./must./be./given./up./to./obtain./some./item
comparative./advantage./-./correct./answer./✔✔
the./ability./to./produce./a./good./at./a./lower./opportunity./cost./than./another./producer
market./-./correct./answer./✔✔a./group./of./buyers./and./sellers./of./a./particular./good./or./service
law./of./demand./-./correct./answer./✔✔
the./quantity./demanded./of./a./good./falls./when./the./price./of./the./good./rises
normal./good./-./correct./answer./✔✔an./increase./in./income./leads./to./an./increase./in./demand
inferior./good./-./correct./answer./✔✔an./increase./in./income./leads./to./a./decrease./in./demand
substitutes./-./correct./answer./✔✔
two./goods./for./which./an./increase./in./the./price./of./one./leads./to./an./increase./in./the./demand./for
./ the./other
complements./-./correct./answer./✔✔
two./goods./for./which./an./increase./in./the./price./of./one./leads./to./a./decrease./in./demand./for./the./
other
, law./of./supply./-./correct./answer./✔✔
the./quantity./supplied./of./a./good./rises./when./the./price./of./the./good./rises
determinants./of./demand./-./correct./answer./✔✔
income,./price./of./sub/complements,./taste,./expectation,./#./of./buyers
determinants./of./supply./-./correct./answer./✔✔
input./prices,./technology,./expectations,./number./of./sellers
where./on./a./graph./does./the./quantity./demanded./equal./the./quantity./supplied./?./-
./ correct./answer./✔✔market./equilibrium
surplus./occurs./when./.../-./correct./answer./✔✔market./price./is./above./the./equilibrium./price
shortage./occurs./when./.../-./correct./answer./✔✔market./price./is./below./the./equilibrium./price
elasticity./-./correct./answer./✔✔
measure./of./the./responsiveness./of./quantity./demanded./or./quantity./supplied./to./a./change./in./
one./of./its./determinants
price./elasticity./of./demand./equation./-./correct./answer./✔✔
computed./as./the./percentage./change./in./quantity./demanded./divided./by./the./percentage./ch
ange./in./price
elastic./demand./-./correct./answer./✔✔
inelastic./demand./-./correct./answer./✔✔
Final Exam (JMU) Questions With Correct Answers.
./ ./ ./ ./ ./ ./ ./
economics./-./correct./answer./✔✔the./study./of./how./society./allocates./its./scarce./resources
absolute./advantage./-./correct./answer./✔✔
the./ability./to./produce./a./good./using./fewer./inputs./than./another./producer
opportunity./cost./-./correct./answer./✔✔whatever./must./be./given./up./to./obtain./some./item
comparative./advantage./-./correct./answer./✔✔
the./ability./to./produce./a./good./at./a./lower./opportunity./cost./than./another./producer
market./-./correct./answer./✔✔a./group./of./buyers./and./sellers./of./a./particular./good./or./service
law./of./demand./-./correct./answer./✔✔
the./quantity./demanded./of./a./good./falls./when./the./price./of./the./good./rises
normal./good./-./correct./answer./✔✔an./increase./in./income./leads./to./an./increase./in./demand
inferior./good./-./correct./answer./✔✔an./increase./in./income./leads./to./a./decrease./in./demand
substitutes./-./correct./answer./✔✔
two./goods./for./which./an./increase./in./the./price./of./one./leads./to./an./increase./in./the./demand./for
./ the./other
complements./-./correct./answer./✔✔
two./goods./for./which./an./increase./in./the./price./of./one./leads./to./a./decrease./in./demand./for./the./
other
, law./of./supply./-./correct./answer./✔✔
the./quantity./supplied./of./a./good./rises./when./the./price./of./the./good./rises
determinants./of./demand./-./correct./answer./✔✔
income,./price./of./sub/complements,./taste,./expectation,./#./of./buyers
determinants./of./supply./-./correct./answer./✔✔
input./prices,./technology,./expectations,./number./of./sellers
where./on./a./graph./does./the./quantity./demanded./equal./the./quantity./supplied./?./-
./ correct./answer./✔✔market./equilibrium
surplus./occurs./when./.../-./correct./answer./✔✔market./price./is./above./the./equilibrium./price
shortage./occurs./when./.../-./correct./answer./✔✔market./price./is./below./the./equilibrium./price
elasticity./-./correct./answer./✔✔
measure./of./the./responsiveness./of./quantity./demanded./or./quantity./supplied./to./a./change./in./
one./of./its./determinants
price./elasticity./of./demand./equation./-./correct./answer./✔✔
computed./as./the./percentage./change./in./quantity./demanded./divided./by./the./percentage./ch
ange./in./price
elastic./demand./-./correct./answer./✔✔
inelastic./demand./-./correct./answer./✔✔
