ECON 180 TESTS COMPILATION BUNDLE

what is economics correct answer: the study of the choices that individuals, businesses, governmetns, and entire societies make as they cope with scarcity why do economic questions arise? correct answer: peoples wants exceed the resources available what is scarcity correct answer: is the co...

Four types of markets correct answer: •Perfect Competition •Monopoly •Monopolistic Competition •Oligopoly Perfect competition exists when... correct answer: •Many firms sell identical products •No barriers for entry/exit •No advantages over other firms •Buyers and sellers ...

By definition, there is discrimination when the marketplace offers different opportunities to similar individuals who differ only by correct answer: race, ethnic group, sex, age, or other personal characteristics. Which of the following statements is correct? A.) Differences in human capital ma...

Labor services can only be________ because workers cannot be _________. correct answer: rented; be bought and sold positive economics correct answer: "what is" nomative economics correct answer: "what ought to be" economic model correct answer: grasp assumptions and predictions of e...

The Urban economics axiom that prices adjust to achieve locational equillbrium implies a. The price of land is a reflection of the value of the location b. All land has the same inherent value c. Value of a location can only be quantified by an economist d. The price of land is not connected...

Discrimination in the context of labor market is best described as correct answer: Practices within labor markets that result in different treatment based something other than productivity-related characteristics. According to Personal Prejudice Theories of discrimination, correct answer: Wages...

A market is where correct answer: any arrangement that brings buyers and sellers together Marginal Product correct answer: The change in total product that results from a one-unit increase in the quantity of labor employed Long-Run Average Cost Curve correct answer: A curve that shows the l...

Which of the following Statements is true regarding the distribution of income in the United States? A. the Lorenz curve shows that incomes are distributed fairly B. The line of equality shows that incomes are distributed equally C. The inequality in the distribution of income can be seen becaus...

1) A market is defined as A) a physical place where people buy only goods. B) a physical place where people buy both goods and services. C) a store where people buy physical goods. D) any arrangement that brings buyers and sellers together. E) a place where one good is bartered for another. cor...

1) Which of the following statements is true regarding the distribution of income in the United States? A) The Lorenz curve shows that incomes are distributed fairly. B) The line of equality shows that incomes are distributed equally. C) The inequality in the distribution of income can be seen be...

Less than 50% of two-parent poor families have income from earnings correct answer: False Less than 10% of two parent poor families have interests of dividend income correct answer: False The average cash income of non-poor two-parent families with children is more than six times greater tha...