EC111 Bentley questions with verified
answers already passed
opportunity cost - correct answer ✔✔the most desirable alternative given up as the result of a
decision
invisible hand - correct answer ✔✔term economists use to describe the self-regulating nature
of the marketplace
PPF - correct answer ✔✔production possibilities frontier
Comperitive advantage - correct answer ✔✔who has the production advantage. includes
opportunity cost
absolute advantage - correct answer ✔✔who produces more of one good
Calculating Elasticity - correct answer ✔✔% change in quantity / % change in price
elastic - correct answer ✔✔1- Infinity
inelastic - correct answer ✔✔0-1
Revanue - correct answer ✔✔income
calculating revenue - correct answer ✔✔Price x Quantity
answers already passed
opportunity cost - correct answer ✔✔the most desirable alternative given up as the result of a
decision
invisible hand - correct answer ✔✔term economists use to describe the self-regulating nature
of the marketplace
PPF - correct answer ✔✔production possibilities frontier
Comperitive advantage - correct answer ✔✔who has the production advantage. includes
opportunity cost
absolute advantage - correct answer ✔✔who produces more of one good
Calculating Elasticity - correct answer ✔✔% change in quantity / % change in price
elastic - correct answer ✔✔1- Infinity
inelastic - correct answer ✔✔0-1
Revanue - correct answer ✔✔income
calculating revenue - correct answer ✔✔Price x Quantity
