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Econ 1100 exam 1 Questions and Correct Answers/ Latest Update / Already Graded

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Economics Ans: The study of how individuals and societies make choices under conditions of scarcity Scarcity Ans: The condition that arises because resources are limited but wants are unlimited Opportunity Cost Ans: The value of the next best alternative given up when a choice is made Explicit Cost Ans: A direct monetary payment made by a firm or individual Implicit Cost Ans: A non-monetary opportunity cost such as time or foregone income Page | 2 Marginal Thinking

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Econ 1100 exam 1 Questions and Correct
Answers/ Latest Update / Already Graded
Economics

Ans: The study of how individuals and societies make choices
under conditions of scarcity


Scarcity

Ans: The condition that arises because resources are limited
but wants are unlimited


Opportunity Cost

Ans: The value of the next best alternative given up when a
choice is made


Explicit Cost

Ans: A direct monetary payment made by a firm or individual


Implicit Cost

Ans: A non-monetary opportunity cost such as time or
foregone income


All rights reserved © 2025/ 2026 |

, Page |2



Marginal Thinking

Ans: Comparing marginal benefits to marginal costs when
making decisions


Marginal Benefit

Ans: The additional benefit from consuming one more unit of a
good or service


Marginal Cost

Ans: The additional cost from consuming one more unit of a
good or service


Rational Decision Rule

Ans: Do an activity if marginal benefit is greater than or equal
to marginal cost


Microeconomics

Ans: The study of individual decision-makers such as
households and firms



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Institution
Econ 1100
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Econ 1100

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Uploaded on
January 23, 2026
Number of pages
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Written in
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