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ZIRLOTT ECON 110 EXAM -1 QUESTIONS WITH CORRECT ANSWERS 2026/2027

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ZIRLOTT ECON 110 EXAM -1 QUESTIONS WITH CORRECT ANSWERS 2026/2027

Institution
ECON 110
Course
ECON 110

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ZIRLOTT ECON 110 EXAM #1 QUESTIONS
WITH CORRECT ANSWERS 2026/2027
Economics - CORRECT ANSWER -how society manages resources



Microeconomics - CORRECT ANSWER -between households & firms



Macroeconomics - CORRECT ANSWER -the economy as a whole



Equality/Equity - CORRECT ANSWER -the property of distributing economic prosperity uniformly
among the members of society



Scarcity - CORRECT ANSWER -limited nature of societys resources



Efficiency - CORRECT ANSWER -The percentage of the input work that is converted to output
work



Tradeoffs/ Opportunity costs - CORRECT ANSWER -sacrifice that must be made to get certain
product experience



Equation for calculating opportunity cost - CORRECT ANSWER -# of whats lost/# of whats gained



Benefits of Trade - CORRECT ANSWER -people are able to specialize in a product & use that to
trade w/ other countries for cheaper resources



Market - CORRECT ANSWER -Group of buyers/sellers
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