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ECN Quiz 1 Study Guide 2026 | Economics Review, Practice Questions & Test Prep

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ECN Quiz 1 Study Guide 2026 | Economics Review, Practice Questions & Test Prep

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ECN Quiz 1 Study Guide 2026 | Economics Review, Practice Questions & Test
Prep


Economics is the study of - ANS ✔✔Choices



What is an opportunity cost? - ANS ✔✔what you give up when you make a choice or the value
of the next best but unchosen thing



Microeconomics is - ANS ✔✔study of decisions by small units ...individuals...households



Macroeconomics is - ANS ✔✔the study of decisions by larger units and national governments,
cities, states



Positive Analysis is - ANS ✔✔using facts, theory,data,math,statistics, professional judgement to
form conclusions about the way the world works.



Normative Analysis is - ANS ✔✔using personal opinions to make judgments about weather
something is "good or bad"



Cost Benefit Analysis - ANS ✔✔identifying,measuring (in dollars) and comparing gains and
losses from an action.Use CBA to inform Yes/No decisions. If the benefits outweigh the costs the
the action is a good idea and there will be a "net gain".



Marginal Analysis is - ANS ✔✔comparing the additional cost and additional benefits from each
unit of something. It helps us to decide how many to purchase, produce



Reservation Price or Choker Price - ANS ✔✔Max willingness to pay

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