Econ 248 Final Review (2026) UPDATE Verified Questions And Answers |
With 100% Correct Answers graded A+ Guaranteed Success!!
In economics, the pleasure, happiness, or satisfaction received from a product is called: -
(ANSWER)Utility
Joe sold gold coins for $1000 that he bought a year ago for $1000. He says, "At least I didn't lose any
money on my financial investment." His economist friend points out that in effect he did lose money,
because he could have received a 3 percent return on the $1000 if he had bought a bank certificate of
deposit instead of the coins. The economist's analysis in this case incorporates the idea of: -
(ANSWER)Opportunity costs
A person should consume more of something when its marginal: - (ANSWER)Benefits exceeds its
marginal costs
Economics may best be defined as the: - (ANSWER)the social science concerned with how individuals,
institutions, and society make optimal choices under conditions of scarcity
The economic perspective entails: - (ANSWER)a comparison of marginal benefits and marginal costs in
decision making
The assertion that "there is no free lunch" means that: - (ANSWER)all production involves the use of
scarce resources and thus the sacrifice of alternative goods
The process by which economists test hypotheses against facts to develop theories, principles, and
models is called: - (ANSWER)the scientific method
Ben says that "An increase in the tax on beer will raise its price." Holly argues that "Taxes should be
increased on beer because college students drink too much." We can conclude that: - (ANSWER)Holly's
statement is normative, but Ben's is positive
The economizing problem is: - (ANSWER)the need to make choices because economic wants exceed
economic means
, Econ 248 Final Review (2026) UPDATE Verified Questions And Answers |
With 100% Correct Answers graded A+ Guaranteed Success!!
The budget line shows: - (ANSWER)all possible combinations of two goods that can be purchased, given
money income and the prices of the goods.
An economic system: - (ANSWER)is a particular set of institutional arrangements and a coordinating
mechanism used to respond to the economizing problem.
The term "laissez-faire" suggests that: - (ANSWER)government should not interfere with the operation of
the economy.
Economic systems differ according to which two main characteristics? - (ANSWER)Who owns the factors
of production and the methods used to coordinate economic activity.
Command systems are also known as: - (ANSWER)Communism
A fundamental difference between the command system and laissez-faire capitalism is that, in command
systems: - (ANSWER)the division of output is decided by central planning rather than by individuals
operating freely through markets
Which of the following is a fundamental characteristic of the market system? - (ANSWER)Property rights
The regulatory mechanism of the market system is: - (ANSWER)competition
The use of money contributes to economic efficiency because: - (ANSWER)it promotes specialization by
overcoming the problems with barter
The presence of market failures implies that: - (ANSWER)there is an active role for government, even in a
market system.
Economic profits and losses: - (ANSWER)are essential to the reallocation of resources from less desired
to more desired goods.
With 100% Correct Answers graded A+ Guaranteed Success!!
In economics, the pleasure, happiness, or satisfaction received from a product is called: -
(ANSWER)Utility
Joe sold gold coins for $1000 that he bought a year ago for $1000. He says, "At least I didn't lose any
money on my financial investment." His economist friend points out that in effect he did lose money,
because he could have received a 3 percent return on the $1000 if he had bought a bank certificate of
deposit instead of the coins. The economist's analysis in this case incorporates the idea of: -
(ANSWER)Opportunity costs
A person should consume more of something when its marginal: - (ANSWER)Benefits exceeds its
marginal costs
Economics may best be defined as the: - (ANSWER)the social science concerned with how individuals,
institutions, and society make optimal choices under conditions of scarcity
The economic perspective entails: - (ANSWER)a comparison of marginal benefits and marginal costs in
decision making
The assertion that "there is no free lunch" means that: - (ANSWER)all production involves the use of
scarce resources and thus the sacrifice of alternative goods
The process by which economists test hypotheses against facts to develop theories, principles, and
models is called: - (ANSWER)the scientific method
Ben says that "An increase in the tax on beer will raise its price." Holly argues that "Taxes should be
increased on beer because college students drink too much." We can conclude that: - (ANSWER)Holly's
statement is normative, but Ben's is positive
The economizing problem is: - (ANSWER)the need to make choices because economic wants exceed
economic means
, Econ 248 Final Review (2026) UPDATE Verified Questions And Answers |
With 100% Correct Answers graded A+ Guaranteed Success!!
The budget line shows: - (ANSWER)all possible combinations of two goods that can be purchased, given
money income and the prices of the goods.
An economic system: - (ANSWER)is a particular set of institutional arrangements and a coordinating
mechanism used to respond to the economizing problem.
The term "laissez-faire" suggests that: - (ANSWER)government should not interfere with the operation of
the economy.
Economic systems differ according to which two main characteristics? - (ANSWER)Who owns the factors
of production and the methods used to coordinate economic activity.
Command systems are also known as: - (ANSWER)Communism
A fundamental difference between the command system and laissez-faire capitalism is that, in command
systems: - (ANSWER)the division of output is decided by central planning rather than by individuals
operating freely through markets
Which of the following is a fundamental characteristic of the market system? - (ANSWER)Property rights
The regulatory mechanism of the market system is: - (ANSWER)competition
The use of money contributes to economic efficiency because: - (ANSWER)it promotes specialization by
overcoming the problems with barter
The presence of market failures implies that: - (ANSWER)there is an active role for government, even in a
market system.
Economic profits and losses: - (ANSWER)are essential to the reallocation of resources from less desired
to more desired goods.
