Econ-102-PSU-Exam-1 Questions and
Answers (Latest Update 2025)
rewards or penalties for engaging in a particular activity -
Correct Answer ✅ Incentives
The study of how people allocate their limited resources to
satisfy their unlimited wants - Correct Answer ✅ Economics
things used to produce goods and services to satisfy people's
wants - Correct Answer ✅ Resources
what people would buy if their incomes were unlimited -
Correct Answer ✅ Wants
the study of decision making undertaken by individuals and
by firms - Correct Answer ✅ Microeconomics
the study of the behavior of the economy as a whole,
including such economy wide phenomena as changes in
unemployment the general price level, and national income. -
Correct Answer ✅ Macroeconomics
, Econ-102-PSU-Exam-1 Questions and
Answers (Latest Update 2025)
total amounts or quantities. - Correct Answer ✅
Aggregates
The assumption that people do not intentionally make
decisions that would leave them worse off - Correct Answer
✅ Rationality Assumption
Simplified representatives of the real world used as the basis
for predictions or explanations - Correct Answer ✅ Models
or theories
The assumption that nothing changes except the factor
factors being studied - Correct Answer ✅ Ceteris paribus
assumption
Relying on real-world data in evaluation the usefulness of a
model - Correct Answer ✅ Empirical
An approach to the study of consumer behavior that
emphasizes psychological limitations interfere with rational
decision making - Correct Answer ✅ Behavioral Economics
Answers (Latest Update 2025)
rewards or penalties for engaging in a particular activity -
Correct Answer ✅ Incentives
The study of how people allocate their limited resources to
satisfy their unlimited wants - Correct Answer ✅ Economics
things used to produce goods and services to satisfy people's
wants - Correct Answer ✅ Resources
what people would buy if their incomes were unlimited -
Correct Answer ✅ Wants
the study of decision making undertaken by individuals and
by firms - Correct Answer ✅ Microeconomics
the study of the behavior of the economy as a whole,
including such economy wide phenomena as changes in
unemployment the general price level, and national income. -
Correct Answer ✅ Macroeconomics
, Econ-102-PSU-Exam-1 Questions and
Answers (Latest Update 2025)
total amounts or quantities. - Correct Answer ✅
Aggregates
The assumption that people do not intentionally make
decisions that would leave them worse off - Correct Answer
✅ Rationality Assumption
Simplified representatives of the real world used as the basis
for predictions or explanations - Correct Answer ✅ Models
or theories
The assumption that nothing changes except the factor
factors being studied - Correct Answer ✅ Ceteris paribus
assumption
Relying on real-world data in evaluation the usefulness of a
model - Correct Answer ✅ Empirical
An approach to the study of consumer behavior that
emphasizes psychological limitations interfere with rational
decision making - Correct Answer ✅ Behavioral Economics
