3/10/25, 3:32 PM Saylor Academy ECON101: Direct
Saylor Academy ECON101: Direct Credit ACTUAL
EXAM 2025-2026 NEWEST VERSION WITH
COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS \\VERIFIED ANSWERS ALREADY
GRADED A+
Terms in this set (80)
Equality and efficiency are Equality refers to a uniform distribution of economic
both terms used to judge benefits, while efficiency refers to a maximization of
economic outcomes. economic benefits.
Although they share
similarities in meaning,
they are different in which
of the following ways?
A firm has the lowest gives up the least to make the product.
opportunity cost to
produce a product when
it:
In the circular flow model, The main groups of actors are households and firms,
what are the two main and the two markets are the goods/services market
groups of actors in the and the market for the factors of production.
economy? What are the
two markets that make up
the economy?
1/21
,3/10/25, 3:32 PM Saylor Academy ECON101: Direct
Suppose that baristas at a The supply of coffee will shift to the left.
coffee shop currently earn
the legal minimum wage.
What is likely to happen if
the minimum wage
increases to $15 an hour?
Hops is an input in the The demand for hops will decrease.
production of beer. The
demand for beer is
declining. How will this
affect hops?
The supply of a good is sellers of the good present in the market
determined by:
Some of the determinants price, price of compliments and tastes/preferences.
of demand are:
If producers of a certain -TRY This expectation will affect future supply but not
product are pessimistic or today's supply
uncertain about the future -NOT This expectation will cause movement along the
business climate, how will supply curve.
the supply of the product
behave?
The price for a good -TRY 1.0
decreases in price from
$2.50 per unit to $1.50 per
unit. As a result, the
amount purchased
increases from 300 units
per day to 500 units per
day. What is the price
elasticity of demand for
this good?
2/21
, 3/10/25, 3:32 PM Saylor Academy ECON101: Direct
The Smith family's income There will be a shift in demand for all goods, and the
increases by 25%. What Smiths will consume more compared to before the
impact will this have on increase in income.
their spending habits?
Effective price control will Production quotas and rationing must be imposed.
result in either shortage or
surplus. What additional
actions are needed to
counter these unwanted
effects?
The following table There will be market equilibrium with 600 volleyballs
presents the supply and sold at a price of $8 each.
demand schedules for
volleyballs. There are
protests, and volleyball
supporters march on
Washington to demand
that volleyballs be made
more affordable. A
concerned President
approaches Congress,
and Congress repeals its
policy of a price floor for
volleyballs and imposes a
price ceiling of $9 ($1
below the former price
floor of $10). What are the
consequences of this
price ceiling?
IMAGE
In a competitive market compete to achieve the collective good.
people:
3/21
Saylor Academy ECON101: Direct Credit ACTUAL
EXAM 2025-2026 NEWEST VERSION WITH
COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS \\VERIFIED ANSWERS ALREADY
GRADED A+
Terms in this set (80)
Equality and efficiency are Equality refers to a uniform distribution of economic
both terms used to judge benefits, while efficiency refers to a maximization of
economic outcomes. economic benefits.
Although they share
similarities in meaning,
they are different in which
of the following ways?
A firm has the lowest gives up the least to make the product.
opportunity cost to
produce a product when
it:
In the circular flow model, The main groups of actors are households and firms,
what are the two main and the two markets are the goods/services market
groups of actors in the and the market for the factors of production.
economy? What are the
two markets that make up
the economy?
1/21
,3/10/25, 3:32 PM Saylor Academy ECON101: Direct
Suppose that baristas at a The supply of coffee will shift to the left.
coffee shop currently earn
the legal minimum wage.
What is likely to happen if
the minimum wage
increases to $15 an hour?
Hops is an input in the The demand for hops will decrease.
production of beer. The
demand for beer is
declining. How will this
affect hops?
The supply of a good is sellers of the good present in the market
determined by:
Some of the determinants price, price of compliments and tastes/preferences.
of demand are:
If producers of a certain -TRY This expectation will affect future supply but not
product are pessimistic or today's supply
uncertain about the future -NOT This expectation will cause movement along the
business climate, how will supply curve.
the supply of the product
behave?
The price for a good -TRY 1.0
decreases in price from
$2.50 per unit to $1.50 per
unit. As a result, the
amount purchased
increases from 300 units
per day to 500 units per
day. What is the price
elasticity of demand for
this good?
2/21
, 3/10/25, 3:32 PM Saylor Academy ECON101: Direct
The Smith family's income There will be a shift in demand for all goods, and the
increases by 25%. What Smiths will consume more compared to before the
impact will this have on increase in income.
their spending habits?
Effective price control will Production quotas and rationing must be imposed.
result in either shortage or
surplus. What additional
actions are needed to
counter these unwanted
effects?
The following table There will be market equilibrium with 600 volleyballs
presents the supply and sold at a price of $8 each.
demand schedules for
volleyballs. There are
protests, and volleyball
supporters march on
Washington to demand
that volleyballs be made
more affordable. A
concerned President
approaches Congress,
and Congress repeals its
policy of a price floor for
volleyballs and imposes a
price ceiling of $9 ($1
below the former price
floor of $10). What are the
consequences of this
price ceiling?
IMAGE
In a competitive market compete to achieve the collective good.
people:
3/21
