ECON Midterm EXAM -ACTUAL EXAM- LATEST VERSION -QUESTIONS AND ANSWERS-

ECON [ACTUAL EXAM ] LATEST VERSION [QUESTIONS AND
ANSWERS] DETAILED AND VERIFIED FOR GUARANTEED
PASS- LATEST UPDATE 2025 GRADED A (BRAND NEW!!)




What are some reasons for studying economics? Check all that apply.

Economics has an impact on everyday life.
Economics helps people learn to manage resources.
Economics describes the reasons products are scarce.
Economics explains the roles of producers and consumers.
Economics shows how people work together to make money. -
CORRECT ✔✔✔✔✔ Economics has an impact on everyday life.
Economics helps people learn to manage resources.
Economics explains the roles of producers and consumers.

Which situation best illustrates the concept of scarcity?

a class designing and selling calendars
a cook learning to be an executive chef
a friend buying a copy of a popular DVD
a person buying a used car due to limited income - CORRECT
✔✔✔✔✔ a person buying a used car due to limited income

What is the fundamental problem producers and consumers face?

services
scarcity
resources
inadequacy - CORRECT ✔✔✔✔✔ scarcity

Every economic decision has

only positive benefits.