BYU Econ 110 Platt Midterm 1 Exam
Questions With Correct Answers
Mathematical |models |- |CORRECT |ANSWER✔✔-Force |us |to |be |precise |in |description
Prevent |us |from |changing |our |argument |midstream
Gives |very |specific |predictions
Positive |Claim |- |CORRECT |ANSWER✔✔-Descriptive |; |the |facts
Normative |Claim |- |CORRECT |ANSWER✔✔-Prescriptive |; |based |on |facts |but |depends |on |value |
judgements |too.
Resources |- |CORRECT |ANSWER✔✔-Inputs |used |to |create |goods:
Labor
Capital |(machines, |buildings, |skills)
Land |/ |Natural |Resources
Entrepreneurship
Scarcity |- |CORRECT |ANSWER✔✔-Limited |resources |+ |unlimited |wants
Feasible |- |CORRECT |ANSWER✔✔-it's |possible |to |produce
Efficient |- |CORRECT |ANSWER✔✔-can't |produce |more |of |one |good |without |producing |less |of |
another
, Specialized |- |CORRECT |ANSWER✔✔-producing |only |one |good
Changes |in |the |PPF |- |CORRECT |ANSWER✔✔-increases/decreases |in |resources
improvements/loss |of |technology
General |or |biased |(only |one |good |affected)
Absolute |Advantage |- |CORRECT |ANSWER✔✔-the |ability |to |produce |a |good |using |fewer |inputs |
than |another |producer
Comparative |Advantage |- |CORRECT |ANSWER✔✔-the |ability |to |produce |a |good |at |a |lower |
opportunity |cost |than |another |producer
Gains |from |trade |- |CORRECT |ANSWER✔✔-The |increase |in |consumption |or |quality |of |life |due |
to |trade
Quantity |demanded |- |CORRECT |ANSWER✔✔-number |of |units |that |buyers |in |a |market |are |
willing |and |able |to |buy
over |a |set |period |of |time
at |a |specific |price
Demand |schedule |- |CORRECT |ANSWER✔✔-a |table |of |prices/demand
Demand |curve |- |CORRECT |ANSWER✔✔-graph |of |demand |schedule
Ceteris |Paribus |- |CORRECT |ANSWER✔✔-keep |the |same |population, |size, |consumer |income, |
preferences, |and |prices |of |other |goods.
Change |in |quantity |demanded |- |CORRECT |ANSWER✔✔-when |the |good's |price |changes
Questions With Correct Answers
Mathematical |models |- |CORRECT |ANSWER✔✔-Force |us |to |be |precise |in |description
Prevent |us |from |changing |our |argument |midstream
Gives |very |specific |predictions
Positive |Claim |- |CORRECT |ANSWER✔✔-Descriptive |; |the |facts
Normative |Claim |- |CORRECT |ANSWER✔✔-Prescriptive |; |based |on |facts |but |depends |on |value |
judgements |too.
Resources |- |CORRECT |ANSWER✔✔-Inputs |used |to |create |goods:
Labor
Capital |(machines, |buildings, |skills)
Land |/ |Natural |Resources
Entrepreneurship
Scarcity |- |CORRECT |ANSWER✔✔-Limited |resources |+ |unlimited |wants
Feasible |- |CORRECT |ANSWER✔✔-it's |possible |to |produce
Efficient |- |CORRECT |ANSWER✔✔-can't |produce |more |of |one |good |without |producing |less |of |
another
, Specialized |- |CORRECT |ANSWER✔✔-producing |only |one |good
Changes |in |the |PPF |- |CORRECT |ANSWER✔✔-increases/decreases |in |resources
improvements/loss |of |technology
General |or |biased |(only |one |good |affected)
Absolute |Advantage |- |CORRECT |ANSWER✔✔-the |ability |to |produce |a |good |using |fewer |inputs |
than |another |producer
Comparative |Advantage |- |CORRECT |ANSWER✔✔-the |ability |to |produce |a |good |at |a |lower |
opportunity |cost |than |another |producer
Gains |from |trade |- |CORRECT |ANSWER✔✔-The |increase |in |consumption |or |quality |of |life |due |
to |trade
Quantity |demanded |- |CORRECT |ANSWER✔✔-number |of |units |that |buyers |in |a |market |are |
willing |and |able |to |buy
over |a |set |period |of |time
at |a |specific |price
Demand |schedule |- |CORRECT |ANSWER✔✔-a |table |of |prices/demand
Demand |curve |- |CORRECT |ANSWER✔✔-graph |of |demand |schedule
Ceteris |Paribus |- |CORRECT |ANSWER✔✔-keep |the |same |population, |size, |consumer |income, |
preferences, |and |prices |of |other |goods.
Change |in |quantity |demanded |- |CORRECT |ANSWER✔✔-when |the |good's |price |changes
