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ECON FINAL NOTES
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ECON FINAL NOTES
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ECONOMICS Chapter 13 Study Set QUESTION AND CORRECT ANSWER
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ECONOMICS Chapter 
13 Study Set QUESTION 
AND CORRECT ANSWER 
Monopolistic competition means: 
<a market situation where competition is based entirely on product 
differentiation and advertising. 
<a large number of firms producing a standardized or homogeneous 
product. 
<many firms producing differentiated products. 
<a few firms producing a standardized or homogeneous product. 
many firms producing differentiated products. 
Monopolistic competition is characterized by a: 
<...
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Economics Chapter 5 Macroeconomics Concerns
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Economics Chapter 
5 Macroeconomics 
Concerns 
Which of the following is NOT a topic studied in Macroeconomics? 
A) gross domestic product 
B) the unemployment rate 
C) the price of IBM computers 
D) the inflation rate - ANSWER C 
Which of the following is a topic studied in Macroeconomics? 
A) gross domestic product 
B) the wage of auto workers 
C) the price of IBM computers 
D) the amount of pizza produced - ANSWER A 
Which of the following is a topic studied in Macroeconomics? 
A) ...
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Econ Post Test QUICK PASS 2023
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Econ Post Test QUICK PASS 2023 
When the price of good A rises, people start to drink good B. In this case. - CORRECT 
ANSWER Good B is a substitute good. 
An increase in the price of a good would be illustrated on a demand graph as a: - 
CORRECT ANSWER Movement along the demand curve upward. 
If the number of consumers in the market for good A increases, what will happen to the 
equilibrium price and quantity of good A? - CORRECT ANSWER Equilibrium price and 
quantity will both increase 
Acc...
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ECON Final
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ECON Final 
Economists typically define money as: 
A. anything in which its value can be inflated. 
B. a means of payment that lacks intrinsic value. 
C. currency that is issued by a central bank. 
D. a widely accepted means of payment. - ANSWERS D 
Are checking accounts money? 
A. No, because checking accounts cannot be traded for goods and services. 
B. Yes, because checking accounts can be used to buy goods and services. 
C. No, because checking accounts are not physical money. 
D. Yes,...
And that's how you make extra money
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Econ Chapter 14 CORRECT ANSWERS 100%
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Econ Chapter 14 
CORRECT ANSWERS 
100% 
When reference is made to the ____________, it means the specific amount of income 
needed for a basic standard of living. 
A. poverty trap 
B. income line 
C. income gap 
D. poverty line - ANSWER D 
A situation of __________ arises when one group receives a higher share of total 
income or wealth than others. 
A. poverty 
B. inequality 
C. poverty entrapment 
D. quintiles - ANSWER B 
Antipoverty programs that are set up so that the amount of government...
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ECON 1040 CH 12 QUESTION AND CORRECT ANSWER .
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ECON 1040 CH 12 
QUESTION AND 
CORRECT ANSWER . 
1. Suppose an economy produces only ice cream cones. If the price level rises, the 
value of currency 
a. rises, because one unit of currency buys more ice cream cones. 
b. rises, because one unit of currency buys fewer ice cream cones. 
c. falls, because one unit of currency buys more ice cream cones. 
d. falls, because one unit of currency buys fewer ice cream cones. - ANSWER 1. 
ANSWER: D 
2. If P denotes the price of goods and services ...
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Econ 112 CORRECT ANSWER 100% 2023//2024
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Econ 112 CORRECT 
ANSWER 100% 
2023//2024 
The short run is a period of time in which... 
a) The amount of output is fixed. 
b) Nothing the firm does can be altered. 
c) Prices and wages are fixed. 
d) The quantities of some resources the firm uses are fixed. - ANSWER D 
The Short Run is a period of time in which? 
a) Nothing the firm does can be altered 
b) The quantities of some resources the firm uses are fixed 
c) Prices and wages are fixed 
d) the amount of output is fixed - ANSWER B 
Th...
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Econ 101: Exam 2
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Econ 101: Exam 2 
When the price goes down, the quantity demanded goes up. The price elasticity of 
demand measures: 
A) how much the price goes down. 
B) how much the equilibrium price goes up. 
C) the responsiveness of the price change to an income change. 
D) the responsiveness of the quantity change to the price change. - ANSWER D 
The price of gasoline rises 5% and the quantity of gasoline purchased falls 1%. The 
price elasticity of demand is equal to _____, and demand is described as ____...
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ECON 101: Chapter 14 QUESTION AND CORRECT ANSWER 2023//2024
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ECON 101: Chapter 14 
QUESTION AND 
CORRECT ANSWER 
2023//2024 
A 
1) Which of the following is NOT a characteristic of the market structure for monopolistic 
competition? 
A) Firms are price takers. 
B) There are a large number of firms. 
C) Firms are free to enter and exit. 
D) Firms compete on product quality, price, and marketing. 
C 
2) Brand names are an example of 
A) economies of scale. 
B) illegal barriers to entry. 
C) product differentiation. 
D) oligopoly. 
C 
3) Monopolistic comp...
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