Econ 104 Quiz 1 EXAM 2026 (Actual Exam) Questions with verified Answers
(Latest Update 2026) UPDATE!!
Which of the following is not one of the questions that all economies must answer? - (ANSWER)What
price to produce at?
Opportunity costs are; - (ANSWER)All of the these.
Factors of production - (ANSWER)All of the these.
Institutions are collective understanding that influence individual action. - (ANSWER)True
Almost all modern economies are referred to as 'Mixed-Market' economies because - (ANSWER)They
combine aspects of capitalism, socialism, and traditional economic systems
The economic concept of comparative advantage tells us, - (ANSWER)That everybody has something to
offer to the market.
Which of the following people is in the labor force? - (ANSWER)Everybody but the stay at home parent
A Division of Labor refers to, - (ANSWER)Different people doing different jobs
If we wanted to find data about local labor markets a good place to find this information would be, -
(ANSWER)The Bureau of Labor Statistics (BLS)
If I want to find detailed data about economic growth in terms of GDP I should go to; - (ANSWER)The
Bureau of Economic Analysis (BEA)
A hypothesis is the same thing as a theory - (ANSWER)False
Economic Analysis cannot be done if there is no formal data. - (ANSWER)Uncertain
(Latest Update 2026) UPDATE!!
Which of the following is not one of the questions that all economies must answer? - (ANSWER)What
price to produce at?
Opportunity costs are; - (ANSWER)All of the these.
Factors of production - (ANSWER)All of the these.
Institutions are collective understanding that influence individual action. - (ANSWER)True
Almost all modern economies are referred to as 'Mixed-Market' economies because - (ANSWER)They
combine aspects of capitalism, socialism, and traditional economic systems
The economic concept of comparative advantage tells us, - (ANSWER)That everybody has something to
offer to the market.
Which of the following people is in the labor force? - (ANSWER)Everybody but the stay at home parent
A Division of Labor refers to, - (ANSWER)Different people doing different jobs
If we wanted to find data about local labor markets a good place to find this information would be, -
(ANSWER)The Bureau of Labor Statistics (BLS)
If I want to find detailed data about economic growth in terms of GDP I should go to; - (ANSWER)The
Bureau of Economic Analysis (BEA)
A hypothesis is the same thing as a theory - (ANSWER)False
Economic Analysis cannot be done if there is no formal data. - (ANSWER)Uncertain
