AREC 202 QUIZ WITH 100% CORRECT
ANSWERS [ GUARANTEED A+]
Comparative Advantage - ✔✔When a person’s opportunity cost of
preforming a task is lower than the other person's opportunity cost.
Absolute Advantage - ✔✔When a person can preform a task in less
time than the other person.
Sunk Cost - ✔✔A cost that is beyond recovery at the moment a decision
must be made
©morren2024/2025.Year published 2024.
,Marginal Benefit - ✔✔Increases in total benefit that results from
carrying out one additional unit of an activity
Income Elasticity of Demand - ✔✔The percent change in quantity
demanded from a 1% change in income
Opportunity Cost - ✔✔The value of what must be forgone to undertake
an activity
Production Possibilities Curve - ✔✔A graph that describes the max
amount of one good that can be produced for every possible level of
production of the other good
©morren2024/2025.Year published 2024.
, Excess Demand - ✔✔The amount by which quantity demanded exceeds
quantity supplied
Production - ✔✔A system that converts inputs into outputs
Microeconomics (Individual Market) - ✔✔The study of individual choice
and it's implications for the behavior of prices and quantities
Price Ceiling - ✔✔Maximum allowable price set by law to protect
consumers
Macroeconomics (National) - ✔✔The study of the performance of
national economics and the policies that governments use to try to
improve that performance
©morren2024/2025.Year published 2024.
ANSWERS [ GUARANTEED A+]
Comparative Advantage - ✔✔When a person’s opportunity cost of
preforming a task is lower than the other person's opportunity cost.
Absolute Advantage - ✔✔When a person can preform a task in less
time than the other person.
Sunk Cost - ✔✔A cost that is beyond recovery at the moment a decision
must be made
©morren2024/2025.Year published 2024.
,Marginal Benefit - ✔✔Increases in total benefit that results from
carrying out one additional unit of an activity
Income Elasticity of Demand - ✔✔The percent change in quantity
demanded from a 1% change in income
Opportunity Cost - ✔✔The value of what must be forgone to undertake
an activity
Production Possibilities Curve - ✔✔A graph that describes the max
amount of one good that can be produced for every possible level of
production of the other good
©morren2024/2025.Year published 2024.
, Excess Demand - ✔✔The amount by which quantity demanded exceeds
quantity supplied
Production - ✔✔A system that converts inputs into outputs
Microeconomics (Individual Market) - ✔✔The study of individual choice
and it's implications for the behavior of prices and quantities
Price Ceiling - ✔✔Maximum allowable price set by law to protect
consumers
Macroeconomics (National) - ✔✔The study of the performance of
national economics and the policies that governments use to try to
improve that performance
©morren2024/2025.Year published 2024.
