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scarcity - Answer limited resources and unlimited wants economics - Answer study of how society manages its scarce resources efficiency - Answer the property of society getting the most from its scarce resources equality - Answer the property of distributing economic prosperity uniformly among societies members opportunity cost - Answer whatever is given up to get something else rational people - Answer systematically and purposefully doing the best you can to ac...

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ECN 212 Exam 3 Questions and Answers (100 %Score) Latest Updated 2026

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What is economics? - Answer the study of the choices people make to attain their goals, given their scarce resources. What is scarcity? - Answer a situation in which unlimited wants exceed the limited resources available to fulfill those wants. What is an economic model? - Answer a simplified version of reality used to analyze real-world economic situations. What are the three key economic ideas? - Answer 1) People are rational 2) People respond to economic incentives 3) O...

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a competitive market that is unregulated and has no externalities achieves the same result as a benevolent social planner, free market allocation is pareto efficient (total surplus is maximized in free market - Answer First Welfare Theorem Ei < 0 - Answer inferior good Ei>0 - Answer normal good Ed=1 - Answer unit elastic 0<Ei<1 - Answer necessity good Ed >0 - Answer inelastic Ed <0 - Answer elastic it is feasible and there is no way to ...

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What is the formula to calculate profit? - Answer TOTAL REVENUE - TOTAL COST. Explicit costs - Answer Input costs that require and outlay of money by the firm. Implicit costs - Answer Input costs that doesn't require an outlay of money by the firm. What is the formula to calculate total cost? - Answer EXPLICIT COSTS + IMPLICIT COSTS What is the implicit costs for every business? - Answer The opportunity cost. Production function - Answer Shows the relationship...

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Each firm in a monopolistically competitive industry faces a downward-sloping demand curve because - Answer the firm's product is different from those offered by other firms in the market. To maximize its profit, a monopolistically competitive firm - Answer chooses its quantity and price, just as a monopoly does. The profit-maximizing rule for a firm in a monopolistically competitive market is to always select the quantity at which - Answer marginal revenue is equal to marginal...

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Which of the following statements is consistent with the concept of scarcity? - Answer consumers and societies are not able to satisfy all their wants with their available resources Which of the following is consistent with the definition of opportunity costs? - Answer opportunity cost is the highest valued alternative given up when a choice is made At a fruit stand, Dhruv is told that he may select one of the following fruits for free: an apple, a mango, or a pomegranate. Dhruv pref...

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GDP is - Answer value of all final goods and services produced within a country in a given period of time. Y = C + I + G + NX - Answer Y = economy's total expenditure C = consumption in economy I = imports in economy G = government spending NX = net exports Net exports equal - Answer exports minus imports CPI is used to - Answer monitor changes in the cost of living over time Inflation rate - Answer percentage change in the price level from the previous period ...

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Millions of producers working across the world cooperate to ensure that many more millions of consumers can have the goods and services they desire. These producers do not know each other and are not coordinated by a central agency. Their actions are directed simply by: A) their governments. B) robotic technology. C) computer technology. D) self-Interest. - Answer D) self-interest. After a hurricane knocks out power to thousands of households, the price of electric generators increases...

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incentives - Answer rewards and penalties that motivate behavior -focus on what will entice them to do something (cause and effect) good institutions align __ with __ - Answer self-interests with social interest we cannot buy everything, which forces us to - Answer ration our spending we cannot do everything we want, which forces us to - Answer ration our time scarcity - Answer the availability of resources is insufficient for individuals to satisfy all desires at zer...

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Law of diminishing marginal return - Answer When successive equal amounts of a variable resource are combined with a fixed amount of another resource, marginal increases in output that can be attributed to each additional unit of the variable resource will decline. (example, too many employees on the floor of a showroom) ATC: Average Total Cost - Answer the per unit cost ATC=TC/quantity of output MC: Marginal Cos - Answer The change in cost caused by the change in output. MC=TC...

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$3 - Answer If the following represents Celene's demand curve for milk, and Celene is buying 5 liters of milk. What price does she pay? Which of the following is true about scarcity? - Answer scarcity forces consumers to make decisions. Celeste uses $2 to purchase an apple. The opportunity cost of that decision depends on: - Answer the next best use of the $2 she spent on the apple. How can opportunity costs be described in monetary amounts? - Answer Opportunity costs can...

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Economics - Answer -the study of how society manages its scarce resources and our unlimited wants -about how people interact with one and another and make decisions -the role of scarcity Microeconomics - Answer -the study of how households and firms make decisions and how they interact in specific markets -relates to our everyday lives -how buyers and sellers interact with each other Macroeconomics - Answer -studies the forces and trends that affect the economy as a whole -lo...

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Elasticity - Answer The ability to change/adapt Perfectly Inelastic Supply - Answer When the quantity supplied of a good is fixed, regardless of price, the price elasticity of supply is zero and the supply curve is vertical The _______ the supply curve, the more elastic it is - Answer Flatter or more horizontal The _______ the supply curve, the more inelastic it is. - Answer Steeper or more vertical. Income Elasticity of Demand: Inferior goods have ________ numbers. - Ans...

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Public goods are: A. separately consumed and non-excludable B. separately consumed and excludable C. jointly consumed and non-excludable D. jointly consumed and excludable - Answer jointly consumed and non-excludable A free rider is someone that is forced to pay for a good he or she does not want. (T or F) - Answer False The two major functions of government are: A. predictive and protective B. promotive and predictive C. protective and productive D. productive and predictiv...

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