Econ 111 - Refresher

40 Questions | By MattTheAbsolute | Updated: Mar 21, 2022 | Attempts: 212

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A refresher for the upcoming test for Economics

Questions and Answers

1.

Economics is the study of the allocation of free goods.
- A.
  
  True
- B.
  
  False
2.

Which of these is NOT a factor of production?
- A.
  
  Event
- B.
  
  Land
- C.
  
  Labor
- D.
  
  Capital
3.

Which BEST defines equity in the definition of economics?
- A.
  
  Is the allocation of resources based on the need.
- B.
  
  Is the equal allocation of resources to both poor and rich.
- C.
  
  Everyone is a common recipient of the resources of the society.
- D.
  
  All human beings are subject to same amount of resources.
4.

Identify the economic system in this situation:The governement of Soseqsui controls all the resources and has the capacity to manipulate these resources, and the government has the capacity to allocate it on what they deem just.
5.

Identify the economic system in this situation:Vyanaira owns a bakeshop and she also has a coffee shop. Marcus runs his own chain of restaurants. Eyricka works as a chemical engineer on a meat processing shop. No one forced them to do these things.
6.

Identify the economic system in this situation:The government of Natpretti is giving the people of Fhackhers their own area of land, the inhabitants of Fhackers has the liberty to do what they want with it.
7.

The etymology of the word economics means "household management".
- A.
  
  True
- B.
  
  False
8.

It is the cost of something which you give up to get it.
9.

Two scopes of economics include microeconomics and;
10.

On a normal day, Racelle spends 3 gold bars for breakfast and 5 gold bars for lunch and she goes home for dinner. On one day Racelle's mother said she must eat dinner outside the house so she spends 6 gold bars for dinner that day. How much is the marginal cost?
11.

Inflation is the increase of the individual level of price.
- A.
  
  True
- B.
  
  False
12.

Identify the analysis used in the observation:The economic status of Crimea as of today is at its critical levels, for they lost connection to Kiev, Crimea's lifeline to the Ukraine economy.
13.

Identify the analysis used in the observation:The Crimean people immediately chose to side with Russia because the Crimean inhabitants are attracted to the promises given by the Russian government.
14.

In a Circular Flow Diagram the one that provides resources to the INPUT MARKET is the:
- A.
  
  Household
- B.
  
  Firm
- C.
  
  Output Market
- D.
  
  Input Market
15.

In a Circular Flow Diagram the one that provides resources to the OUTPUT MARKET is the:
- A.
  
  Firm
- B.
  
  Household
- C.
  
  Output Market
- D.
  
  Input Market
16.

The inferior goods are known as giffen goods, the status symbol goods are known as
17.

Is the number of consumers' want that they can afford
18.

Demand Curve and Supply Curve are graphical illustrations and Demand Schedule and Supply Schedule are tabular illustrations.
- A.
  
  True
- B.
  
  False
19.

It is the sum of all individual demands
20.

If the price of a product increases the demand;
21.

If a price of a veblen good increases the demand;
22.

If the price of a giffen good decreases the demand;
23.

If the income of the person increases the demand for the inferior product;
24.

If the price of the complement decreases, the demand for the product;
25.

It is the number of the producers' willingness to produce.