Econ 111 - Refresher

40 Questions | Total Attempts: 93

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Econ 111 - Refresher

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.
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