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Econ 1010 Study Guide With Complete Solutions Latest Update 2024
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Econ 1010 Study Guide With Complete Solutions Latest Update 2024
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Econ 1010 Study Guide With CompleteSolutions Latest Update 2024
Households are vital to the circular flow model in what two ways? - ANS They
supply factors of production and purchase goods and services.
Which of the following is not considered an economic resource? - ANS Real estate
A personal relationship
Cash
*****These are all examples of a resource.
Which of the following describes a problem created by scarcity? - ANS The course
you need to take in the fall is offered at times that conflict with your work
schedule.
The White House eliminates tours due to budget constraints.
Your cell phone battery is low and you screen a phone call from a friend in case
your significant other calls later.
, ******All of these.
Correct
Mitt Romney argued in a debate with President Obama that the economy had
grown more slowly in each year of the President's term than in the year prior to
Obama's presidency. This claim is most related to the field of: - ANS
macroeconomics.
Alan could most directly apply the principles of economic decision making with
respect to his job when: - ANS deciding how to spend his paycheck.
Your sister always brags about how savvy of a grocery shopper she is. She believes
that she saves lots of money by paying with coupons and making her grocery
purchases at multiple stores to get the lowest prices on all goods. She may
overestimate her savings because: - ANS A. she does not count the value of the
time it took to sort and clip coupons as a cost.
B. she does not count the cost of the gas used driving extra miles to multiple
grocerystores.
C. she does not count the value of the extra time it takes standing in multiple lines
atmultiple stores, using multiple coupons, rather than a trip to one store with no
coupons.
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