Exam (elaborations)
Peregrine Business Exam Questions And Answers With Verified Solutions Already Passed!!!
- Course
- Institution
Peregrine Business Exam Questions And Answers With Verified Solutions Already Passed!!!
[Show more]
Content preview
Peregrine Exam: Economics ReviewQuiz Questions And Answers With
Verified Solution Rated A+
No choice is free because __________?
Options:
- Resources are unlimited
- Resources vary by economy
- Resources are limited
- Resources are constant over time - ANSWER✔✔ - Resources are limited
Choose the economic concept that best fits the question or statement: I've
already done 45 minutes of exercises; how many more calories will I get rid of if I
exercise for another 10 minutes?
Options:
- Average Production (or Productivity)
- Marginal Thinking
- Opportunity Cost - ANSWER✔✔ - Marginal Thinking
The Law of Demand can be explained as __________.
Options:
- A lot of people wanting the same thing
- The higher the price, the smaller the quantity demanded, ceteris paribus
, - People are willing to make limited sacrifices to acquire products
- Legal reasons people make purchases in the marketplace - ANSWER✔✔ - The
higher the price, the smaller the quantity demanded, ceteris paribus
The law of supply states that __________.
Options:
- Producers should produce what they can sell, but only sometimes
- Producers should only sell goods when the price is low
- There is a positive relationship between price and quantity supplied, ceteris
paribus
- Producers are legally required to make necessary goods available in the
marketplace - ANSWER✔✔ - There is a positive relationship between price and
quantity supplied, ceteris paribus
Real GDP will increase if:
Options:
- The price level increases by more than the increase in the quantity of final goods
and services from the base year to today
- The price level and quantity of final goods and services decrease equally from
the base year to today
- The quantity of final goods and services remains the same as it was in the base
year, while the price level increases from the base year price level to today
- The price level today remains the same as it was in the base year, while the
quantity of final goods and services increases from the base year to today -
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now