ECO 213 Midterm Study Guide Questions and Correct Answers | Latest Update
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Course
ECO 213
Institution
ECO 213
Scarcity means we are unable to have as much as we would like to have.
a. True
b. False
False
When making a rational decision which requires the consideration of costs and benefits
involved, the opportunity cost of a decision is often not taken into consideration when indeed it
should b...
Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
ECO 213 Midterm Study Guide Questions
and Correct Answers | Latest Update
Scarcity means we are unable to have as much as we would like to have.
a. True
b. False
False
When making a rational decision which requires the consideration of costs and benefits
involved, the opportunity cost of a decision is often not taken into consideration when indeed it
should be.
a. True
b. False
True
If X and Y are substitutes, the demand curve for X will shift to the right when the price of Y
decreases.
a. True
b. False
False
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, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
Using supply and demand analysis, customers will stand in line for gasoline when a price
ceiling is in force, even if the price ceiling is at a level higher than the equilibrium price.
a. True
b. False
False
Macroeconomics is the branch of economics that studies economic aggregates for the economy
as a whole.
a. True
b. False
True
When making a rational decision which requires the consideration of costs and benefits
involved, the opportunity cost of a decision is often not taken into consideration when indeed it
should be.
a. True
b. False
True
Suppose A and B are complementary goods. Other things being equal, the demand curve for
A will shift to the right when the price of B goes up.
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, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
a. True
b. False
False
Assume a price floor is set above the equilibrium price. The result is a surplus.
a. True
b. False
True
A good economic model should capture as many details about real-world behavior as
possible.
a. True
b. False
False
If some resources went to waste rather to use in production, the economy would operate
outside its production possibility curve.
a. True
b. False
False
~ 1 ~ for inquiry mail me @ supergrades12@gmail.com
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