ECON 101 (ECON101)
American Military University
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ECON 101 Midterm Exam 2024 Fully Scored 100%;AMU
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ECON 101 Midterm Exam 2024 Fully Scored 100%;AMU 
 
 
Midterm - Results 
 
Attempt 1 of 1 
 
Written Mar 26, 2024 2:10 PM - Mar 26, 2024 2:20 PM 
 
 
Attempt Score 100 / 100 - 100 % 
Overall Grade (Highest Attempt) 100 / 100 - 100 % 
 
 
 
 
Question 1	7 / 7 points 
Economics is the study of: 
 
increasing the level of productive resources so there is maximum output in society. 
increasing the level of productive resources so there is a minimum level of income. 
 
 
the efficient use of scarce r...
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ECON 101 Week 5 Quiz Winter 2024 Already passed;AMU
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ECON 101 Week 5 Quiz Winter 2024 Already passed;AMU 
 
Question 1	10 / 10 points 
Average variable cost is: 
 
 the firm's variable cost per unit multiplied by the quantity. total variable cost divided by quantity. 
 the difference between average total cost and total variable cost. the difference between total cost and total variable cost. 
 
Question 2	10 / 10 points 
Which of the following is (are) correct? 
 
 Firms are organizations that produce goods and services. Firms seek to...
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ECON 101 Bundled Exams and Quizzes Updated 2024 Guaranteed Success;AMU
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ECON 101 Week 1 Quiz
ECON 101 Week 2 Quiz
ECON 101 Week 3 Quiz
ECON 101 Week 5 Quiz
ECON 101 Week 6 Quiz 
ECON 101 Week 7 Quiz 
ECON 101 Midterm Exam 2024
ECON 101 Final Exam 2024 Questions and Answers Solved 100%;AMU
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ECON 101 Final Exam 2024 Questions and Answers Solved 100%;AMU
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ECON 101 Final Exam 2024 Questions and Answers Solved 100%;AMU 
 
 
Attempt 1 of 1 
 
Written Apr 26, 2024 11:26 AM - Apr 26, 2024 11:37 AM 
 
 
 
Attempt Score 100 / 100 - 100 % 
Overall Grade (Highest Attempt) 100 / 100 - 100 % 
 
 
 
Question 1	6 / 6 points 
The representative firm in a purely competitive industry: 
 
 Will always earn a profit in the short run 
 May earn either an economic profit or a loss in the long run Will always earn an economic profit in the long run 
 Will earn ...
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ECON 101 Week 7 Quiz Winter 2024 Already passed;AMU
- Exam (elaborations) • 5 pages • 2024
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ECON 101 Week 7 Quiz Winter 2024 Already passed;AMU 
 
 
 
Week 7 Quiz (Chapter 11) - Results 
 
Attempt 1 of 1 
 
Written Apr 26, 2024 9:53 AM - Apr 26, 2024 10:13 AM 
 
 
Attempt Score 100 / 100 - 100 % 
Overall Grade (Highest Attempt) 100 / 100 - 100 % 
 
 
 
 
Question 1	10 / 10 points 
Monopolistic competition is an industry characterized by a: 
 
small number of firms producing identical products, with barriers to entry for firms. 
small number of firms producing similar products, with rel...
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ECON 101 Week 6 Quiz Winter 2024 Already passed;AMU
- Exam (elaborations) • 6 pages • 2024
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ECON 101 Week 6 Quiz Winter 2024 Already passed;AMU 
 
Question 1	10 / 10 points 
Perfect competition is characterized by: 
 
 rivalry in advertising. 
 fierce quality competition. 
 the inability of any one firm to influence price. widely recognized brands. 
 
Question 2	10 / 10 points 
An industry that contains a firm that is the only producer of a good or service for which there are no close substitutes and for which entry by potential rivals is prohibitively difficult is: 
 
 a duopo...
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ECON 101 Week 3 Quiz Winter 2024 Already passed;AMU
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ECON 101 Week 3 Quiz Winter 2024 Already passed;AMU 
 
Question 1	10 / 10 points 
Demand is price inelastic if: 
 
 the price of the good responds slightly to a quantity change. 
 the demand curve shifts very little when a demand shifter changes. the percentage change in quantity demanded is relatively small in response to a relatively large percentage change in price. 
all of the above are true. 
 
 
Question 2	10 / 10 points 
If the absolute value of price elasticity is greater than 1, thi...
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ECON 101 Week 2 Quiz Winter 2024 Already passed;AMU
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ECON 101 Week 2 Quiz Winter 2024 Already passed;AMU 
 
 
 
 
Question 1	10 / 10 points 
A shift of a demand curve to the right, all other things unchanged, will: 
 
 	 . 
 decrease equilibrium price and quantity. decrease quantity and increase price. 
increase quantity and decrease price. 
 
 
Question 2	10 / 10 points 
If the current price is above the equilibrium price, we would expect: 
 
 quantity demanded to exceed quantity supplied. upward pressure on price. 
no change in the mar...
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ECON 101 Week 1 Quiz Winter 2024 Already passed;AMU
- Exam (elaborations) • 7 pages • 2024
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ECON 101 Week 1 Quiz Winter 2024 Already passed;AMU 
 
 
Question 1	10 / 10 points 
The branch of economics that examines the impact of choices on aggregates in the economy is: 
 
 positive economics. normative economics. macroeconomics. 
microeconomics. 
 
Question 2	10 / 10 points 
When we are forced to make choices we are facing the concept of: 
 
 ceteris paribus. free goods. 
 scarcity. the margin. 
 
Question 310 / 10 points 
 
An economic system is the set of rules that define 	a...
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Economics - Microeconomics (ECON101)|ECON101 Week 1 Quiz Microeconomics AMU
- Exam (elaborations) • 7 pages • 2023
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Economics - Microeconomics (ECON101)|ECON101 Week 1 Quiz Microeconomics AMU
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