Econ 101 midterm - Study guides, Class notes & Summaries

Econ 101 csulb midterm questions and answers already passed 2024

Suppose that the demand for candy is less elastic than the supply of candy. If a tax is imposed on sellers of candy, which of the following is true? A. Sellers will bear all of the tax burden. B. Sellers will bear a larger share of the tax burden since the tax is imposed on them. C. Sellers will bear a smaller share of the tax burden because supply is more elastic than demand. D. Sellers will bear none of the tax burden. correct answersC Which of the following is a government subsidy? ...

Econ 101 csulb midtermA good - correct answer anything that gives a person utility or satisfaction either tangible or intangible A bad - correct answer gives person disutility or dissatisfaction 4 Resources - correct answer 1. Land 2. Labor 3. Capital 4. Entrepreneurship land - correct answer all natural resources used to produce goods and services Labor - correct answer consists of the physical and mental talents that people contribute to the production process Capital - corr...

Econ 101 csulb midtermA good - correct answer anything that gives a person utility or satisfaction either tangible or intangible A bad - correct answer gives person disutility or dissatisfaction 4 Resources - correct answer 1. Land 2. Labor 3. Capital 4. Entrepreneurship land - correct answer all natural resources used to produce goods and services Labor - correct answer consists of the physical and mental talents that people contribute to the production process Capital - corr...

ECON 101 (ECON101) midterm exam Economics is the study of: A.increasing the level of productive resources so there is maximum output in society. B.increasing the level of productive resources so there is a minimum level of income. C.how people, institutions, and society make choices under conditions of scarcity. D.the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses. Answer Key: C Question 2 of 20 4.45 Points Which of the following is n...

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New, 2023, exam(elaborations) ECON101 Week 4 Midterm, 100% score.