Econ 101 exam - Study guides, Class notes & Summaries
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ECON 101 FINAL EXAM PRACTICE QUESTIONS And ANSWERS 2023
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ECON 101 FINAL EXAM PRACTICE QUESTIONS And ANSWERS 2023
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WMGT 101 Exam 2 Quiz Questions and answers verified to pass 2024/2025
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WMGT 101 Exam 2 Quiz Questions and answers verified to pass 2024/2025 WMGT 101 Exam 2 Quiz Questions 
 
Econ: 
 
Who in the Civil Engineer Squadron is responsible for evaluating investment decisions based on life-cycle costs? (That is, who is involved in engineering economics?) - correct answer Everyone with a role in supporting or making investment decisions. 
 
Econ: 
 
The concept of "Time Value of Money" means what? 
(absent any spikes in the economy) - correct answer A thousand dolla...
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Econ 101 final exam study. Multiple choice (ch. 1, 2, 3, 4, 6, 8, 9, 10, 12, 13) Question and answers 2023
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Econ 101 final exam study. Multiple choice (ch. 1, 2, 3, 4, 6, 8, 9, 10, 12, 13) Question and answers 2023
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ECON 101 EXAM REVIEWS WITH CORRECT ANSWERS
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ECON 101 EXAM REVIEWS WITH 
CORRECT ANSWERS 
what is economics? - CORRECT ANSWER-study of how a 
society manages its scarce resourses 
resources - CORRECT ANSWER-input, factors of production 
economy's resources - CORRECT ANSWER-1. labor 
2. capital 
3. natural resources 
4. entrepreneurial ability 
labor - CORRECT ANSWER-physical capital (machines, 
buildings, roads) 
capital - CORRECT ANSWER-human capital (education, 
knowledge) 
scarcity - CORRECT ANSWER-nobody can have everything 
they...
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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 final exam study. Multiple choice (ch. 1, 2, 3, 4, 6, 8, 9, 10, 12, 13) Question And Answers 2023
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Econ 101 final exam study. Multiple choice (ch. 1, 2, 3, 4, 6, 8, 9, 10, 12, 13) Question And Answers 2023
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Econ 101 Umich Exam 1 Questions & Answers 2023/2024
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Econ 101 Umich Exam 1 Questions & Answers 2023/2024 
 
 
Economics - ANSWER-the study of the allocation of limited resources across unlimited wants 
 
cost-benefit analysis - ANSWER-the method of trying to make the best possible choice 
 
Markets - ANSWER-a forum for exchanges 
 
utility maximization - ANSWER-people making themselves as well off as possible 
 
profit maximization - ANSWER-firms making their owners as well off as possible 
 
Models - ANSWER-simplifications to understand complex s...
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Econ 101: Exam 2
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Econ 101: Exam 2 
When the price goes down, the quantity demanded goes up. The price elasticity of 
demand measures: 
A) how much the price goes down. 
B) how much the equilibrium price goes up. 
C) the responsiveness of the price change to an income change. 
D) the responsiveness of the quantity change to the price change. - ANSWER D 
The price of gasoline rises 5% and the quantity of gasoline purchased falls 1%. The 
price elasticity of demand is equal to _____, and demand is described as ____...
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Econ 101 Umich Exam 2 Caldwell Questions & Answers 2023/2024
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Econ 101 Umich Exam 2 Caldwell Questions & Answers 2023/2024 
 
 
comparative advantage - ANSWER-when one producer can produce a good at a lower opportunity cost than another producer 
-reason for specialization 
 
absolute advantage - ANSWER-when one producer can produce more of a good than another producer in a certain period of time 
 
Production Possibility Frontier - ANSWER-represents the possible combinations of goods that an economy can produce in a certain period of time 
 
specilaizatio...
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Econ 101 Umich Exam 2 Caldwell Questions & Answers 2023/2024
- Exam (elaborations) • 4 pages • 2023
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Econ 101 Umich Exam 2 Caldwell Questions & Answers 2023/2024 
 
 
comparative advantage - ANSWER-when one producer can produce a good at a lower opportunity cost than another producer 
-reason for specialization 
 
absolute advantage - ANSWER-when one producer can produce more of a good than another producer in a certain period of time 
 
Production Possibility Frontier - ANSWER-represents the possible combinations of goods that an economy can produce in a certain period of time 
 
specilaizatio...
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