FREE AND STUDY GAMES ABOUT ECON EXAM QUESTIONS

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FREE AND STUDY GAMES ABOUT ECON EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

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-Guarantee passing score -53 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: During your road trip, you made a decision "at the margin" when you?

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added one more national landmark to your list to see.Question 2: On your road trip, you'll continually be making choices, such as what kind of car to travel in and how many landmarks to visit. This is why many economists define economics as?

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The science of decision making Question 3: Positive economics analyzes how and why things are the way they are. Normative economics analyzes how things ought to be done. What is an example of positive economics?

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What are the short and long term consequences of getting a speeding ticket?

Question 4: Which of these was a long-term consequence from your road trip?

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Your car insurance bill got more expensive.

Question 5: The term "Ceteris Paribus," when used in economic models, refers to the assumption that

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all factors except for those considered stay the same.Question 6: When an economist uses objective analysis to find out how the economy actually works, this is

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positive economics

Question 7: graph

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a visual representation of the relationship between two sets of data Question 8: You pay a hairdresser $40 to get a nice haircut. This demonstrates the

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trade-makes-people-better-off principle.Question 9: ____ motivate people to take a certain course of action. They can be _____ actions, such as a monetary or honorary reward, or _____ actions, such as a punishment or a fine.

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Incentives, positive negative

Question 10: Which of these examples best represents a tradeoff?

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A student chooses to study rather than spend time with her friends.

Question 11: Part of the rational-behavior model theory is that?

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people act upon their own interest, without taking into account the well-being of others.Question 12: What is example of an economic enigma that economists might want to figure out?

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Why might a 1961 VW Van cost more than a used van today?

Question 13: economic enigma

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a puzzle or riddle that may be explained through economic analysis Question 14: Economists assume that people tend to make rational choices. This means that people choose something

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when the benefits outweigh the costs.Question 15: If you want to compare two data points-such as the price of certain cars versus the fuel efficiency of those cars-which economic tool would be the most helpful?

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A graph Question 16: If an economist is interested in studying the effects of fuel-efficient cars on the economy, what would be the first step of the scientific method they should follow?

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asking a testable question Question 17: A ________ is a visual representation of the relationship between two given sets of data.

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graph

Question 18: data

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factual information, often in numerical form

Question 19: Why do economists care about the law of unintended consequences?

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Thinking about future consequences that people might not expect helps economists predict the long-term effects of an action or policy.

Question 20: Economics is often defined as the study of how people choose to

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use their limited resources to satisfy their unlimited wants.Question 21: If an economist wants to predict whether you will purchase an SUV or a sedan for your road trip, she might use a ____ rational behavior model that takes into account your self-interests.

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rational behavior model

Question 22: What does Adam Smith argue in "The Wealth of Nations"?

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Competition is crucial for a healthy economy.Question 23: When markets operate freely, buyers and sellers can trade with each other until ____. The result is an ____ efficient market that serves everyone's interests without guidance from a person or an institution.

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Both, efficient

Question 24: variable

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a quantity that can vary, or change Question 25: On your road trip, you made a trade with a mechanic. The mechanic gave you ____ and you gave the mechanic ____

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A service, money Question 26: scientific method:

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(1) posing a question, (2) researching the question, (3) developing a hypothesis, (4) conducting studies and collecting data, (5) analyzing the data, and (6) evaluating the hypothesis