Econ 1100 exam 1 Study guides, Class notes & Summaries

UNT ECON 1100 Exam 1 Questions and Answers Economics is the study of how society manages its ANSWER unlimited wants and limited resources Which of the following is least likely to be associated with the study of microeconomics? ANSWER the domestic steel industry produced 10 percent less output this year When calculating the opportunity cost of attending a basketball game, you should include: ANSWER The price you pay for the ticket and the value of your time Which of the following is ...

QUESTIONS AND ANSWERS

UNT ECON 1100 Exam 2 Review Questions and Answers Price controls such as price ceilings and price floors: ANSWER cause surpluses and shortages to persist since price cannot adjust to the market equilibrium price. Ceteris paribus, an effective (binding) price floor for a good leads to: ANSWER surpluses of the good. The efficient level of an activity is at the point where: ANSWER marginal benefit is equal to marginal cost. Marginal cost is: ANSWER the cost of producing one more unit of...

ECON 1100 Exam 1

unt Econ 1100 Exam 1.

The primary difference between a change in supply and a change in the quantity supplied is: - a change in quantity supplied is caused by a change in the price of the good itself, and a change in supply is caused by a change in a non-price determinant of supply Which of the following will cause a decrease in the demand for batteries? - An increase in the price of digital cameras, a complement for batteries Based on the information in the table below, the opportunity cost of producing one clo...