Fall 2024 Honors EPF Final Exam

Front

Why study economics?

Back

Helps analyze the impact of decisions and strengthen decision making

Front

What does Microeconomics focus on?

Back

Supply and demand, and other forces that determine price levels

Front

What are the four categories of resources needed to produce bread and cakes? Options: Land, Labor, Capital, Entrepreneurship; Land, Labor, Money, Management; Land, Workforce, Investment, Innovation; Natural resources, Manpower, Finance, Business skills

Back

Land, Labor, Capital, Entrepreneurship

Front

In the construction of a new skyscraper, what does 'Labor' refer to in the context of factors of production?

Back

Human capital (workers)

Front

How is the "Opportunity Cost" of spending $100 on a video game instead of saving for a concert described?

Back

Your next best choice

Front

What does the Law of Demand state?

Back

Lower the price, the more willing to buy.

Front

What happens to the utility as additional units of a product are consumed, according to the concept of Diminishing Marginal Utility?

Back

It declines.

Front

Which of the following is NOT an example of the Determinants of Demand? Tastes, Quality, Substitute good, Production technology

Back

Production technology

Front

What happens to the equilibrium price when there is an increase in demand while supply remains constant?

Back

It increases

Front

What does the Law of Supply state?

Back

The higher the price, the more willing producers are to produce.