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College Exam #1 Review

Authored by Brian Brown

Social Studies

University

Used 4+ times

College Exam #1 Review
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33 questions

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1.

MATCH QUESTION

1 min • 5 pts

Match the Economic concepts to the correct defintion

Scarcity

Limited resources versus unlimited wants.

Marginal Cost

The additional cost of producing one more unit.

Microeconomics

The study of the economy as a whole, including inflation and GDP.

Opportunity Cost

The value of the next best alternative when a choice is made.

Macroeconomics

The study of individual decision-making and markets.

2.

MATCH QUESTION

1 min • 5 pts

Match these economic concepts

Trade-Offs

Giving up one thing to gain another.

Comparative Advantage

A graph showing trade-offs between two goods with fixed resources.

Production Possibility Frontier (PPF)

A factual economic statement that can be tested.

Absolute Advantage

When a country or person has a lower opportunity cost in production.

Positive Statement

When a country or person produces more of a good using the same resources.

3.

MATCH QUESTION

1 min • 1 pt

Match the economic concepts

Normative Statement

The assumption that all other factors remain constant in an analysis.

Ceteris Paribus

An opportunity cost, such as forgone salary.

Explicit Cost

A subjective statement based on opinions or values.

Implicit Cost

A direct monetary cost like rent or wages.

Incentives

Rewards or punishments that influence behavior.

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the additional cost of producing one more unit of a good?

Scarcity

Marginal Cost

Absolute Advantage

Trade-Off

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What describes the economic principle that assumes all other variables are held constant?

Implicit Cost

Ceteris Paribus

PPF

Macroeconomics

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following is an example of a positive economic statement?

The government should raise taxes to fund healthcare.

Raising the minimum wage will lead to higher unemployment

The economy is unfair to low-income workers.

Companies should reduce pollution to protect the environment.

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following best describes opportunity cost?

The amount of money a business pays for rent.

The next best alternative that is given up when a decision is made.

The total revenue a company makes in a year.

The cost of hiring additional workers.

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