Econ 200 exam 1 Study guides, Class notes & Summaries
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ECON 200 EXAM 2 Questions and Answers (2024/2025)(Verified Answers)
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ECON 200 EXAM 2 Questions and Answers (2024/2025)(Verified Answers)Chapter 1 
 
•	Economics is 
 
•	the study of how people make choices 
•	the study of stock trading 
•	the study of money 
•	the study of large corporations 
 
•	If it takes even a small amount of time, energy or money to acquire then a goodis 
 
•	abundant 
•	in shortage 
•	cheap 
•	scarce 
 
•	An example of a direct negative incentive is: 
 
•	providing a commission for sales. 
•	awarding a promotion f...
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ECON 705 Mod. 6 Self-Assessment Test with Solutions
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ECON 705 
Mod. 6 Self-Assessment Test with Solutions 
 
 
1.	The ability of a firm to raise its price while still maintaining a certain amount of sales means that the firm 
Select one: 
 
a.	produces a complementary good. 
 
b.	faces perfectly elastic demand for its product. 
 
c.	produces a perfect substitute for the other products in the industry. 
 
 
 
2.	All of the following could be a barrier to entry except Select one: 
a.	large economies of scale. 
 
b.	occupational licenses (e.g., teac...
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GRI REAL EXAM QUESTIONS WITH ANSWERS | VERIFIED
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GRI REAL EXAM QUESTIONS WITH 
ANSWERS | VERIFIED 
Who is a stakeholder? - ANSWER Entities or individuals who can 
be reasonably expected to be significantly affected by the RO's 
activities products or services; or whose actions can reasonably 
be expected to affect the RO's ability to implement its strategies 
and achieve its objectives. 
Reporting principles that define report's content? - ANSWER 
Stakeholder inclusiveness; sustainability context; materiality; 
completeness 
Reportin...
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Exam (elaborations) ECON 2302
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Exam (elaborations) ECON 2302 
Comparing a pure monopoly and a purely competitive firm with identical costs, we would find in long-run equilibrium that the pure monopolist's: 
Which of the following is a characteristic of pure monopoly? 
If a pure monopolist is operating in a range of output where demand is elastic: 
In the figure, curves 1, 2, 3, and 4 represent the: 
Suppose that Steve and Susie each perceives $200 of marginal benefit from a proposed new park, whereas Elizabeth perceives $...
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GRI REAL EXAM QUESTIONS WITH ANSWERS | VERIFIED
- Exam (elaborations) • 15 pages • 2023
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GRI REAL EXAM QUESTIONS WITH 
ANSWERS | VERIFIED 
Who is a stakeholder? - ANSWER Entities or individuals who can 
be reasonably expected to be significantly affected by the RO's 
activities products or services; or whose actions can reasonably 
be expected to affect the RO's ability to implement its strategies 
and achieve its objectives. 
Reporting principles that define report's content? - ANSWER 
Stakeholder inclusiveness; sustainability context; materiality; 
completeness 
Reportin...
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GRI REAL EXAM QUESTIONS WITH ANSWERS | VERIFIED
- Exam (elaborations) • 15 pages • 2023
- Available in package deal
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- $12.99
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GRI REAL EXAM QUESTIONS WITH 
ANSWERS | VERIFIED 
Who is a stakeholder? - ANSWER Entities or individuals who can 
be reasonably expected to be significantly affected by the RO's 
activities products or services; or whose actions can reasonably 
be expected to affect the RO's ability to implement its strategies 
and achieve its objectives. 
Reporting principles that define report's content? - ANSWER 
Stakeholder inclusiveness; sustainability context; materiality; 
completeness 
Reportin...
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Econ 200 Exam 1 QUESTIONS AND ANSWER
- Exam (elaborations) • 5 pages • 2022
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Econ 200 Exam 1Econ 200 Exam 1 
 
 
 
Marginal decision making/ thinking at the margin Correct answer- comparing additional benefits and costs of a choice 
 
marginal changes Correct answer- small incremental changes to a plan of action 
 
Marginal benefit and marginal costs Correct answer- benefit: additional revenue 
cost: additional cost 
-A rational decision maker continues to take action if and only if the marginal benefit of the action is at least as large as the marginal cost 
 
sunk cost...
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ECON 200 Exam Questions And Answers (Updated And Verified)
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ECON 200 Exam Questions And Answers 
(Updated And Verified) 
Economics is best defined as ____________. 
A.) How people make money and profits in the stock market 
B.) Making choices from an unlimited supply of goods and services 
C.) Making choices with unlimited wants but facing a scarcity of resources 
D.) Controlling a budget for a household - answerMaking choices with unlimited wants but 
facing a scarcity of resources 
When an economy produces more houses and fewer typewriters, it is answe...
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Econ 200 Exam 1
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Marginal decision making/ thinking at the margin Correct answer- comparing additional benefits and costs of a choice 
 
marginal changes Correct answer- small incremental changes to a plan of action 
 
Marginal benefit and marginal costs Correct answer- benefit: additional revenue 
cost: additional cost 
-A rational decision maker continues to take action if and only if the marginal benefit of the action is at least as large as the marginal cost 
 
sunk cost Correct answer- a cost that has alrea...
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UNT Econ 1100 Exam 1 Questions and Answers 100% Pass
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UNT Econ 1100 Exam 1 Questions and Answers 100% Pass 
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 b...
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