1/5/26, 11:45 AM Econ 248 Final Review Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\2026 Flashcards | Quizlet
Econ 248 Final Review Questions with 100%
Correct Answers | Verified | Updated (Actual
Exam) 2025\2026
Save
Terms in this set (76)
In economics, the pleasure, Utility
happiness, or satisfaction received
from a product is called:
Joe sold gold coins for $1000 that he Opportunity costs
bought a year ago for $1000. He
says, "At least I didn't lose any money
on my financial investment." His
economist friend points out that in
effect he did lose money, because
he could have received a 3 percent
return on the $1000 if he had bought
a bank certificate of deposit instead
of the coins. The economist's analysis
in this case incorporates the idea of:
A person should consume more of Benefits exceeds its marginal costs
something when its marginal:
https://quizlet.com/1127217613/econ-248-final-review-questions-with-100-correct-answers-verified-updated-actual-exam-20252026-flash-cards/?new 1/10
, 1/5/26, 11:45 AM Econ 248 Final Review Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\2026 Flashcards | Quizlet
Economics may best be defined as the social science concerned with how individuals,
the: institutions, and society make optimal choices
under conditions of scarcity
The economic perspective entails: a comparison of marginal benefits and marginal
costs in decision making
The assertion that "there is no free all production involves the use of scarce resources
lunch" means that: and thus the sacrifice of alternative goods
The process by which economists the scientific method
test hypotheses against facts to
develop theories, principles, and
models is called:
Ben says that "An increase in the tax Holly's statement is normative, but Ben's is positive
on beer will raise its price." Holly
argues that "Taxes should be
increased on beer because college
students drink too much." We can
conclude that:
The economizing problem is: the need to make choices because economic
wants exceed economic means
The budget line shows: all possible combinations of two goods that can be
purchased, given money income and the prices of
the goods.
https://quizlet.com/1127217613/econ-248-final-review-questions-with-100-correct-answers-verified-updated-actual-exam-20252026-flash-cards/?new 2/10
Econ 248 Final Review Questions with 100%
Correct Answers | Verified | Updated (Actual
Exam) 2025\2026
Save
Terms in this set (76)
In economics, the pleasure, Utility
happiness, or satisfaction received
from a product is called:
Joe sold gold coins for $1000 that he Opportunity costs
bought a year ago for $1000. He
says, "At least I didn't lose any money
on my financial investment." His
economist friend points out that in
effect he did lose money, because
he could have received a 3 percent
return on the $1000 if he had bought
a bank certificate of deposit instead
of the coins. The economist's analysis
in this case incorporates the idea of:
A person should consume more of Benefits exceeds its marginal costs
something when its marginal:
https://quizlet.com/1127217613/econ-248-final-review-questions-with-100-correct-answers-verified-updated-actual-exam-20252026-flash-cards/?new 1/10
, 1/5/26, 11:45 AM Econ 248 Final Review Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\2026 Flashcards | Quizlet
Economics may best be defined as the social science concerned with how individuals,
the: institutions, and society make optimal choices
under conditions of scarcity
The economic perspective entails: a comparison of marginal benefits and marginal
costs in decision making
The assertion that "there is no free all production involves the use of scarce resources
lunch" means that: and thus the sacrifice of alternative goods
The process by which economists the scientific method
test hypotheses against facts to
develop theories, principles, and
models is called:
Ben says that "An increase in the tax Holly's statement is normative, but Ben's is positive
on beer will raise its price." Holly
argues that "Taxes should be
increased on beer because college
students drink too much." We can
conclude that:
The economizing problem is: the need to make choices because economic
wants exceed economic means
The budget line shows: all possible combinations of two goods that can be
purchased, given money income and the prices of
the goods.
https://quizlet.com/1127217613/econ-248-final-review-questions-with-100-correct-answers-verified-updated-actual-exam-20252026-flash-cards/?new 2/10
