ECON100 Exam 1 with Complete
Solutions
Happiness for consumers, profits for businesses, and general welfare for government. -
ANS-The goals of the principal participants in the economy are to maximize:
Illegal drugs, computer services, and nuclear warheads. - ANS-A market exists for the
sale and purchase of:
It facilitates specialization and increased consumption. - ANS-People benefit by
participating in the market because:
A market in which finished goods and services are exchanged - ANS-product market
sell, factor - ANS-Consumers _______ factors of production in the _______ market.
Both the product and factor markets. - ANS-In the U.S. economy, foreigners participate
in:
The direct exchange of one good for another - ANS-barter
willing and able to pay for it - ANS-In order to demand a good, the buyer must:
You have enough money to buy it, and you are willing to spend the money on the car. -
ANS-Which of the following situations is sufficient to represent current demand for a
car?
The quantity of a good demanded in a given time period increases as the price falls -
ANS-the law of demand
Corresponds to a movement along the demand curve. - ANS-A change in demand
means there has been a shift in the demand curve, and a change in the quantity
demanded:
available technology - ANS-Which of the following is not a determinant of demand?
Many people learn that they are allergic to peanut butter. - ANS-Ceteris paribus, which
of the following will cause the demand for peanut butter to decrease?
A change in the technology used to produce natural gas. - ANS-Which of the following
will not shift the demand curve for natural gas?
Solutions
Happiness for consumers, profits for businesses, and general welfare for government. -
ANS-The goals of the principal participants in the economy are to maximize:
Illegal drugs, computer services, and nuclear warheads. - ANS-A market exists for the
sale and purchase of:
It facilitates specialization and increased consumption. - ANS-People benefit by
participating in the market because:
A market in which finished goods and services are exchanged - ANS-product market
sell, factor - ANS-Consumers _______ factors of production in the _______ market.
Both the product and factor markets. - ANS-In the U.S. economy, foreigners participate
in:
The direct exchange of one good for another - ANS-barter
willing and able to pay for it - ANS-In order to demand a good, the buyer must:
You have enough money to buy it, and you are willing to spend the money on the car. -
ANS-Which of the following situations is sufficient to represent current demand for a
car?
The quantity of a good demanded in a given time period increases as the price falls -
ANS-the law of demand
Corresponds to a movement along the demand curve. - ANS-A change in demand
means there has been a shift in the demand curve, and a change in the quantity
demanded:
available technology - ANS-Which of the following is not a determinant of demand?
Many people learn that they are allergic to peanut butter. - ANS-Ceteris paribus, which
of the following will cause the demand for peanut butter to decrease?
A change in the technology used to produce natural gas. - ANS-Which of the following
will not shift the demand curve for natural gas?
