3/19/26, 10:48 AM Econ 101 Exam #1 Iowa State University
Econ 101 Exam #1 Iowa State University Complete Real Exam
Questions And Correct Answers (Verified Answers) Already
Graded A+ || Guaranteed Success!! Newest Exam | Just
Released!!
Economics
The study of choice under conditions of scarcity.
Scarcity
A situation in which the amount of something available is insufficient to satisfy
the desire for it.
Opportunity cost
What is given up when taking an action or making a choice.
Explicit cost
The dollars sacrificed- and actually paid out- for a choice.
Implicit cost
The value of something sacrificed when no direct payment is made.
/ 1/10
, 3/19/26, 10:48 AM Econ 101 Exam #1 Iowa State University
Resources
The labor, capital, land (including natural resources), and entrepreneurship
that are used to produce goods and services.
Labor
The time human beings spend producing goods and services.
Capital
A long-lasting tool that is used to produce other goods.
Physical capital
The part of stock consisting of physical goods, such as machinery,
equipment, and factories.
Change in quantity supplied
A movement along a supply curve in response to a change in price.
Change in supply
A shift of a supply curve in response to a change in some variable other than
price.
Alternate goods
Other goods that firms in a market could produce instead of the good in
question.
/ 2/10
Econ 101 Exam #1 Iowa State University Complete Real Exam
Questions And Correct Answers (Verified Answers) Already
Graded A+ || Guaranteed Success!! Newest Exam | Just
Released!!
Economics
The study of choice under conditions of scarcity.
Scarcity
A situation in which the amount of something available is insufficient to satisfy
the desire for it.
Opportunity cost
What is given up when taking an action or making a choice.
Explicit cost
The dollars sacrificed- and actually paid out- for a choice.
Implicit cost
The value of something sacrificed when no direct payment is made.
/ 1/10
, 3/19/26, 10:48 AM Econ 101 Exam #1 Iowa State University
Resources
The labor, capital, land (including natural resources), and entrepreneurship
that are used to produce goods and services.
Labor
The time human beings spend producing goods and services.
Capital
A long-lasting tool that is used to produce other goods.
Physical capital
The part of stock consisting of physical goods, such as machinery,
equipment, and factories.
Change in quantity supplied
A movement along a supply curve in response to a change in price.
Change in supply
A shift of a supply curve in response to a change in some variable other than
price.
Alternate goods
Other goods that firms in a market could produce instead of the good in
question.
/ 2/10
