ECON 1000 EXAM 1 KSU QUESTIONS AND VERIFIED
ANSWERS |100% CORRECT | ALREADY GRADED A
The analysis of aggregate decision-making and outcomes for society as
a whole is known as: Correct Answers Macroeconomics
Identify the positive economic statement(s) below. Correct Answers If
you raise the price of gas, people will buy less gas.
*Prediction is the hallmark of positive economics.*
In order to make predictions, economists generally assume that
individuals are: Correct Answers Rational and self-interested.
The condition that human wants exceed the amount available from finite
resources is known as: Correct Answers Scarcity.
When individuals engage in voluntary trade, it means: Correct Answers
Each person values what he/she is receiving more than what he/she is
giving up.
AND
They are happier.
, Money is useful for exchange because it is: Correct Answers A medium
of exchange.
A convenient unit of account.
A store of value.
simple transactions
The law of demand states: Correct Answers There is a negative
relationship between the price of a product and the quantity consumers
are willing
to buy.
What happens to the price and quantity of sandwiches when the price of
bread increases? Correct Answers Increased price, decreased quantity
What happens to the price and quantity of an inferior good when
incomes rise? Correct Answers Decreased price, decreased quantity
What happens to the price and quantity of kale when the seller is
subsidized for producing it? Correct Answers Decreased price,
increased quantity
a postive statement: Correct Answers can eventually be proven "right"
or "wrong" by gathering enough data and evidence.
ANSWERS |100% CORRECT | ALREADY GRADED A
The analysis of aggregate decision-making and outcomes for society as
a whole is known as: Correct Answers Macroeconomics
Identify the positive economic statement(s) below. Correct Answers If
you raise the price of gas, people will buy less gas.
*Prediction is the hallmark of positive economics.*
In order to make predictions, economists generally assume that
individuals are: Correct Answers Rational and self-interested.
The condition that human wants exceed the amount available from finite
resources is known as: Correct Answers Scarcity.
When individuals engage in voluntary trade, it means: Correct Answers
Each person values what he/she is receiving more than what he/she is
giving up.
AND
They are happier.
, Money is useful for exchange because it is: Correct Answers A medium
of exchange.
A convenient unit of account.
A store of value.
simple transactions
The law of demand states: Correct Answers There is a negative
relationship between the price of a product and the quantity consumers
are willing
to buy.
What happens to the price and quantity of sandwiches when the price of
bread increases? Correct Answers Increased price, decreased quantity
What happens to the price and quantity of an inferior good when
incomes rise? Correct Answers Decreased price, decreased quantity
What happens to the price and quantity of kale when the seller is
subsidized for producing it? Correct Answers Decreased price,
increased quantity
a postive statement: Correct Answers can eventually be proven "right"
or "wrong" by gathering enough data and evidence.
