Econ 101 Final Exam 104 QUESTIONS AND ANSWERS GRADED A LATEST VERSION

Econ 101 Final Exam 104 QUESTIONS AND ANSWERS GRADED A LATEST VERSION In a competitive market, excess demand for a good exists whenever....? a. resources are scarce b. the current price is below the equilibrium price c. the current price is above the equilibrium price d. sellers are subject to the constraints imposed by input prices and technology e. the quantity supplied at the current price exceeds the quantity demanded - CORRECT ANSWERS b. the current price is below the equilibrium price Which of the following is an example of a stock variable? a. The amount of cereal a person buys each week b. The amount of cereal a child consumes each month c. The amount of cereal produced each day d. The amount of cereal in a person's pantry e. None of these are stock variables - CORRECT ANSWERS d. The amount of cereal in a person's pantry Economics is...? a. exclusively the study of business firms b. applicable only when scarcity is not a problem c. exclusively the study of the markets for stocks and bonds d. fundamentally the same as sociology e. the study of choice under conditions of scarcity - CORRECT ANSWERS e. the study of choice under conditions of scarcit