2/19/25, 3:36 PM ECON101 Final Exam 2025 | Actual Exam Questions and Answers | Already Verified Answers Flashcards | Quizlet
ECON101 Final Exam 2025 | Actual Exam
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Terms in this set (104)
In a competitive market, b. the current price is below the equilibrium price
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
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,2/19/25, 3:36 PM ECON101 Final Exam 2025 | Actual Exam Questions and Answers | Already Verified Answers Flashcards | Quizlet
Which of the following is d. The amount of cereal in a person's pantry
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
Economics is...? e. the study of choice under conditions of scarcity
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
https://quizlet.com/1007890633/econ101-final-exam-2025-actual-exam-questions-and-answers-already-verified-answers-flash-cards/?new 2/57
,2/19/25, 3:36 PM ECON101 Final Exam 2025 | Actual Exam Questions and Answers | Already Verified Answers Flashcards | Quizlet
Complementary goods... b. are usually used in conjunction with each other
a. do not adhere to the
law of demand
b. are usually used in
conjunction with each
other
c. are usually used in
place of one another
d. are goods whose
demand rises as incomes
rise e. are goods whose
demand falls as wealth
falls
If Greg uses a special glue a. increase; increase
to make model planes that
he sells and the price of
his model planes
increases, then one would
expect that the
equilibrium price of the
special glue would _______
and the equilibrium
quantity would _________.
a. increase; increase
b. decrease; decrease
c. increase; decrease
d. decrease; increase
e. increase; indeterminant
https://quizlet.com/1007890633/econ101-final-exam-2025-actual-exam-questions-and-answers-already-verified-answers-flash-cards/?new 3/57
, 2/19/25, 3:36 PM ECON101 Final Exam 2025 | Actual Exam Questions and Answers | Already Verified Answers Flashcards | Quizlet
Positive economics deals b. statements of fact
with...
a. opinions that affirm
economists' theories
b. statements of fact
c. practical ways of
improving people's self-
esteem by making money
d. statements about the
way things ought to be
e. theories about
improving people's self-
esteem
Microeconomics.... d. examines how individuals, households, and firms
a. is purely theoretical and make economic decisions
has little value in
explaining real-world
phenomena b. focuses on
what is happening in the
economy as a whole
c. addresses scarcity from
a global perspective
d. examines how
individuals, households,
and firms make economic
decisions
e. answers the
fundamental economic
questions of how, when,
where, and why
https://quizlet.com/1007890633/econ101-final-exam-2025-actual-exam-questions-and-answers-already-verified-answers-flash-cards/?new 4/57
ECON101 Final Exam 2025 | Actual Exam
Questions and Answers | Already Verified
Answers
Save
Terms in this set (104)
In a competitive market, b. the current price is below the equilibrium price
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
https://quizlet.com/1007890633/econ101-final-exam-2025-actual-exam-questions-and-answers-already-verified-answers-flash-cards/?new 1/57
,2/19/25, 3:36 PM ECON101 Final Exam 2025 | Actual Exam Questions and Answers | Already Verified Answers Flashcards | Quizlet
Which of the following is d. The amount of cereal in a person's pantry
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
Economics is...? e. the study of choice under conditions of scarcity
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
https://quizlet.com/1007890633/econ101-final-exam-2025-actual-exam-questions-and-answers-already-verified-answers-flash-cards/?new 2/57
,2/19/25, 3:36 PM ECON101 Final Exam 2025 | Actual Exam Questions and Answers | Already Verified Answers Flashcards | Quizlet
Complementary goods... b. are usually used in conjunction with each other
a. do not adhere to the
law of demand
b. are usually used in
conjunction with each
other
c. are usually used in
place of one another
d. are goods whose
demand rises as incomes
rise e. are goods whose
demand falls as wealth
falls
If Greg uses a special glue a. increase; increase
to make model planes that
he sells and the price of
his model planes
increases, then one would
expect that the
equilibrium price of the
special glue would _______
and the equilibrium
quantity would _________.
a. increase; increase
b. decrease; decrease
c. increase; decrease
d. decrease; increase
e. increase; indeterminant
https://quizlet.com/1007890633/econ101-final-exam-2025-actual-exam-questions-and-answers-already-verified-answers-flash-cards/?new 3/57
, 2/19/25, 3:36 PM ECON101 Final Exam 2025 | Actual Exam Questions and Answers | Already Verified Answers Flashcards | Quizlet
Positive economics deals b. statements of fact
with...
a. opinions that affirm
economists' theories
b. statements of fact
c. practical ways of
improving people's self-
esteem by making money
d. statements about the
way things ought to be
e. theories about
improving people's self-
esteem
Microeconomics.... d. examines how individuals, households, and firms
a. is purely theoretical and make economic decisions
has little value in
explaining real-world
phenomena b. focuses on
what is happening in the
economy as a whole
c. addresses scarcity from
a global perspective
d. examines how
individuals, households,
and firms make economic
decisions
e. answers the
fundamental economic
questions of how, when,
where, and why
https://quizlet.com/1007890633/econ101-final-exam-2025-actual-exam-questions-and-answers-already-verified-answers-flash-cards/?new 4/57
