EKN 110 EXAM QUESTIONS WITH
VERIFIED ANSWERS. A+ GRADE
2025/2026.
Economics is a social science concerned with - ANS the best use of scarce resources to
achieve the maximum satisfaction of economic wants
Economics may best be defined as the - ANS social science concerned with how individuals,
institutions, and society make optimal choices under conditions of scarcity
The study of economics is primarily concerned with - ANS choices that are made in seeking
the best use of resources
The assertion that "there is no free lunch" means that - ANS all production involves the use
of scarce resources and thus the sacrifice of alternative goods
In economics, the pleasure, happiness, or satisfaction received from a product is called -
ANS Utility
Alex sees that his neighbors lawns all need mowing. For $20 per hour, Economics would
describe Alex's behavior as: - ANS Rational self-interest, because he's attempting to increase
his own income by identifying and satisfying someone else's wants
Economics involves marginal analysis because - ANS most decisions involve changes from the
present situation
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, A person should consume more of something when its marginal: - ANS benefit exceeds its
marginal costs
Kara was out jogging and despite being tired, decided to one more mile. Based on her actions,
economists would conclude: - ANS decided that the marginal benefit of running one more
mile would outweigh the cost of the additional mile
The process by which economists test hypotheses against facts to develop theories, principles,
and models is called: - ANS scientific method
An economic hypothesis - ANS possible explanation of cause and effect
A well-tested economic theory is often called - ANS principle/law
Which is an illustration of a microeconomics question? - ANS Will a new type of television set
increase the number of buyers?
Microeconomics is concerned with - ANS a detailed examinations of specific economic units
that make up the economic system
Microeconomics - ANS concerned with individual economic units and specific markets
The problems of aggregate inflation and employment are - ANS major topics of
macroeconomics
Which of the following is a microeconomics statement? - ANS The price of personal
computers declined last year
A normative statement is one that - ANS is based on value judgements
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
VERIFIED ANSWERS. A+ GRADE
2025/2026.
Economics is a social science concerned with - ANS the best use of scarce resources to
achieve the maximum satisfaction of economic wants
Economics may best be defined as the - ANS social science concerned with how individuals,
institutions, and society make optimal choices under conditions of scarcity
The study of economics is primarily concerned with - ANS choices that are made in seeking
the best use of resources
The assertion that "there is no free lunch" means that - ANS all production involves the use
of scarce resources and thus the sacrifice of alternative goods
In economics, the pleasure, happiness, or satisfaction received from a product is called -
ANS Utility
Alex sees that his neighbors lawns all need mowing. For $20 per hour, Economics would
describe Alex's behavior as: - ANS Rational self-interest, because he's attempting to increase
his own income by identifying and satisfying someone else's wants
Economics involves marginal analysis because - ANS most decisions involve changes from the
present situation
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, A person should consume more of something when its marginal: - ANS benefit exceeds its
marginal costs
Kara was out jogging and despite being tired, decided to one more mile. Based on her actions,
economists would conclude: - ANS decided that the marginal benefit of running one more
mile would outweigh the cost of the additional mile
The process by which economists test hypotheses against facts to develop theories, principles,
and models is called: - ANS scientific method
An economic hypothesis - ANS possible explanation of cause and effect
A well-tested economic theory is often called - ANS principle/law
Which is an illustration of a microeconomics question? - ANS Will a new type of television set
increase the number of buyers?
Microeconomics is concerned with - ANS a detailed examinations of specific economic units
that make up the economic system
Microeconomics - ANS concerned with individual economic units and specific markets
The problems of aggregate inflation and employment are - ANS major topics of
macroeconomics
Which of the following is a microeconomics statement? - ANS The price of personal
computers declined last year
A normative statement is one that - ANS is based on value judgements
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
