UNT ECON 1100 FINAL UPDATED EXAM
2025 COMPLETE MULTIPLE CHOICE
QUESTION BANK WITH VERIFIED
ANSWERS,DETAILED EXPLANATIONS
AND 100% PASS GUARANTEE GRADE A+
(LATEST EDITION)
Ceteris Paribus assumption - THE CORRECT ANSWER-an assumption
used to isolate the relationship between two variables by
holding other influences on the relationship constant
Circular flow model - THE CORRECT ANSWER-A model that was
developed in the mid-eighteenth century in France; one of the
first models used to help explain economic relationships. this
model shows the interaction of participants in a market
economy. page 6 book
Production possibilities frontier (PPF) - THE CORRECT ANSWER-A
graph illustrating the combinations of two types of output that
can be produced by a society using the available resources and
technology
Opportunity cost - THE CORRECT ANSWER-the value of the best
alternative that must be given up when a choice is made
,Efficiency - THE CORRECT ANSWER-the outcome of voluntary
exchange in free markets, assuming no market failures, and
consistent with the best use of scarce resources
Inefficiency - THE CORRECT ANSWER-producing less then they can,
which keeps society from producing at its potential
economic growth - THE CORRECT ANSWER-a long term process that
permits increased production of goods and services and
improved material standards of living
Comparative advantage - THE CORRECT ANSWER-the ability to
produce a particular type of output at a lower opportunity cost
than another country
Trade deficit - THE CORRECT ANSWER-occurs when the value of
imports exceeds the value of exports
Trade surplus - THE CORRECT ANSWER-occurs when the value of
exports exceeds the value of imports
Demand - THE CORRECT ANSWER-The decision to buy, hire, or
borrow; represented by a demand function that shows the
relationship between price (or wage rate or interest rate) and
quantity demanded, ceteris paribus
Supply - THE CORRECT ANSWER-The decision to tell, accept
employment, or lend. represented by a supply function that
, shows the relationship between price (or wage rate or interest
rate) and quality supplied, ceteris paribus
Law of demand - THE CORRECT ANSWER-The observation that a
greater quantity will be demanded at lower relative prices than
at higher relative prices, ceteris paribus
Law of supply - THE CORRECT ANSWER-The observation that a greater
quantity will be supplied at higher relative prices than at lower
relative prices, ceteris paribus
Market equilibrium - THE CORRECT ANSWER-an outcome in which
the market is cleared because quantity demanded equals
quantity supplied and there is no shortage and no surplus
Market shortage - THE CORRECT ANSWER-occurs when the quantity
demanded exceeds the quantity supplied; the size of the
shortage is measured by subtracting the quantity supplied from
the quantity demanded
Market surplus - THE CORRECT ANSWER-occurs when the quantity
supplied exceeds the quantity demanded; the size of the surplus
is measured by subtracting the quantity demanded from the
quantity supplied
factors that change demand - THE CORRECT ANSWER-change in price
fall in demand
tastes and preferences
2025 COMPLETE MULTIPLE CHOICE
QUESTION BANK WITH VERIFIED
ANSWERS,DETAILED EXPLANATIONS
AND 100% PASS GUARANTEE GRADE A+
(LATEST EDITION)
Ceteris Paribus assumption - THE CORRECT ANSWER-an assumption
used to isolate the relationship between two variables by
holding other influences on the relationship constant
Circular flow model - THE CORRECT ANSWER-A model that was
developed in the mid-eighteenth century in France; one of the
first models used to help explain economic relationships. this
model shows the interaction of participants in a market
economy. page 6 book
Production possibilities frontier (PPF) - THE CORRECT ANSWER-A
graph illustrating the combinations of two types of output that
can be produced by a society using the available resources and
technology
Opportunity cost - THE CORRECT ANSWER-the value of the best
alternative that must be given up when a choice is made
,Efficiency - THE CORRECT ANSWER-the outcome of voluntary
exchange in free markets, assuming no market failures, and
consistent with the best use of scarce resources
Inefficiency - THE CORRECT ANSWER-producing less then they can,
which keeps society from producing at its potential
economic growth - THE CORRECT ANSWER-a long term process that
permits increased production of goods and services and
improved material standards of living
Comparative advantage - THE CORRECT ANSWER-the ability to
produce a particular type of output at a lower opportunity cost
than another country
Trade deficit - THE CORRECT ANSWER-occurs when the value of
imports exceeds the value of exports
Trade surplus - THE CORRECT ANSWER-occurs when the value of
exports exceeds the value of imports
Demand - THE CORRECT ANSWER-The decision to buy, hire, or
borrow; represented by a demand function that shows the
relationship between price (or wage rate or interest rate) and
quantity demanded, ceteris paribus
Supply - THE CORRECT ANSWER-The decision to tell, accept
employment, or lend. represented by a supply function that
, shows the relationship between price (or wage rate or interest
rate) and quality supplied, ceteris paribus
Law of demand - THE CORRECT ANSWER-The observation that a
greater quantity will be demanded at lower relative prices than
at higher relative prices, ceteris paribus
Law of supply - THE CORRECT ANSWER-The observation that a greater
quantity will be supplied at higher relative prices than at lower
relative prices, ceteris paribus
Market equilibrium - THE CORRECT ANSWER-an outcome in which
the market is cleared because quantity demanded equals
quantity supplied and there is no shortage and no surplus
Market shortage - THE CORRECT ANSWER-occurs when the quantity
demanded exceeds the quantity supplied; the size of the
shortage is measured by subtracting the quantity supplied from
the quantity demanded
Market surplus - THE CORRECT ANSWER-occurs when the quantity
supplied exceeds the quantity demanded; the size of the surplus
is measured by subtracting the quantity demanded from the
quantity supplied
factors that change demand - THE CORRECT ANSWER-change in price
fall in demand
tastes and preferences
