ec 102 exam 1 part 1

For a market to operate smoothly, what structures are needed to work?

Microeconomics focuses on individual agents like consumers and firms

What is a primary goal of businesses in the business sphere?

When you choose to study instead of partying, your opportunity cost is the enjoyment you miss out on by not going out.

People always make rational economic decisions based on detailed calculations, according to behavioral economics.

Which of the following best describes resource management?

Economics is the study of:

Scarcity refers to having unlimited resources to meet all of society's needs and wants.

Using cotton to make a Nike sweatshirt is an example of:

What type of market involves transactions where raw materials like minerals are bought and sold?

Government producing vaccines for COVID-19 for free is an example of:

What would likely happen in a market without trust between buyers and sellers?

What can help move the PPF to the right and increase production?

Which sphere contributes most to the U.S economy?

What does the Neoclassical economics model assume about firms?

Behavioral economics tests theories using experiments and evidence to better understand economic decision making

The final goal of economics is to improve efficiency and increase income.

Adam Smith believed that people act only out of self-interest, with no consideration for the welfare of society.

An example of Scarcity is:

Which of the following is part of the core sphere of economic activity?