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ECON 103 GMU Exam 1 Practice Questions
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DownloadWhat is the definition of opportunity cost?
Omdraaien
Opportunity cost is the value of the next best alternative that is foregone when a decision is made to pursue a certain action.
Explain the concept of comparative advantage.
Omdraaien
Comparative advantage is the ability of an individual or country to produce a good or service at a lower opportunity cost than other producers, leading to more efficient trade.
What is the law of demand?
Omdraaien
The law of demand states that, all else being equal, as the price of a good or service decreases, the quantity demanded increases, and vice versa.
What factors can shift the demand curve?
Omdraaien
Factors that can shift the demand curve include changes in consumer preferences, income levels, prices of related goods, expectations of future prices, and the number of buyers.
Define the law of supply.
Omdraaien
The law of supply states that, all else being equal, as the price of a good or service increases, the quantity supplied increases, and vice versa.
What factors can cause a shift in the supply curve?
Omdraaien
Factors that can cause a shift in the supply curve include changes in production technology, input prices, expectations of future prices, the number of sellers, and government policies.
Explain what is meant by market equilibrium.
Omdraaien
Market equilibrium occurs when the quantity demanded of a good or service equals the quantity supplied, resulting in no tendency for the price to change.
How is consumer surplus defined?
Omdraaien
Consumer surplus is the difference between the maximum price consumers are willing to pay for a good or service and the actual price they pay.
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What is the definition of opportunity cost?
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Opportunity cost is the value of the next best alternative that is foregone when a decision is made to pursue a certain action.
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Vraag:
Explain the concept of comparative advantage.
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Controleer antwoordAntwoord:
Comparative advantage is the ability of an individual or country to produce a good or service at a lower opportunity cost than other producers, leading to more efficient trade.
Jouw antwoord:
input text value
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Vraag:
What is the law of demand?
Vul het antwoord in:
Controleer antwoordAntwoord:
The law of demand states that, all else being equal, as the price of a good or service decreases, the quantity demanded increases, and vice versa.
Jouw antwoord:
input text value
Vraag opnieuw antwoorden
Vraag:
What factors can shift the demand curve?
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Controleer antwoordAntwoord:
Factors that can shift the demand curve include changes in consumer preferences, income levels, prices of related goods, expectations of future prices, and the number of buyers.
Jouw antwoord:
input text value
Vraag opnieuw antwoorden
Vraag:
Define the law of supply.
Vul het antwoord in:
Controleer antwoordAntwoord:
The law of supply states that, all else being equal, as the price of a good or service increases, the quantity supplied increases, and vice versa.
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input text value
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Vraag:
What factors can cause a shift in the supply curve?
Vul het antwoord in:
Controleer antwoordAntwoord:
Factors that can cause a shift in the supply curve include changes in production technology, input prices, expectations of future prices, the number of sellers, and government policies.
Jouw antwoord:
input text value
Vraag opnieuw antwoorden
Vraag:
Explain what is meant by market equilibrium.
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Controleer antwoordAntwoord:
Market equilibrium occurs when the quantity demanded of a good or service equals the quantity supplied, resulting in no tendency for the price to change.
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input text value
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Vraag:
How is consumer surplus defined?
Vul het antwoord in:
Controleer antwoordAntwoord:
Consumer surplus is the difference between the maximum price consumers are willing to pay for a good or service and the actual price they pay.
Jouw antwoord:
input text value
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This set of practice questions is designed to help students prepare for Exam 1 in ECON 103 at George Mason University, taught by Professor Boudreaux. The questions cover fundamental concepts in economics that are likely to be tested in the exam. Each question is followed by its answer to aid in self-assessment and understanding.
Aantal
64 oefenvragen
Taal
English
Gemaakt op
20-08-2025
Opleiding
Bekijk alle 64 oefenvragen
-
What is the definition of opportunity cost?
Opportunity cost is the value of the next best alternative that is foregone when a decision is made to pursue a certain action. -
Explain the concept of comparative advantage.
Comparative advantage is the ability of an individual or country to produce a good or service at a lower opportunity cost than other producers, leading to more efficient trade. -
What is the law of demand?
The law of demand states that, all else being equal, as the price of a good or service decreases, the quantity demanded increases, and vice versa. -
What factors can shift the demand curve?
Factors that can shift the demand curve include changes in consumer preferences, income levels, prices of related goods, expectations of future prices, and the number of buyers. -
Define the law of supply.
The law of supply states that, all else being equal, as the price of a good or service increases, the quantity supplied increases, and vice versa. -
What factors can cause a shift in the supply curve?
Factors that can cause a shift in the supply curve include changes in production technology, input prices, expectations of future prices, the number of sellers, and government policies. -
Explain what is meant by market equilibrium.
Market equilibrium occurs when the quantity demanded of a good or service equals the quantity supplied, resulting in no tendency for the price to change. -
How is consumer surplus defined?
Consumer surplus is the difference between the maximum price consumers are willing to pay for a good or service and the actual price they pay. -
What is producer surplus?
-
Describe the concept of elasticity in economics.
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What is price elasticity of demand?
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How do you interpret a price elasticity of demand greater than 1?
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What does it mean if the price elasticity of demand is less than 1?
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Define cross-price elasticity of demand.
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What is income elasticity of demand?
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Explain the concept of perfect competition.
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What are the characteristics of a monopoly?
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Describe what is meant by monopolistic competition.
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What is an oligopoly?
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Explain the concept of game theory in economics.
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What is a Nash equilibrium?
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Define the term externality.
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What is the difference between a positive and a negative externality?
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Explain the concept of public goods.
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What is the free rider problem?
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Describe the role of government in addressing market failures.
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What is the Coase Theorem?
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Define the term marginal cost.
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What is marginal benefit?
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Explain the concept of diminishing marginal returns.
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What is the difference between short run and long run in economics?
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Define total cost in economics.
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What is average total cost?
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Explain the concept of economies of scale.
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What are diseconomies of scale?
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Describe the principle of comparative statics.
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What is the role of incentives in economics?
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Define the term sunk cost.
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What is meant by the term marginal utility?
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Explain the concept of utility maximization.
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What is a budget constraint?
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How does a change in income affect the budget constraint?
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What is the substitution effect?
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What is the income effect?
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Describe the characteristics of a normal good.
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What is an inferior good?
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Explain the concept of a Giffen good.
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What is the role of prices in a market economy?
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Define the term price ceiling.
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What is a price floor?
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Explain the concept of tax incidence.
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What is deadweight loss?
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Describe the function of a production possibilities frontier (PPF).
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What does a point inside the PPF represent?
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What does a point on the PPF curve represent?
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Explain the significance of a point outside the PPF.
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How can economic growth be represented on a PPF?
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What is the role of technology in economic growth?
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Define the term market failure.
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What are the main causes of market failure?
-
Explain the concept of information asymmetry.
-
What is adverse selection?
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Define moral hazard.
-
How can government intervention correct information asymmetry?
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