Econ201 Study guides, Class notes & Summaries
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American Military University ECON 201 ECON201 FINAL EXAM
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American Military University ECON 201 ECON201 FINAL EXAM
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Econ201 Week 2 Quiz (Chapter 3) | Q&A All Verified
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Econ201 Week 2 Quiz (Chapter 3) | Q&A All Verified
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ECON201 NVCC Test 1 | 100% Correct Answers | Verified | Latest 2024 Version
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Economics may best be defined as: - Social science concerned with how individuals, institutions, and 
society make optimal choices under conditions of scarcity 
The economizing problem is one of deciding how to make best use of: - Limited resources to satisfy 
virtually unlimited wants. 
The main function of an entrepreneur is to: - Innovate 
Macroeconomics approaches the study of economics from the viewpoint of: - The entire economy 
According to economists, economic self interest: - is a reali...
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American Military University ECON 201 / ECON201 - Midterm - Quiz 4
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ECON 201 – Midterm 
 
Question 1 of 28 
Economics is the study of: 
 
A.	increasing the level of productive resources so there is maximum output in society. 
 
B.	increasing the level of productive resources so there is a minimum level of income. 
 
C.	how people, institutions, and society make choices under conditions of scarcity. 
 
D.	the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses. 
 
 
Question 2 of 28 
Which of the following is not ...
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American Military University ECON 201 / ECON201 Week 7 Quiz
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Question 1 
Monopolistic competition is an industry characterized by a: 
 
 
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A.	small number of firms producing identical products, with barriers to entry for firms. 
 
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B.	small number of firms producing similar products, with relatively easy entry for firms. 
 
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C.	large number of firms producing similar products, with relatively easy entry for firms. 
 
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D.	large number of firms producing identical products, with relatively easy entry for firms. 
 
 
 
Answer Key:C Q...
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American Military University ECON 201 ECON201 WEEK 7 Quiz 100% CORRECT
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American Military University ECON 201 ECON201 WEEK 7 Quiz 
100% CORRECT 
Question 1 
Monopolistic competition is an industry characterized by a: 
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A. small number of firms producing identical products, with barriers to entry for firms. 
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B. small number of firms producing similar products, with relatively easy entry for firms. 
• 
C. large number of firms producing similar products, with relatively easy entry for firms. 
• 
D. large number of firms producing identical products, with...
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American Military University ECON 201 / ECON201 Quiz 3
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ECON 201 – Quiz 3 
 
Question 1 of 16 
Demand is price inelastic if: 
 
A.	the price of the good responds slightly to a quantity change. 
 
B.	the demand curve shifts very little when a demand shifter changes. 
 
C.	the percentage change in quantity demanded is relatively small in response to a relatively large percentage change in price. 
 
D.	all of the above are true. 
 
 
Question 2 of 16 
If the absolute value of price elasticity is greater than 1, this means the demand curve in that regi...
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American Military University - ECON 201 / ECON201 Quizzes and Final Exam
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American Military University - ECON 201 / ECON201 Quizzes and Final Exam
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American Military University ECON 201 ECON201 FINAL EXAM
- Exam (elaborations) • 16 pages • 2023
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American Military University ECON 201 ECON201 FINAL 
EXAM 
Question 1 of 29 
One defining characteristic of pure monopoly is that: 
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A. The monopolist is a price taker 
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B. The monopolist uses advertising 
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C. The monopolist produces a product with no close substitutes 
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D. There is relatively easy entry into the industry, but exit is difficult 
Question 2 of 29 
Which is a barrier to entry? 
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A. Close substitutes 
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B. Diseconomies of scale 
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C. Government licensing ...
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American Military University ECON 201 ECON201 FINAL EXAM
- Exam (elaborations) • 16 pages • 2023
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American Military University ECON 201 ECON201 FINAL EXAM
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