Practice 10 questions on ECON102 - ECON 102 at UNIVERSITY of MARYLAND BALTIMORE COUNTY. Free AI-generated quiz on uNotes — track your score, retake anytime.
1Rosewood Corporation purchased land for $170,000 by paying $80,000 in cash and promising to pay the remaining $90,000 later. What is the net effect on the accounting equation?
2According to the course materials, which of the following are defined as scarce resources in an economy?
3Based on the provided data for ABC Company, calculate the total service revenue for the month under the accrual basis method if they received $1,100 in cash for services earned this month and also received $4,800 on the first of the month for services to be performed equally over the next 12 months.
4What is the definition of 'opportunity cost' in economic terms?
5In the context of the Consumer Price Index (CPI) analysis provided, which sector showed consistent inflation with no periods of deflation between 1981 and 2021?
6Which of the following principles illustrate economy-wide interactions?
7What two factors primarily result in an outward shift of the Production Possibility Frontier (PPF), indicating economic growth?
8A situation in which no individual would be better off doing something different is known as:
9What does the 'invisible hand' refer to in a market economy?
10Based on the PPF model (Figure 2-2), if an economy moves from producing 0 small jets to 20 small jets, it requires giving up 5 Dreamliners. If it produces 20 more small jets (total 40), it requires giving up 25 more Dreamliners. This is an example of what economic concept?
