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Free ECAA (Economics Admissions Assessment) Exam Questions and Answers
Last updated: March 29, 2025
Examtopics ECAA (Economics Admissions Assessment) Prepaway Real Exam Questions and dumps free download
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ECAA (Economics Admissions
Assessment)
#Question
If a company invests in renewable energy sources, what is a potential impact on its operating costs?
A.
Decreased costs
B.
Increased costs
C.
No impact
D.
Increased volatility
Correct Answer:
A
Over time, investing in renewable energy can lead to decreased operating costs due to lower energy prices and sustainability incentives.
#Question
A country with a high level of savings is likely to experience what economic trend?
A.
Lower living standards
B.
Higher investment rates
C.
Increased consumer spending
D.
Decreased economic growth
Correct Answer:
B
High savings rates can lead to increased investment in the economy, stimulating growth.
#Question
When consumers prioritize price over quality, what does this indicate about their purchasing behavior?
A.
Price insensitivity
B.
Brand loyalty
C.
Low-income sensitivity
D.
Price sensitivity
Correct Answer:
D
Prioritizing price indicates that consumers are sensitive to price changes and may choose lower-cost options.
#Question
If a company is heavily investing in artificial intelligence, what is a potential long-term benefit?
A.
Higher labor costs
B.
Decreased productivity
C.
Lower operational efficiency
D.
Improved decision-making
Correct Answer:
D
Investing in AI can enhance decision-making and operational efficiency over time.
#Question
A government implements a program to support small businesses. What is a likely outcome of this initiative?
A.
Decreased competition
B.
Reduced innovation
C.
Higher unemployment
D.
Increased economic growth
Correct Answer:
D
Supporting small businesses can lead to increased economic growth and job creation.
#Question
If a customer is willing to pay more for a product due to its perceived quality, what economic concept does this illustrate?
A.
Price elasticity
B.
Substitution effect
C.
Demand elasticity
D.
Inelastic demand
Correct Answer:
D
Inelastic demand occurs when consumers are willing to pay higher prices for perceived quality.
#Question
A firm decides to consolidate its operations to save costs. What is a potential downside?
A.
Job losses
B.
Enhanced customer service
C.
Increased operational efficiency
D.
Improved employee morale
Correct Answer:
A
Consolidation can lead to job losses as overlapping positions are often eliminated.
ECAA (Economics Admissions Assessment)
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