pre assessment d089 Exam With
Comprehensive Questions and Well
Elaborated Correct Answers GRADED
A+
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Discussion Posts and Replies
, Which set of questions is answered when a society decides how to distribute its scarce resources? -
correct ans:What, how, and for whom to produce goods and services
A local government is making public policy decisions about spending funds. The residents have differing
opinions on whether the funds should be used for road repair, school expansion, health care increases,
or construction of a senior center. The local government must decide the priority.
Which economic question is this decision an example of? - correct ans:What to produce
A newspaper is trying to help citizens understand economic principles. Which misconception should the
article address? - correct ans:Increasing the money supply raises the standard of living for consumers in
the long run.
Which scenario covers a topic included in microeconomics? - correct ans:As a result of a hard freeze, the
price of cherries increases.
What accurately characterizes capital? - correct ans:It can be in the form of intellectual discoveries.
Why is the circular flow model used? - correct ans:To describe the interaction of businesses and
households in markets
What is a result of increasing opportunity costs? - correct ans:To produce more of one good, the
economy gives up more and more of other goods.
How would a production possibility frontier be drawn for an economy that produces two goods with
homogeneous resources? - correct ans:As a constant slope, downward from left to right
A company is operating at a point inside its production possibility frontier. - correct ans:The resources of
the company are being inefficiently utilized.
A country produces two goods (A and B) and currently operates on the bowed out production
possibilities frontier. What is the relationship between the productions of Good A and Good B? - correct
ans:If production of Good A increases, then production of Good B will decrease.
Comprehensive Questions and Well
Elaborated Correct Answers GRADED
A+
Professional Academic Assistance Services
Services Offered
Proctored Exam Assistance
Online Class Management (Full Course Support)
Exam Preparation & Study Materials
Assignments and Coursework Support
Essays and Research Papers
Discussion Posts and Replies
, Which set of questions is answered when a society decides how to distribute its scarce resources? -
correct ans:What, how, and for whom to produce goods and services
A local government is making public policy decisions about spending funds. The residents have differing
opinions on whether the funds should be used for road repair, school expansion, health care increases,
or construction of a senior center. The local government must decide the priority.
Which economic question is this decision an example of? - correct ans:What to produce
A newspaper is trying to help citizens understand economic principles. Which misconception should the
article address? - correct ans:Increasing the money supply raises the standard of living for consumers in
the long run.
Which scenario covers a topic included in microeconomics? - correct ans:As a result of a hard freeze, the
price of cherries increases.
What accurately characterizes capital? - correct ans:It can be in the form of intellectual discoveries.
Why is the circular flow model used? - correct ans:To describe the interaction of businesses and
households in markets
What is a result of increasing opportunity costs? - correct ans:To produce more of one good, the
economy gives up more and more of other goods.
How would a production possibility frontier be drawn for an economy that produces two goods with
homogeneous resources? - correct ans:As a constant slope, downward from left to right
A company is operating at a point inside its production possibility frontier. - correct ans:The resources of
the company are being inefficiently utilized.
A country produces two goods (A and B) and currently operates on the bowed out production
possibilities frontier. What is the relationship between the productions of Good A and Good B? - correct
ans:If production of Good A increases, then production of Good B will decrease.
