Economics Final Exam Questions With
Complete Solutions
Economics - CORRECT ANSWER✔✔-the study of how people seek to
| | | | | | | | | |
satisfy their needs and wants by making choices
| | | | | | |
Horizontal Merger - CORRECT ANSWER✔✔-the combination of two or
| | | | | | | | |
more firms competing in the same market with the same good or
| | | | | | | | | | | |
service
Vertical Merger - CORRECT ANSWER✔✔-the combination of two or
| | | | | | | | |
more firms involved in different stages of producing the same good or
| | | | | | | | | | | |
service
Shortage - CORRECT ANSWER✔✔-a situation in which a good or service
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is unavailable
|
Scarcity - CORRECT ANSWER✔✔-limited quantities of resources to meet
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unlimited wants
| |
, Factors of Production - CORRECT ANSWER✔✔-land, labor, and capital;
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the three groups of resources that are used to make all goods and
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services
Entrepreneur - CORRECT ANSWER✔✔-ambitious leader who combines | | | | | | |
land, labor, and capital to create and market new goods or services
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Trade-Off - CORRECT ANSWER✔✔-the alternative we sacrifice when we
| | | | | | | | |
make a decision | |
Opportunity Cost - CORRECT ANSWER✔✔-the most desirable | | | | | | |
alternative given up as the result of a decision | | | | | | | |
Human Capital - CORRECT ANSWER✔✔-the skills and knowledge gained
| | | | | | | |
by a worker through education and experience
| | | | | | |
Physical Capital - CORRECT ANSWER✔✔-all human-made goods that are
| | | | | | | |
used to produce other goods and services; tools and buildings
| | | | | | | | | |
Thinking at the Margin - CORRECT ANSWER✔✔-deciding whether to do
| | | | | | | | | |
or use one additional unit of some resource
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Production Possibility Graph - CORRECT ANSWER✔✔-a graph that
| | | | | | | |
shows alternative ways to use an economy's resources
| | | | | | |
Complete Solutions
Economics - CORRECT ANSWER✔✔-the study of how people seek to
| | | | | | | | | |
satisfy their needs and wants by making choices
| | | | | | |
Horizontal Merger - CORRECT ANSWER✔✔-the combination of two or
| | | | | | | | |
more firms competing in the same market with the same good or
| | | | | | | | | | | |
service
Vertical Merger - CORRECT ANSWER✔✔-the combination of two or
| | | | | | | | |
more firms involved in different stages of producing the same good or
| | | | | | | | | | | |
service
Shortage - CORRECT ANSWER✔✔-a situation in which a good or service
| | | | | | | | | | |
is unavailable
|
Scarcity - CORRECT ANSWER✔✔-limited quantities of resources to meet
| | | | | | | |
unlimited wants
| |
, Factors of Production - CORRECT ANSWER✔✔-land, labor, and capital;
| | | | | | | | |
the three groups of resources that are used to make all goods and
| | | | | | | | | | | | |
services
Entrepreneur - CORRECT ANSWER✔✔-ambitious leader who combines | | | | | | |
land, labor, and capital to create and market new goods or services
| | | | | | | | | | |
Trade-Off - CORRECT ANSWER✔✔-the alternative we sacrifice when we
| | | | | | | | |
make a decision | |
Opportunity Cost - CORRECT ANSWER✔✔-the most desirable | | | | | | |
alternative given up as the result of a decision | | | | | | | |
Human Capital - CORRECT ANSWER✔✔-the skills and knowledge gained
| | | | | | | |
by a worker through education and experience
| | | | | | |
Physical Capital - CORRECT ANSWER✔✔-all human-made goods that are
| | | | | | | |
used to produce other goods and services; tools and buildings
| | | | | | | | | |
Thinking at the Margin - CORRECT ANSWER✔✔-deciding whether to do
| | | | | | | | | |
or use one additional unit of some resource
| | | | | | |
Production Possibility Graph - CORRECT ANSWER✔✔-a graph that
| | | | | | | |
shows alternative ways to use an economy's resources
| | | | | | |
