ECONOMICS FOR TODAY ACTUAL TEST
PAPER UPDATED COMPLETE QUESTIONS
WITH VERIFIED ANSWERS
●● What is scarcity?
Answer: Condition where wants are greater then supply of time, goods
and resources -forces us to make choices.
●● Economics
Answer: The study of how people allocate their limited resources to
satisfy their unlimited wants.
●● Resources
Answer: Things used to produce other things to satisfy people's wants. 3
categories of resources
Land --- Labor ----Capital.
●● Wants
Answer: What people would buy if their incomes were unlimited.
●● Land
Answer: all natural resources used to produce goods and services
, ●● Microeconomics
Answer: The study of decision making undertaken by individuals (or
households) and by firms.
-Effects on new taxes on a specific product or activity, example:
Gasoline
●● 2 Categories of Natural Resources
Answer: renewable and nonrenewable
●● renewable resource
Answer: A natural resource that can be replaced at the same rate at
which the resource is consumed. Crops, Clean Air, Water and fish in
Lakes
●● To explain people's choices
Answer: The purpose of Economics is __________
●● Macroeconomics
Answer: The study of the behavior of the economy as a whole.
-Including such economywide phenomena as changes in unemployment,
the genral price level, and national income
PAPER UPDATED COMPLETE QUESTIONS
WITH VERIFIED ANSWERS
●● What is scarcity?
Answer: Condition where wants are greater then supply of time, goods
and resources -forces us to make choices.
●● Economics
Answer: The study of how people allocate their limited resources to
satisfy their unlimited wants.
●● Resources
Answer: Things used to produce other things to satisfy people's wants. 3
categories of resources
Land --- Labor ----Capital.
●● Wants
Answer: What people would buy if their incomes were unlimited.
●● Land
Answer: all natural resources used to produce goods and services
, ●● Microeconomics
Answer: The study of decision making undertaken by individuals (or
households) and by firms.
-Effects on new taxes on a specific product or activity, example:
Gasoline
●● 2 Categories of Natural Resources
Answer: renewable and nonrenewable
●● renewable resource
Answer: A natural resource that can be replaced at the same rate at
which the resource is consumed. Crops, Clean Air, Water and fish in
Lakes
●● To explain people's choices
Answer: The purpose of Economics is __________
●● Macroeconomics
Answer: The study of the behavior of the economy as a whole.
-Including such economywide phenomena as changes in unemployment,
the genral price level, and national income
