BRCC Macroeconomics 2213 Final
Exam comprehensive Questions and
Answers with Verified Solutions
Question 1:
What is Economics
Answer:
The study of choices entities make to allocate resources
Question 2:
What is Scarcity
Answer:
The inability to satisfy unlimited wants with limited resources
Question 3:
What are the factors of production and their rewards
Answer:
lsnf: Rent, Labor: wages, Profit: Entrepreneurship, Interest: Use of capital
Question 4:
What is oportunity cost?
Answer:
the loss of potential gain from other alternatives when one alternative is
chosen.
, Question 5:
What points are attainable on a PPF (Production Possibilities Frontier)
Answer:
Anything Inside or on the curve of the PPF
Question 6:
What points are unattainable on a PPF (Production Possibilities Frontier)
Answer:
Any point oterm-47n the outside of the curve of the PPF
Question 7:
How do you calculate Inflation using CPI?
Answer:
Inflation: CPI Current year- CPI Base Year/CPI base year x 100
Question 8:
Why are some points unattainable on a PPF?
Answer:
In order to reach the unattainable points, there needs to be an increase in
resources or advancement in technology. Until then the only possible
amount of production is what is on the PPF.
Question 9:
Which points are efficient/full employment on a PPF
Answer:
When the PPF is marked on the curve of the PPF at any point.
Exam comprehensive Questions and
Answers with Verified Solutions
Question 1:
What is Economics
Answer:
The study of choices entities make to allocate resources
Question 2:
What is Scarcity
Answer:
The inability to satisfy unlimited wants with limited resources
Question 3:
What are the factors of production and their rewards
Answer:
lsnf: Rent, Labor: wages, Profit: Entrepreneurship, Interest: Use of capital
Question 4:
What is oportunity cost?
Answer:
the loss of potential gain from other alternatives when one alternative is
chosen.
, Question 5:
What points are attainable on a PPF (Production Possibilities Frontier)
Answer:
Anything Inside or on the curve of the PPF
Question 6:
What points are unattainable on a PPF (Production Possibilities Frontier)
Answer:
Any point oterm-47n the outside of the curve of the PPF
Question 7:
How do you calculate Inflation using CPI?
Answer:
Inflation: CPI Current year- CPI Base Year/CPI base year x 100
Question 8:
Why are some points unattainable on a PPF?
Answer:
In order to reach the unattainable points, there needs to be an increase in
resources or advancement in technology. Until then the only possible
amount of production is what is on the PPF.
Question 9:
Which points are efficient/full employment on a PPF
Answer:
When the PPF is marked on the curve of the PPF at any point.
