Economics ETA EXAM QUESTIONS WITH COMPLETE SOLUTIONS
What is the difference between a shortage and scarcity? correct answer: Scarcity always exists. The economic concept of guns and butter means that.. correct answer: A government must decide to produce more or less military or consumer goods. If you choose between two summer jobs, the one you do not choose is the _________ correct answer: Opportunity Costs. Making a decision at the margin is possibly only in situations where.... correct answer: The available alternatives can be divided into increments. Every decision involve trade-offs because.... correct answer: Everyone's resources are limited. A production possibilities curve shows the relationship between the production of... correct answer: Any two categories of goods. The line on a production possibilities curve showing the relative amounts of two types of goods produced using all resources is called the.... correct answer: Production possibilities frontier. An economy that is producing the maximum amount of goods and services is considered..... correct answer: E
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economics eta exam questions with complete solutio
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