Saylor Academy ECON101: Direct Credit Exam Questions and Answers 2024

Saylor Academy ECON101: Direct Credit Exam Questions and Answers 2024 • Q: Why does scarcity exist? - Correct Answer Resources are limited. Which of the following is the most fundamental concept in economics? - Correct Answer Scarcity The Greek word for "economy" is oikonomos, which literally means a person who: - Correct Answer manages a household. What does the term "capital" refer to in economics? - Correct Answer The equipment, and buildings used by firms According to the production possibility frontier below, the economy of this country can produce 50 boats and 25 cars (point Z). For strategic reasons the government would like to produce 45 boats and 35 cars (point Y). What advice would you give to the government of this country? IMAGE - Correct Answer It is an impossible goal because there are too few resources.